Why New Fortress Energy Stock Is Plummeting Today

Key Points

• New Fortress Energy stock is crashing in response to the company's Q2 results and a big announcement.

• New Fortress posted a massive loss in the second quarter and could post even weaker results in the current quarter.

• A recent announcement has raised concerns that the company could be moving toward bankruptcy filings.

• 10 stocks we like better than New Fortress Energy ›

New Fortress Energy (NASDAQ: NFE) stock is getting crushed in Monday's trading. The liquified natural gas (LNG) company's share price was down 37.6% as of 12:15 p.m. ET and had been off as much as 48.6% earlier in the day.

After the market closed last Friday, New Fortress published second-quarter results that were significantly worse than anticipated. Making matters worse, the company announced that it was conducting strategic reviews in response to funding issues -- and the news has increased bankruptcy concerns among investors.

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New Fortress stock plummets following Q2 results

In the second quarter, New Fortress posted a net loss of $2.02 per share on sales of $301.7 million. The business's net loss for the period came in at $556.8 million -- expanding from a loss of $86.9 million in the prior-year quarter. Meanwhile, sales were down 29.5% year over year. New Fortress reported non-cash impairments of assets and goodwill totaling $699 million in the period. While the company said that it anticipates its earnings picture will strengthen in conjunction with tailwinds in Brazil and Nicaragua and new projects in Puerto Rico, weak Q2 performance and a concerning business update are driving huge sell-offs for the stock today.

What's next for New Fortress Energy?

With its recent quarterly report, New Fortress revealed that it began reviewing strategic alternatives. The LNG infrastructure specialist has a large debt load and is posting weak cash flow, and the recent sale of the company's Jamaica-based business suggests that near-term performance will likely be even worse. On the heels of New Fortress' recent filing, there seems to be a good chance that the company will move forward with a restructuring in bankruptcy.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.