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At its annual meeting held on June 18, New Fortress Energy Inc. (NASDAQ:NFE), a $628 million market cap energy company currently trading near its 52-week low, reported that shareholders elected three Class III directors to serve until the 2028 annual meeting. The board elections come at a crucial time as InvestingPro data shows the company faces significant financial challenges, with the stock down nearly 89% over the past year. According to a statement based on an SEC filing, the elected directors are Desmond Iain Catterall, Wesley R. Edens, and Randal A. Nardone.
Voting results for the director elections were as follows: Desmond Iain Catterall received 194,996,793 votes in favor and 26,913,669 votes withheld; Wesley R. Edens received 201,583,435 votes in favor and 20,327,027 votes withheld; Randal A. Nardone received 201,451,890 votes in favor and 20,458,572 votes withheld. There were 23,232,492 broker non-votes for each nominee. Despite recent challenges, the company maintains a notable 17.09% dividend yield, though investors should note that InvestingPro analysis indicates significant debt concerns.
Shareholders also ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The proposal received 244,403,944 votes in favor, 402,955 votes against, and 336,055 abstentions.
The information in this article is based on a press release statement and details disclosed in a recent SEC filing.
In other recent news, New Fortress Energy Inc. has faced a series of significant developments. The company announced a delay in filing its quarterly report for the period ending March 31, 2025, but assured that it expects to complete this by June 27, 2025. Despite this delay, New Fortress Energy has already released unaudited financial statements, which are not expected to alter previously reported figures. Additionally, the company completed a $1.055 billion sale of its Jamaican business to Excelerate Energy Limited Partnership, providing some liquidity to address its financial obligations. However, S&P Global Ratings downgraded New Fortress Energy’s credit rating to ’B-’ from ’B’, citing weak financials and limited liquidity, which poses refinancing risks for upcoming debt maturities. The company also received a compliance notice from Nasdaq due to the delayed filing of its Form 10-Q, with a 60-day deadline to present a compliance plan. Furthermore, BTIG adjusted its price target for New Fortress Energy shares from $15.00 to $8.00, maintaining a Buy rating, following the company’s earnings miss in the first quarter of 2025. The company’s strategic focus appears to be shifting towards refinancing its debt, as highlighted by BTIG, with expectations of improved financial performance from its Brazil operations later in the year.
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