Why New Fortress Energy Inc. (NFE) Went Down On Wednesday?

We recently published a list of Today’s 10 Worst-Performing Stocks. In this article, we are going to take a look at where New Fortress Energy Inc. (NASDAQ:NFE) stands against other worst-performing stocks.

Wall Street’s main indices finished mixed on Wednesday, with the Dow Jones emerging as the sole decliner as investors digested more news of tariff threats from President Donald Trump.

The Dow Jones dropped by 0.20 percent. In contrast, the S&P 500 and Nasdaq clocked in gains of 0.49 percent and 1.22 percent, respectively.

Ten companies mirrored a mostly pessimistic trading—four of which were Chinese stocks—as traders sold off to minimize risks from the potential impact of the US’ trade war with China.

In this article, we have identified the 10 worst performers on Wednesday and detailed the reasons behind their performance.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in trading volume.

A cutaway view of a modern energy infrastructure and its power generation facilities.

New Fortress Energy Inc. (NASDAQ:NFE)

New Fortress saw its share prices decline by 4.97 percent on Wednesday to end at $8.80 apiece as investors took early profits to minimize risks from the ongoing economic uncertainties.

NFE traded higher at the intra-day session before investors turned sellers to book profits towards the end, pulling the company’s share price down at market close.

Its intra-day performance was mostly fueled by news that it is set to kick off the construction of a $1.1-billion liquefied natural gas plant at the Mexican port of Altamira in the middle of the year. The project was in partnership with state utility CFE.

So far, NFE said it had spent $625 million for the project, mainly on the procurement of the liquefaction modules. Construction of the modules is now more than 50 percent complete.

NFE said Texas-based contractor Kiewit is building the modules and will ship them to Altamira next year.

Overall, NFE ranks 7th on our list of worst-performing stocks. While we acknowledge the potential of NFE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NFE but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.