New Fortress Energy Stock Tumbles To Record Low On Dividend Delay, But Retail Focuses On Positive Updates

Shares of New Fortress Energy Inc. (NFE) fell as much as 16% to a record low of $8.20 on Monday before recovering slightly.

The drop followed the company’s announcement that it will delay its dividend payments until it finalizes an agreement with lenders to address near-term debt maturities and liquidity needs.

NFE stated it expects to reach an agreement with noteholders soon, after which it will reassess the timing and amount of the dividend.

Despite the stock’s slide, retail sentiment on Stocktwits turned ‘extremely bullish’ as investors honed in on other positive developments.

NFE said it achieved a major milestone with its Fast LNG asset located offshore Altamira, Mexico. The company successfully loaded its first full cargo of liquefied natural gas (LNG) onto the Energos Princess, which set sail for Europe.

"This is a significant milestone for our Fast LNG installation. Natural gas and power supply are critical components of a sustainable, affordable, and cleaner energy system and we're excited to be able to provide our own gas supply to the world markets and our customers," said CEO Wes Edens.

On Stocktwits, users remained optimistic about the company’s long-term prospects.

One user commented, “$NFE I’m okay with no dividend. The money can be put to better use,” while another speculated that the stock’s recent decline could be an opportunity for a future rally.

NFE is currently starting up its first LNG export project after a series of delays, according to Bloomberg.

The company also operates import infrastructure in Latin America, including in Brazil, Puerto Rico, and Jamaica.

NFE stock has plunged nearly 77% this year.

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