BTIG lowers rating on New Fortress Energy, citing balance sheet concerns

BTIG downgrades U.S.-based LNG company New Fortress Energy NFE.O to "neutral" from "buy", maintains price target of $8

NFE shares down 5.7% in premarket trading

Brokerage expects the balance sheet to be an overhang on the stock

BTIG says maintenance in Puerto Rico and Jamaica was a drag on Q1 terminal volumes (down ~25% sequentially) and, with Jamaica sold in May, it expects Q2 volumes to be messy

Brokerage expects NFE to look to monetize other assets, including its Pacific terminals, Klondike, which includes developable land for data centers, or owned natural gas turbines

2 of 6 brokerages rate the stock "buy" or higher, 4 "hold"; median PT is $8 - data compiled by LSEG

As of last close, stock down 84.9% YTD