New Fortress Energy (NASDAQ:NFE – Get Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday, Zacks.com reports.
According to Zacks, “New Fortress Energy LLC operates as an integrated gas-to-power company. It develops, finances and constructs energy infrastructure assets. New Fortress Energy LLC is based in New York, United States. “
Other research analysts also recently issued research reports about the stock. Morgan Stanley cut their target price on shares of New Fortress Energy from $49.00 to $45.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 16th. Stifel Nicolaus raised their price target on shares of New Fortress Energy from $45.00 to $68.00 and gave the company a “buy” rating in a report on Monday, April 4th. Credit Suisse Group raised their price target on shares of New Fortress Energy from $40.00 to $49.00 and gave the company an “outperform” rating in a report on Thursday, April 7th. Finally, TheStreet upgraded shares of New Fortress Energy from a “c” rating to a “b-” rating in a report on Thursday, May 5th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $49.83.
New Fortress Energy stock opened at $49.44 on Friday. The firm has a market capitalization of $10.23 billion, a PE ratio of 27.93 and a beta of 1.53. New Fortress Energy has a 12-month low of $19.17 and a 12-month high of $51.47. The firm has a 50-day moving average price of $43.16 and a 200-day moving average price of $31.73. The company has a current ratio of 1.05, a quick ratio of 0.95 and a debt-to-equity ratio of 1.66.
New Fortress Energy (NASDAQ:NFE – Get Rating) last posted its quarterly earnings results on Thursday, May 5th. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $0.37 by $0.76. The company had revenue of $505.10 million for the quarter, compared to the consensus estimate of $505.85 million. New Fortress Energy had a net margin of 22.19% and a return on equity of 23.65%. During the same quarter last year, the firm posted ($0.21) EPS. As a group, sell-side analysts predict that New Fortress Energy will post 2.03 earnings per share for the current fiscal year.
In other news, major shareholder Nfe Smrs Holdings Llc sold 300,000 shares of New Fortress Energy stock in a transaction that occurred on Tuesday, April 19th. The shares were sold at an average price of $45.28, for a total transaction of $13,584,000.00. Following the completion of the transaction, the insider now directly owns 32,459,846 shares of the company’s stock, valued at approximately $1,469,781,826.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 980,057 shares of company stock valued at $43,183,972. Insiders own 48.80% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Skandinaviska Enskilda Banken AB publ purchased a new stake in New Fortress Energy in the 4th quarter worth $96,000. Advisor Group Holdings Inc. grew its holdings in shares of New Fortress Energy by 182.4% during the fourth quarter. Advisor Group Holdings Inc. now owns 10,806 shares of the company’s stock worth $261,000 after buying an additional 6,979 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in shares of New Fortress Energy during the fourth quarter worth $406,000. Morgan Stanley grew its holdings in shares of New Fortress Energy by 52.9% during the third quarter. Morgan Stanley now owns 522,606 shares of the company’s stock worth $14,502,000 after buying an additional 180,789 shares in the last quarter. Finally, abrdn plc grew its holdings in shares of New Fortress Energy by 42.7% during the fourth quarter. abrdn plc now owns 369,887 shares of the company’s stock worth $8,929,000 after buying an additional 110,685 shares in the last quarter. 49.35% of the stock is owned by institutional investors.
About New Fortress Energy (Get Rating)
New Fortress Energy Inc operates as an integrated gas-to-power 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.
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