Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Streetwise-The Energy Report (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

New Fortress Energy Shares Amp Up on Q4/FY Financial Results

% of readers think this story is Fact. Add your two cents.


Source: Streetwise Reports   03/16/2021

Shares of New Fortress Energy traded 28% higher after the company reported Q4/20 and FY/20 financial results that included a 119% increase in fully year operating revenues.

Late yesterday evening, integrated gas-to-power company New Fortress Energy Inc. (NFE:NASDAQ) announced financial results for the fourth quarter and full year 2020 ended December 31, 2020. In addition, New Fortress Energy stated that its Board of Directors declared a Q1/21 common stock dividend of $0.10 per Class A common share to be payable on March 31, 2021 to shareholders of record on March 26, 2021.

The company reported that during FY/20 it entered into three separate purchase transactions totaling greater than $5.1 billion. These included the acquisition of Hygo Energy Transition Ltd., which operates Brazil’s largest thermal power plant as well as three other operational or in development terminals which are all expected to be fully operational within 12 months.

New Fortress also advised that it acquired Golar LNG Partners LP in a move that brings 13 vessels onboard that are expected to provide a source of stable contracted cash flows. The firm noted that once existing contractual obligations for these vessels have been met, the vessels will support its logistics backbone for terminal operations.

In addition, the company indicated that it acquired 288 MW of PPAs [power purchase agreements] and is actively developing a terminal at the port of Suape in Brazil that offers significant growth potential and access to the Trans Austria Gas (TAG) pipeline market.

The company noted also that its projects in Mexico and Nicaragua are expected to go online in Q2/21 and that it is also in the process of finalizing a framework agreement for a terminal in Southeast Asia that is expected to commence operations in H2/21.

The firm additionally stated that it was awarded a contract to supply approximately 250k g/p/d LNG to Comisión Federal de Electricidad (CFE) in Mexico that will replace their high cost diesel with first gas expected be delivered in Q2/21

The company highlighted that “it announced that it has made a final investment decision on an innovative “Fast LNG” 1.4 million tonnes per annum capacity modular liquefaction facility to provide a low-cost supply of liquefied natural gas for its growing customer base.”

The company’s CEO and Chairman Wes Edens commented, “Our innovative Fast LNG liquefiers should allow us to produce LNG between an expected $3-4 MMBtu for our growing portfolio of terminals around the world…This technology can be installed quickly and cheaply to access stranded, low-cost natural gas at a fixed price to meet the global demand for more affordable, reliable and cleaner energy. Alongside our terrific partners, we look forward to deploying one of the world’s lowest-cost LNG production facilities by 2022.”

The company reported the for Q4/20 in posted record quarterly revenue of $145.7 million, compared to $136.9 million in Q3/20. The firm added that in Q4/20 it registered a net loss of $0.5 million, versus a net loss of $36.7 million in Q3/20.

For FY/20 the company indicated that total revenue increased to$451.65 million, compared to $189.13 million in FY/19. For FY/20, New Fortress posted a net loss attributable to stockholders in the amount of $182.15 million or a net loss of $1.71 per basic and diluted share, compared to a net loss $33.81 million or a net loss of $1.62 per share in FY/19.

New Fortress Energy is based in New York and is a global energy infrastructure company dedicated to accelerating global transition to clean energy. The company builds, operates and funds fully integrated turnkey natural gas infrastructure and logistics energy solutions that facilitate economic growth and enhance environmental changes.

New Fortress Energy began the day with a market cap of around $7.4 billion with approximately 174.6 million shares outstanding and a short interest of about 1.3%. NFE shares opened nearly 8% higher today at $45.76 (+$3.28, +7.72%) over yesterday’s $42.48 closing price. The stock has traded today between $44.74 to $57.00 per share and at present is trading at $54.75 (+$12.27, +28.88%).

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: NFE:NASDAQ, )



Source: https://www.streetwisereports.com/article/2021/03/16/new-fortress-energy-shares-amp-up-on-q4-fy-financial-results.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.