Citi on New Fortress Energy (NFE): 'hard to justify selloff'

Citi analyst Ryan Levine reiterated a Buy rating and $43.00 price target on New Fortress Energy (NASDAQ: NFE)

The analyst comments "Reality: The permitting approval from the DOE for FLNG 1 and FLNG 2 is unchanged (link). The company was seeking onshore LNG approval from the DOE in Mexico for a future project that isn’t in the company’s plan. This future project was a second FLNG project in the filing application but this is a different FLNG 2 that the company speaks to in its investor marketing material. This nuance seems to have caused investor confusion and hard to justify selloff. Next Steps: NFE continues to pursue approval to sell its gas from Mexico to non-fta countries and also seeks the ability to have a Jones Act waiver to be able to sell into Puerto Rico."

For an analyst ratings summary and ratings history on New Fortress Energy click here. For more ratings news on New Fortress Energy click here.

Shares of New Fortress Energy closed at $30.54 yesterday.

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