New Fortress Energy (NASDAQ:NFE) Shares Down 7.4% – Here’s Why

Shares of New Fortress Energy Inc. (NASDAQ:NFE) were down 7.4% on Tuesday . The stock traded as low as $7.73 and last traded at $7.70. Approximately 1,216,001 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 4,224,026 shares. The stock had previously closed at $8.31.

Wall Street Analysts Forecast Growth

NFE has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft set a $8.00 price objective on shares of New Fortress Energy in a research note on Wednesday, March 12th. Morgan Stanley dropped their price target on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Finally, Stifel Nicolaus lowered their target price on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, New Fortress Energy currently has an average rating of “Hold” and an average target price of $15.00.

New Fortress Energy Price Performance

The company has a 50 day moving average of $11.38 and a 200 day moving average of $11.28. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 9.42 and a beta of 1.58. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06.

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

Insider Transactions 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 bought at an average price of $8.57 per share, for a total transaction of $42,850.00. Following the completion of the purchase, the chief financial officer now directly owns 206,653 shares in the company, valued at $1,771,016.21. This trade represents a 2.48 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 37.10% of the company’s stock.

Institutional Trading of New Fortress Energy

Hedge funds have recently made changes to their positions in the company. Hood River Capital Management LLC bought a new stake in New Fortress Energy in the fourth quarter valued at about $155,023,000. Capital World Investors raised its holdings in shares of New Fortress Energy by 87.9% during the fourth quarter. Capital World Investors now owns 19,925,022 shares of the company’s stock worth $301,266,000 after purchasing an additional 9,319,985 shares during the period. William Blair Investment Management LLC lifted its position in shares of 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 worth $235,374,000 after buying an additional 4,509,177 shares during the last quarter. Vanguard Group Inc. grew its position in shares of New Fortress Energy by 31.8% during the 4th quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company’s stock valued at $171,147,000 after buying an additional 2,728,191 shares during the last quarter. Finally, Primecap Management Co. CA raised its stake in New Fortress Energy by 13.6% during the fourth quarter. Primecap Management Co. CA now owns 13,096,998 shares of the company’s stock worth $198,027,000 after acquiring an additional 1,564,893 shares during the period. Hedge funds and other institutional investors own 58.61% of the company’s stock.

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.