New Fortress Energy Inc Class A

NFE: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$72.00	Vgztk	Vxtsrysl

New Fortress Energy Earnings: The Pivot to Deleveraging Makes Sense

Stephen Ellis ,

Nov 8, 2023

In its third quarter. New Fortress Energy highlighted a series of encouraging developments focusing on a new push of investment in its terminal infrastructure and deleveraging as well as updating on its contracting status, with 90% of its 2024 volumes secured and guiding volume increases for 2024 and 2025. Even so, we have slightly reduced our fair value estimate from $30 to $29 per share because we expect reduced total volumes delivered in 2023 and to reflect increased capital spending activity. Our no-moat rating is unchanged.

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