Why New Fortress Energy Inc. (NFE) Went Up On Wednesday?

We recently published a list of The Top 10 Performing Stocks on Wednesday. In this article, we are going to take a look at where ew Fortress Energy Inc. (NASDAQ:NFE) stands against other top performing stocks on Wednesday.

Wall Street’s three major indices finished in the green territory on Wednesday as investors continued to digest news of President Donald Trump’s tariff rollout on imports.

The tech-heavy Nasdaq finished the day strongest, adding 0.87 percent. The S&P 500 grew 0.67 percent, while the Dow Jones was up 0.56 percent.

Ten individual stocks mirrored a broader market optimism, closing the day in the green amid a series of corporate developments that sparked buying appetite.

In this article, we named Wednesday’s top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.

New Fortress Energy Inc. (NASDAQ:NFE)

New Fortress Energy snapped a six-day losing streak on Wednesday, jumping by 13.06 percent to finish at $8.57 each as investors resorted to bargain-hunting after touching a new all-time low in the previous day.

In recent news, Excelerate Energy announced that it entered into an agreement with NFE for the acquisition of the latter’s two LNG terminals and a 150-MW combined heat and power plant, all for $1.055 billion.

Under the terms of the agreement, Excelerate will acquire all assets and operations of the Montego Bay LNG Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power co-generation plants.

According to the company, the transaction is expected to be completed in the second quarter of the year, subject to regulatory approvals and the satisfaction of other customary closing conditions.

Overall, NFE ranks 2nd on our list of top performing stocks on Wednesday. While we acknowledge the potential of NFE as an investment, our conviction lies in the belief that some 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 as promising as NFE but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.