LNG Supplier New Fortress Falls After Delaying Dividend Payment

Shares of New Fortress Energy Inc. plunged as much as 16% after the US-based natural gas provider delayed its dividend payment.

The company founded by Wes Edens said its previously declared dividend of $0.10 a share will be delayed until it can reach an agreement with debtholders to address near-term maturities and liquidity requirements, according to a Monday statement. A company spokesperson didn’t respond to a request for comment on the dividend delay.

New Fortress Energy’s stock traded as low as $8.20 in New York before trimming some losses. The shares were trading at $9.30 as of 11:15 a.m., down 4.8%.

New Fortress Energy is in midst of starting up its first liquefied natural gas export project located offshore Mexico after incurring multiple delays and missed announced timelines. It also operates import infrastructure in Latin America that includes Brazil, Puerto Rico and Jamaica. The company said in a separate statement Monday that its second LNG export cargo is heading to Europe.