New Fortress Energy (NASDAQ:NFE) Shares Up 5.9% – Here’s What Happened

Shares of New Fortress Energy Inc. (NASDAQ:NFE) rose 5.9% during trading on Tuesday . The stock traded as high as $2.74 and last traded at $2.70. Approximately 1,312,207 shares traded hands during trading, a decline of 78% from the average daily volume of 6,000,507 shares. The stock had previously closed at $2.55.

Analyst Upgrades and Downgrades

NFE has been the subject of a number of research analyst reports. Citigroup reduced their price objective on shares of New Fortress Energy from $34.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. Stifel Nicolaus cut their price objective on shares of New Fortress Energy from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Deutsche Bank Aktiengesellschaft set a $8.00 price objective on shares of New Fortress Energy in a report on Wednesday, March 12th. Morgan Stanley set a $4.00 price objective on shares of New Fortress Energy and gave the company an “equal weight” rating in a research note on Tuesday, May 27th. Finally, BTIG Research set a $8.00 target price on New Fortress Energy and gave the stock a “buy” rating in a research note on Thursday, May 15th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, New Fortress Energy presently has an average rating of “Moderate Buy” and an average price target of $10.17.

New Fortress Energy Stock Up 12.3%

The firm has a market capitalization of $848.69 million, a PE ratio of 3.41 and a beta of 1.22. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38. The firm’s 50-day moving average is $5.07 and its 200 day moving average is $9.82.

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

Insider Activity at New Fortress Energy

In related news, CFO Christopher S. Guinta acquired 5,000 shares of New Fortress Energy stock in a transaction on Thursday, March 13th. The shares were purchased at an average cost of $8.57 per share, for a total transaction of $42,850.00. Following the purchase, the chief financial officer now directly owns 206,653 shares of the company’s stock, valued at $1,771,016.21. The trade was a 2.48% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 29.40% of the company’s stock.

Hedge Funds Weigh In On New Fortress Energy

A number of large investors have recently bought and sold shares of NFE. Rhumbline Advisers increased its stake in New Fortress Energy by 3.7% during the 1st quarter. Rhumbline Advisers now owns 101,283 shares of the company’s stock valued at $842,000 after buying an additional 3,653 shares during the period. Bayforest Capital Ltd acquired a new position in New Fortress Energy during the first quarter worth $551,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in New Fortress Energy by 42.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 280,706 shares of the company’s stock worth $2,333,000 after purchasing an additional 83,279 shares during the period. Clearline Capital LP bought a new position in shares of New Fortress Energy in the first quarter worth about $677,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of New Fortress Energy by 133.4% in the first quarter. Goldman Sachs Group Inc. now owns 865,826 shares of the company’s stock worth $7,195,000 after acquiring an additional 494,848 shares during the last quarter. Institutional investors own 58.61% of the company’s stock.

New Fortress Energy Company Profile

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.