We recently published a list of 10 Firms Stand Strong Amid Market Decline. In this article, we are going to take a look at where New Fortress Energy (NASDAQ:NFE) stands against other firms stand strong amid market decline.
The US stock market finished the day on a sour note anew amid the lack of fresh catalysts to spice up trading while investors repositioned their portfolios ahead of 2025.
On Monday, the Dow shed 0.97 percent or 418 points, while the S&P’s broad index decreased 0.95 percent or 56.48 points. Nasdaq Composite registered the biggest decline, down 1.19 percent or 235.24 points.
Despite losses, 10 companies managed to eke out gains, with those in the energy sector posting notable performance. Let’s explore why.
To come up with Monday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A cutaway view of a modern energy infrastructure and its power generation facilities.
New Fortress Energy Inc. (NASDAQ:NFE)
Shares of New Fortress Energy (NASDAQ:NFE) saw a 4.08-percent rally on Monday, closing the day at $15.04 apiece.
Over the past 30 trading days, the company marked an impressive 45.74-percent growth and a 19.27-percent increase during the past five days.
Analysts said that investors took heart on news that a consortium involving the company has been chosen to build a new gas-fired power plant in Puerto Rico. Once completed, the new power plant is expected to power up to 478 megawatts of electricity.
The development was believed to be a substantial step for New Fortress Energy, expanding its footprint in the energy infrastructure of Puerto Rico and potentially bolstering its future revenue streams.
While the company has yet to issue a formal statement regarding the consortium’s selection, the market’s response underscored investor confidence in its growth prospects.
Overall, NFE ranks 3rd on our list of firms stand strong amid market decline. While we acknowledge the potential of NFE as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NFE but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.