New Fortress Energy selloff on investor confusion ‘hard to justify,’ says Citi

Citi notes that a Reuters article suggested that one of New Fortress Energy’s key projects needed new Department of Energy approval, but in reality the onshore LNG project is not for FLNG 1 or 2 but rather another project “confusingly called a second FLNG project” and the FLNG 1 and FLNG 2 outlook is unchanged. 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 and while “this nuance seems to have caused investor confusion, the resultant selloff in shares is “hard to justify,” the analyst said. Citi keeps a Buy rating on New Fortress Energy shares.