New Fortress Energy was added to the IBD 50 just a week ago and this natural gas and infrastructure energy stock is already forming a cup base. Thus, RFE stock is an IBD 50 Stock to Watch.
The cup has a 52.47 buy point, and the stock has a rising relative strength line and support from its 50-day moving average.
New Fortress Energy Stock Rises On Profit, Sales Estimates
New Fortress Energy is ranked No. 1 in IBD's Oil & Gas Integrated group, ahead of giants like Exxon Mobil and Marathon Oil. The group is ranked No. 20 among 197 industry groups.
This energy stock has an IBD Composite Rating of 99 but a low 76 EPS Rating, which tracks quarterly and annual earnings-per-share growth. Its RS Rating, however, has climbed steadily since Russia first invaded Ukraine to 98 now.
The New York-based company seeks to change the power market. It aims to become the world's No. 1 supplier of carbon-free power by helping customers convert to or build hydrogen-powered facilities. Liquefied natural gas is a key component of the business.
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