NFE

New Fortress Energy
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Environmental Groups Appeal Permits For LNG Export Facility In New Jersey
Environmental groups are appealing multiple permit approvals for a project that would include the transport of liquefied natural gas (LNG) via rail for export out of a New Jersey terminal. The organizations say the rail and truck transport of LNG needs more federal regulatory oversight given its volatile nature.Delaware Riverkeeper Network and other local environmental groups are appealing permits from the U.S. Army Corps of Engineers and the New Jersey Department of Environmental Protection for the construction of an LNG terminal at the Gibbstown Logistics Center in Gibbstown, New Jersey. The terminal, which would be located off of the Delaware River, would be constructed by Energy Transport Solutions (ETS), a subsidiary of New Fortress Energy (NASDAQ: NSE).The LNG would be transported by rail or truck from a facility in Wyalusing, Pennsylvania, operated by New Fortress Energy. Construction at that facility, located in the Marcellus Shale region, has temporarily paused because of the coronavirus pandemic, according to local news sources."We look at every part of the supply chain that this project entails, and we consider every single step of it to be dangerous and untested," Delaware Riverkeeper Network Deputy Director Tracy Carluccio told FreightWaves.The groups also want the Federal Energy Regulatory Commission (FERC) to rule that it has jurisdiction over this project, as it does with other LNG facilities. Delaware River Partners, a subsidiary of New Fortress Energy, is seeking a declaratory order that FERC doesn't have jurisdiction over the Gibbstown project, according to local news reports.Separately, New Fortress Energy and FERC have been battling over whether New Fortress Energy needed FERC's permission to build an LNG terminal in Puerto Rico."We think it's very important that FERC does exercise its jurisdiction and be able to apply the layer of regulation that FERC has within its power because right now there really is nobody, no agency with a specific liquefied natural gas expertise or experience that has reviewed the project ... and it's a huge gap in the regulatory oversight of this facility," Carluccio said. That oversight should include an examination of proposed transloading operations and how other operations at the site, such as butane loading, might interplay with LNG activities, Carluccio said. The Gibbstown property also backs into area residents' yards, she said.Neither Energy Transport Solutions nor New Fortress Energy returned requests for comment. But Energy Transport Solutions has told area news outlets that the project has gone through extensive environmental and regulatory review processes and it has received approval from multiple federal, state and local agencies.Norfolk Southern Corporation (NYSE: NSC), whose network is within the vicinity of the LNG facility in Pennsylvania, wouldn't comment on the Gibbstown project because it's not involved in the project at this point. The railroad also said it isn't currently moving any LNG. "Regardless, safety is our top priority no matter the commodity, and we always take whatever necessary measures to ensure safe operation," Norfolk Southern spokesperson Jeff DeGraff said.As debate continues on the Gibbstown project, other local approvals are still needed. The Delaware River Basin Commission (DRBC) in September decided to delay until December a decision to approve a permit that would allow for the construction of an LNG terminal at Gibbstown.The DRBC, a governmental body made up of several state representatives whose states border the Delaware River, decided at a board meeting on Sept. 10 to stay a vote on whether to approve the project. The DRBC had previously approved the project to build Dock 2 at the Gibbstown Logistics Center in March 2019, but environmental groups, including the Delaware Riverkeeper Network, appealed the approval. Although the DRBC voted to stay its decision, New Fortress Energy subsidiary and terminal operator Delaware River Partners could start conducting in-water work for the Dock 2 project because it has a Section 404/10 permit issued by the U.S. Army Corps of Engineers. According to the DRBC, the Gibbstown Logistics Center is a multiuse, deep-water seaport and industrial logistics center located on a portion of the former 1,630-acre DuPont Repauno facility. The project entails the construction of a wharf that will have two deep-water berths in the Delaware River. Ultimately, the project will enable the export of bulk liquid products by vessel.  Environmental groups' concernsAlthough the environmental groups have broader concerns about hydraulic fracturing or fracking, a process that extracts natural gas from the Earth, the groups are also concerned about the scale and scope of an accident involving the transport of LNG.Since New Fortress Energy is a private company, it hasn't disclosed the potential routes it could use to transport LNG from the Pennsylvania facility to Gibbstown. But whether the material is transported by rail or by truck, it would likely pass through densely populated areas like Philadelphia. A special permit granted to Energy Transport Solutions by the U.S. DOT Pipeline and Hazardous Materials Safety Administration (PHMSA) in December 2019 allows for the transport of LNG by rail. That permit requires trains transporting 20 or more tank cars to have a two-way end-of-train device, with each car remotely monitored for pressure, location and leaks. ETS must provide training to emergency response agencies along the train route, as well as fulfill reporting requirements to PHMSA.Should the material be released in an accident, it could cause extreme freeze burns within a quarter-mile to a mile because the material is cooled to minus 260℉ prior to transport. That cooling reduces its volume, resulting in a concentrated amount in a container, according to Carluccio.But the expansion of the material following a spill is also potentially dangerous because it would result in a powerful vapor cloud with a lot of energy behind it, Carluccio said. Should something ignite the cloud, such as a cigarette lighter, it could result in a very large fire that could cover a lot of ground, she said. The groups are also concerned about the transloading of LNG that is planned to occur at Gibbstown because moving the material from one container to another increases the possibility for human error. "It's really a novel approach to how a company can export and market LNG overseas because it's building an inland facility that will be the first in the nation that goes a long distance over so much volume," Carluccio said. A March 2019 risk assessment report prepared for PHMSA said the causes of train accidents usually involve issues with the track quality or equipment design, method of operation, traffic exposure, and human factors. It also noted that experts associated with the Railway Supply Institute and the Association of American Railroads and governing bodies such as the Federal Railroad Administration are studying the technical aspects of moving hazardous materials via rail."When the probability of LNG tank car derailment is understood, better decisions can be made regarding the crashworthiness, placement, and operation of rail cars and the potential consequences from an LNG release due to a derailment. Further study for modeling the probability and consequences of transporting LNG by rail and truck will help decision-makers understand public risks and make informed decisions," the report said.The report also said transporting LNG by rail could become an option for companies seeking to supplement LNG transportation via pipeline."There is evidence that a demand exists for shipping LNG by rail, and that rail shipments of LNG can be both competitive and complementary to the truck and pipeline networks. Since  railroads have unique advantages and disadvantages compared to trucks, and the public safety implications are not fully developed, risk assessments provide additional insight into the shipment of LNG by rail," the report stated.Federal involvement in LNG by railPHMSA's approval of Energy Transport Solutions' project is part of a wider plan introduced by President Donald Trump to encourage LNG exports and increase U.S. competitiveness. Trump issued an executive order in April 2019 that called for the U.S. secretary of transportation to propose a rule within 100 days treating LNG the same as other cryogenic liquids and allowing it to be transported in rail tank cars.The order also instructed the Transportation and Energy departments to assess, within 180 days, the economic effects of the inability to move sufficient quantities of LNG to states in New England and other regions. It would also make it easier for LNG export terminals to receive the necessary federal approvals, which can typically take years. Since then, Energy Transport Solutions received its permit and PHMSA issued a final rule allowing for liquefied natural gas by rail. According to PHMSA, this final rule incorporates newly designated additional safety requirements, such as an enhanced, thicker carbon steel outer tank and the remote monitoring of the pressure and location of LNG tank cars. The rule also requires a two-way end-of-train or distributed power system when a train is transporting 20 or more tank cars loaded with LNG in a continuous block, or 35 or more such tank cars of LNG anywhere in the train consist. And the rule requires railroads to conduct route risk assessments to evaluate safety and security.As PHMSA underwent the rulemaking process, House Democrats sought to prevent the rule from coming to fruition. Environmental groups and more than a dozen states plus the District of Columbia have also filed a lawsuit against PHMSA on the rule.According to Carluccio, because PHMSA's rule permitting LNG by rail was issued after New Fortress Energy received its special permit, the permit doesn't have some of the requirements of the final rule, such as requiring tank cars transporting LNG to have an extra steel jacket. Delaware Riverkeeper is part of the group suing the federal government over the rule."The dangers of LNG are attached to the properties of the material. It's not whether it's a rail car or a truck car or a ship," Carluccio said.Click here for more FreightWaves articles by Joanna Marsh.Related articles: Environmental groups, states sue feds over LNG by railFeds issue final rule allowing liquefied natural gas by rail Federal agency approves permit to transport liquefied natural gas via railDOT rolls out "freedom gas" rail planHouse Democrats seek to slow White House plan for LNG rail shipmentsRegulators clearing the tracks for rail shipments of ‘freedom gas'See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * TRATON Sets Friday Deadline For Navistar Takeover Bid (Update) * From Waymo, A Smattering Of Detail About Its Autonomous Trucking Technology(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga · 5d ago
New Fortress Energy signs MOU with Philippine National Oil Company
New Fortress Energy (NFE) has signed a Memorandum of Understanding with the Philippine National Oil Company to identify potential opportunities to accelerate the development of important LNG and power infrastructure
Seekingalpha · 6d ago
New Fortress Energy Signs MOU with Philippine National Oil Company to Advance LNG Infrastructure
New Fortress Energy Inc. (NASDAQ: NFE) ("New Fortress" or the "Company") announced today that it has signed a Memorandum of Understanding ("MOU") with the Philippine National Oil Company ("PNOC") to advance the development of infrastructure to supply reliable,
Business Wire · 6d ago
New Fortress Energy's stock shoots toward a record after announcing new hydrogen project
Shares of New Fortress Energy LLC undefined shot up 6.5% toward a record high, after the clean energy company announced it was partnering with General...
MarketWatch · 10/13 19:59
Long Ridge Energy Terminal Partners with New Fortress Energy and GE to Transition Power Plant to Zero-Carbon Hydrogen
Long Ridge Power Plant Long Ridge power plant under construction in Hannibal, Ohio. Photo courtesy of Kiewit.HANNIBAL, Ohio, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Long Ridge Energy Terminal (“Long Ridge”), located in Hannibal, Ohio, announced plans to transition its 485 MW combined-cycle power plant to run on carbon-free hydrogen. In collaboration with New Fortress Energy (“NFE”) and GE, Long Ridge intends to begin providing carbon-free power to customers as early as next year by blending hydrogen in the gas stream and transition the plant to be capable of burning 100% green hydrogen over the next decade. With commercial operations planned for November 2021, Long Ridge will be the first purpose-built hydrogen-burning power plant in the United States and the first worldwide to blend hydrogen in a GE H-class gas turbine. The plant utilizes a GE 7HA.02 combustion turbine, which can burn between 15-20% hydrogen by volume in the gas stream initially, with the capability to transition to 100% hydrogen over time. Long Ridge has engaged Black & Veatch to assist with developing plans for the plant integration for hydrogen blending and to ensure safe and reliable industrial practices. “We are thrilled to work with the Long Ridge and New Fortress Energy teams on this first-of-its kind GE HA-powered project that will drive a cleaner energy future by utilizing hydrogen to ultimately produce carbon-free power,” said Scott Strazik, CEO of GE Gas Power. “As one of the leaders in decarbonization in the gas turbine industry and the OEM with the most fleet experience in using alternative low heating value fuels including hydrogen, we look forward to applying more than 80 years of experience to help Long Ridge achieve its goal of providing reliable, affordable, and lower-carbon power to its customers.”To support a green hydrogen transition, Long Ridge is teaming with NFE’s new division, Zero, which is focused on investing in and deploying emerging hydrogen production technologies to meet zero emissions targets. NFE’s Zero division will support Long Ridge’s carbon-free power transition as it scales up novel technologies that can produce low-cost hydrogen.“Long Ridge has many advantages in the pursuit of green hydrogen and zero-carbon power and this partnership allows us to get firsthand knowledge and experience blending hydrogen and natural gas in GE turbines,” said Wes Edens, CEO and Chairman of New Fortress Energy. “Our singular focus has been to identify and support clean technologies that can eventually produce hydrogen at commercially attractive prices. As we continue to make progress in our efforts and advance proof of concept projects, this experience will bring tremendous value.”“As the cost of carbon free fuels continues to drop, the Long Ridge Energy Terminal is ideally positioned to become a leader in deploying utility-scale green hydrogen solutions and clean energy storage,” said Joe Adams, CEO of Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI). Long Ridge is a subsidiary of FTAI.For initial testing of hydrogen blending, Long Ridge has access to nearby industrial byproduct hydrogen. For the production of green hydrogen with electrolysis, Long Ridge has access to water from the Ohio River. Over time, below ground salt formations can be used for large-scale hydrogen storage.“With one of the most efficient power plants in the United States, Long Ridge continues to innovate by being among the first to provide reliable, resilient, on-demand power fueled by hydrogen,” said Matthew Rinklin, Managing Director at GCM Grosvenor, which owns a 49.9% equity interest in Long Ridge.Combined with Long Ridge’s proximity to large scale storage, the plant will be capable of supporting a balanced and diverse power generation portfolio in the future; from energy storage capable of accommodating seasonal fluctuations from renewable energy, to cost effective, dispatchable intermediate and baseload power.The parties will work together to finalize the terms of their commercial arrangements.About Long Ridge Energy TerminalThe Long Ridge Energy Terminal is the Appalachian Basin's leading multimodal energy terminal with a 485 MW power plant under construction, nearly 300 acres of flat land, two barge docks on the Ohio River, a unit-train-capable loop track and direct access to Ohio Route 7. Long Ridge is owned by a subsidiary of Fortress Transportation and Infrastructure Investors LLC, which trades on the New York Stock Exchange under the ticker FTAI and an affiliate managed by GCM Grosvenor. For more information on Long Ridge, please visit www.longridgeenergy.com.About New Fortress Energy Inc.New Fortress Energy (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.About GE Gas PowerGE Gas Power is a world leader in natural gas power technology, services, and solutions. Through relentless innovation and continuous partnership with our customers, we are providing more advanced, cleaner and efficient power that people depend on today and building the energy technologies of the future. With the world’s largest installed base of gas turbines and more than 200 million operating hours across GE’s installed fleet, we offer advanced technology and a level of experience that’s unmatched in the industry to build, operate, and maintain leading gas power plants. For more information, please visit www.ge.com/power/gas and follow GE’s gas power businesses on Twitter and LinkedIn.Cautionary Note Regarding Forward-Looking StatementsCertain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements regarding plans to collaborate with NFE and GE are subject to definitive documentation, to transition the power plant to run on carbon-free hydrogen, transitioning to 100% hydrogen utilizing safe and reliable industrial practices, ability to provide large-scale hydrogen storage and ability to support a balanced and diverse power generation portfolio in the future. These statements are based on the current expectations and beliefs of management of FTAI, NFE and GE (collectively, the “companies”), and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the companies’ control. Factors that could cause or contribute to such differences include, but are not limited to, the risks that the development, construction or commissioning schedule will take longer than we expect, the companies’ expected funding of the project may not be possible, the percentages of hydrogen and natural gas used or timelines for specific percentages will not be met, the market conditions with respect to renewable energy and alternative sources of energy will not be in line with the companies’ expectations, the companies will be unable to operationalize plans for access to hydrogen, water and storage, the risk that the resulting energy will not be as clean or cost effective as the companies expect, and the risk that the companies are unable to finalize definitive commercial terms. The companies can give no assurance that their expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the relevant sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in FTAI’s and NFE’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on FTAI’s and NFE’s respective websites www.ftandi.com and newfortressenergy.com. In addition, new risks and uncertainties emerge from time to time, and it is not possible for the companies to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward- looking statements speak only as of the date of this press release. The companies expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the companies’ expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.Contacts: Long Ridge Energy Bo Wholey (724) 416-5526 bo.wholey@longridgeenergy.comGE Gas Power Adam Tucker (518) 227-2463 Adam.Tucker@ge.comNew Fortress Energy Jake Suski (516) 268-7403 press@newfortressenergy.com         Fortress Transportation and Infrastructure Alan Andreini (212) 798-6128 aandreini@fortress.comGCM Grosvenor Tom Johnson and Will Braun Abernathy MacGregor tbj@abmac.com / whb@abmac.com (212) 371-5999   A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/65362ae7-166e-4671-94c2-04d7a45601e1
GlobeNewswire · 10/13 11:55
The Best Of The Rest: Top 50 Q3 Stocks Outside S&P 1500
In a series of recent articles, I have covered the top 50 stocks in the large-cap S&P 500, the mid-cap S&P 400, and the small-cap S&P 600.Those three indices cover 1500 stocks, but there are still more than 2200 listed U.S. companies not represented in those indices.Some companies are outside of the S&P 1500 because they are small.  Some large companies have not hit the S&P index criteria, including profitability measures.Among the outsized gainers in 3Q were alternative energy firms and biotech companies as about 2% of U.S.-listed stocks doubled in value on the quarter.By looking at the tails of the return distribution, I believe that we can gain greater insight into portfolio return drivers.
Seekingalpha · 10/08 13:41
Shareholders Are Thrilled That The New Fortress Energy (NASDAQ:NFE) Share Price Increased 144%
The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But if you pick the right...
Simply Wall St. · 10/05 20:06
Chart Industries Expands Liquid Hydrogen and LNG Business with Strategic Agreements
Chart Industries, Inc. (“Chart”) (NASDAQ: GTLS) today completed the previously announced divestiture of its cryobiological products business (MVE Biological Products) to Cryoport, Inc. (“Cryoport”) (NASDAQ: CYRX) for $320 million in cash. On September 30, 2020, Chart and Plug Power Inc. (NASDAQ: PLUG
GlobeNewswire · 10/01 15:38
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Buy

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The average NFE stock price target is 35.50 with a high estimate of 56.00 and a low estimate of 26.00.
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Institutional Holdings
Institutions: 52
Institutional Holdings: 65.20M
% Owned: 38.64%
Shares Outstanding: 168.71M
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About NFE
New Fortress Energy Inc., formerly New Fortress Energy LLC, is an integrated gas-to-power company. It is a global energy infrastructure company founded to convert existing power plants and build new gas-fired facilities, including cogeneration assets, to provide cleaner reliable energy solutions. The Company funds, builds and operates natural gas infrastructure and logistics to deliver fast-track, turnkey energy solutions. It has established, integrated logistics chain that enables to deliver natural gas reliably to customers of all sizes.
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