New Fortress Energy Inc. (NASDAQ:NFE) Given Average Recommendation of “Hold” by Brokerages

New Fortress Energy Inc. (NASDAQ:NFE) has been given an average recommendation of “Hold” by the six research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $19.77.

A number of analysts recently issued reports on the company. Barclays cut their price objective on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft restated a “sell” rating and set a $7.60 target price (down previously from $21.00) on shares of New Fortress Energy in a research report on Tuesday, October 1st. Stifel Nicolaus cut their price target on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a report on Monday, August 12th. Morgan Stanley lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $35.00 to $15.00 in a research report on Thursday, October 3rd. Finally, BTIG Research lowered their target price on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, September 13th.

New Fortress Energy Stock Performance

Shares of NFE opened at $8.00 on Friday. The business has a fifty day moving average of $10.13 and a 200 day moving average of $18.09. New Fortress Energy has a one year low of $7.82 and a one year high of $40.04. The company has a debt-to-equity ratio of 4.38, a current ratio of 0.72 and a quick ratio of 0.63. The firm has a market capitalization of $1.64 billion, a P/E ratio of 6.78 and a beta of 1.51.

New Fortress Energy (NASDAQ:NFE) last issued its earnings results on Friday, August 9th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The company had revenue of $428.00 million during the quarter, compared to the consensus estimate of $465.52 million. During the same quarter in the prior year, the company earned $0.58 earnings per share. New Fortress Energy’s revenue was down 23.7% on a year-over-year basis. As a group, sell-side analysts anticipate that New Fortress Energy will post 0.52 EPS for the current year.

New Fortress Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.40 dividend on an annualized basis and a yield of 5.00%. New Fortress Energy’s dividend payout ratio is currently 33.90%.

Insider Activity

In related news, CEO Wesley R. Edens purchased 5,793,742 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were bought at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the transaction, the chief executive officer now owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 37.10% of the company’s stock.

Hedge Funds Weigh In On New Fortress Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. nVerses Capital LLC acquired a new stake in New Fortress Energy during the third quarter worth $25,000. American National Bank bought a new stake in shares of New Fortress Energy in the second quarter worth about $26,000. US Bancorp DE lifted its position in New Fortress Energy by 344.6% in the 3rd quarter. US Bancorp DE now owns 3,570 shares of the company’s stock valued at $32,000 after acquiring an additional 2,767 shares in the last quarter. Signaturefd LLC increased its stake in New Fortress Energy by 409.1% in the 3rd quarter. Signaturefd LLC now owns 4,124 shares of the company’s stock valued at $37,000 after buying an additional 3,314 shares during the last quarter. Finally, Quarry LP raised its position in New Fortress Energy by 125.7% during the second quarter. Quarry LP now owns 2,250 shares of the company’s stock worth $49,000 after acquiring an additional 1,253 shares in the last quarter. 58.61% of the stock is currently owned by hedge funds and other institutional investors.

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.