New Fortress Energy (NASDAQ:NFE) Shares Down 5.9% – What’s Next?

Shares of New Fortress Energy Inc. (NASDAQ:NFE) dropped 5.9% during mid-day trading on Wednesday . The company traded as low as $11.26 and last traded at $11.20. Approximately 1,023,095 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 4,062,546 shares. The stock had previously closed at $11.90.

Analysts Set New Price Targets

Several analysts recently commented on the company. Stifel Nicolaus cut their price objective on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Morgan Stanley cut their price target on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft set a $8.00 price objective on shares of New Fortress Energy in a research note on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $15.00.

New Fortress Energy Stock Performance

The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The firm has a market cap of $2.54 billion, a PE ratio of 10.20 and a beta of 1.58. The business has a 50-day simple moving average of $11.99 and a 200 day simple moving average of $11.34.

New Fortress Energy (NASDAQ:NFE) last released its earnings results on Monday, March 3rd. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. The company had revenue of $679.00 million for the quarter, compared to analysts’ expectations of $613.24 million. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. Equities research analysts forecast that New Fortress Energy Inc. will post 0.36 EPS for the current year.

Insider Activity

In other New Fortress Energy news, CFO Christopher S. Guinta bought 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $8.57 per share, for a total transaction of $42,850.00. Following the completion of the transaction, the chief financial officer now owns 206,653 shares of the company’s stock, valued at $1,771,016.21. This trade represents a 2.48 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 37.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Hood River Capital Management LLC bought a new stake in shares of New Fortress Energy during the fourth quarter valued at approximately $155,023,000. Capital World Investors grew its stake in New Fortress Energy by 87.9% during the fourth quarter. Capital World Investors now owns 19,925,022 shares of the company’s stock valued at $301,266,000 after acquiring an additional 9,319,985 shares in the last quarter. William Blair Investment Management LLC increased its holdings in New Fortress Energy by 40.8% in the 4th quarter. William Blair Investment Management LLC now owns 15,567,055 shares of the company’s stock valued at $235,374,000 after acquiring an additional 4,509,177 shares during the last quarter. Vanguard Group Inc. lifted its stake in New Fortress Energy by 31.8% in the 4th quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company’s stock worth $171,147,000 after purchasing an additional 2,728,191 shares in the last quarter. Finally, Primecap Management Co. CA boosted its holdings in shares of New Fortress Energy by 13.6% during the 4th quarter. Primecap Management Co. CA now owns 13,096,998 shares of the company’s stock valued at $198,027,000 after purchasing an additional 1,564,893 shares during the last quarter. 58.61% of the stock is owned by hedge funds and other institutional investors.

About New Fortress Energy

New Fortress Energy Inc operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide. The company operates in two segments, Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment engages in the natural gas procurement and liquefaction; and shipping, logistics, facilities and conversion, or development of natural gas-fired power generation.