Why New Fortress Energy Inc. (NFE) Went Up On Friday?

We recently published a list of 10 Stocks Lead Friday’s Charge. In this article, we are going to take a look at where New Fortress Energy Inc. (NASDAQ:NFE) stands against other stocks that lead Friday’s charge.

The stock market finished in the green territory on Friday, albeit muted trading persisted over the lack of catalysts to fuel investing appetite.

The tech-heavy Nasdaq led gains among Wall Street’s benchmark indices, finishing up by 0.52 percent. Meanwhile, both the Dow Jones and S&P 500 ended the week eking out 0.08-percent gains.

Ten companies mirrored the broader market optimism, finishing the week with modest gains. In this article, we have identified today’s top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with $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 extended its winning streak for a third day on Friday, adding 7.92 percent to finish at $11.17 each, in line with the broader market and news 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 1st on our list of stocks that lead Friday’s charge. 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.