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Why New Fortress Energy Soared 12.1% Today

TheMotleyFool

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Why New Fortress Energy Soared 12.1% Today: https://g.foolcdn.com/editorial/images/845927/nfeup.jpg

Shares of New Fortress Energy (NASDAQ: NFE) jumped today, finishing up 12.1%. The move came as the S 500 and Nasdaq Composite gained 0.1% and 0.3%, respectively.

The indebted liquified natural gas (LNG) company has secured final approval for a critical supply agreement in Puerto Rico after an arduous review process and months of negotiations.

After markets closed on Thursday, the company announced that Puerto Rico's Financial Oversight and Management Board (FOMB) has given final approval for a seven-year supply contract worth more than $3 billion.

Source Fool.com

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