Why New Fortress Energy Inc. (NFE) Went Up Last Week?

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

Ten firms outperformed Wall Street’s three major indices over the past week, clocking in double-digit gains on the back of a flurry of company developments that sparked buying appetite.

On a week-on-week basis, the Dow Jones rallied by 1.19 percent, the S&P 500 increased 0.5 percent, and the tech-heavy Nasdaq inched up 0.16 percent.

Meanwhile, 10 firms finished stronger with gains of 10 to 20 percent. In this article, let’s explore the names of last week’s best performers and the reasons behind their rallies.

To come up with the list, we only considered the stocks with at least a $2 billion 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 surged by 20.6 percent last week, ending Friday’s trading at $11.17 each versus $9.26 on March 14, primarily due to news reports that it was planning to develop a 1,000-acre data center in Ireland.

The new data center was on top of the planned 630-acre power plant and a 120-megawatt battery energy storage system as part of the Shannon Technology and Energy Park project.

Apart from Ireland, NFE was also looking 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 on 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 2nd on our list of last week’s best-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 as promising as 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.