Why These Energy Stocks are Losing This Week

Page 9 of 9

1. New Fortress Energy Inc. (NASDAQ:NFE)

Share Price Decline Between July 22 – July 29: 17.16%

Topping our list of Energy Stocks that Lost This Week is New Fortress Energy Inc. (NASDAQ:NFE), which owns and operates natural gas and LNG infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets.

New Fortress Energy Inc. (NASDAQ:NFE) skyrocketed last month following reports that the company was on track to win a 15-year LNG contract with Puerto Rico worth roughly $20 billion. However, things haven’t gone to plan after a Bloomberg report revealed that  Puerto Rico has ended attempts to negotiate with NFE after the company refused to accept the terms of an amended deal and missed a key deadline.

This marks a serious setback for New Fortress Energy Inc. (NASDAQ:NFE), since the multi-billion-dollar contract was viewed as a potential financial lifeline for the debt-laden company, resulting in a drop in investor confidence.

While we acknowledge the potential of NFE to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NFE and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 12 Best Crude Oil Stocks to Buy According to Hedge Funds and The 5 Energy Stocks Billionaires are Quietly Piling Into.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email below.

Page 9 of 9