Despite winning the first US Department of Energy permit for LNG export since the Biden administration paused authorisations in January, New Fortress Energy shares plunged 7% in Tuesday trading in New York.
The unusually short five-year duration of the approval seems to have struck a sour note with investors, according to Deutsche Bank analyst Chris Robertson.
In a client note prior to trading on Tuesday, he told clients to prepare either for a boost in trading on the approval or perhaps an adverse reaction based on the shorter-than-expected term of the permit.
