Gulf Island Fabrication (NASDAQ:GIFI) Stock Passes Above 200-Day Moving Average - Here's Why

Key Points

• Gulf Island Fabrication shares have surpassed their 200-day moving average of $6.66, reaching a trading high of $7.69 and closing at $7.63 with a volume of 28,326 shares.
• The company reported earnings of $0.07 per share for its latest quarter, missing analysts' estimates, but exceeded revenue expectations with $37.54 million compared to the expected $35.50 million.
• Institutional ownership is significant with 46.40% of the company’s stock held by hedge funds and other institutional investors, reflecting increasing interest in Gulf Island Fabrication.

Gulf Island Fabrication, Inc. (NASDAQ:GIFI - Get Free Report) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $6.66 and traded as high as $7.69. Gulf Island Fabrication shares last traded at $7.63, with a volume of 28,326 shares.

Gulf Island Fabrication Trading Down 0.3%

The company has a debt-to-equity ratio of 0.19, a current ratio of 4.63 and a quick ratio of 4.51. The company has a market cap of $122.31 million, a price-to-earnings ratio of 12.93 and a beta of 0.28. The business's 50-day simple moving average is $6.97 and its 200-day simple moving average is $6.66.

Gulf Island Fabrication (NASDAQ:GIFI - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The oil and gas company reported $0.07 earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.05). Gulf Island Fabrication had a return on equity of 12.59% and a net margin of 6.45%.The business had revenue of $37.54 million for the quarter, compared to analysts' expectations of $35.50 million.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Empowered Funds LLC increased its stake in shares of Gulf Island Fabrication by 6.2% during the 1st quarter. Empowered Funds LLC now owns 28,144 shares of the oil and gas company's stock worth $182,000 after purchasing an additional 1,654 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Gulf Island Fabrication by 13.5% during the first quarter. Goldman Sachs Group Inc. now owns 14,844 shares of the oil and gas company's stock valued at $96,000 after buying an additional 1,766 shares during the period. Bridgeway Capital Management LLC lifted its stake in shares of Gulf Island Fabrication by 1.9% during the second quarter. Bridgeway Capital Management LLC now owns 118,849 shares of the oil and gas company's stock valued at $790,000 after buying an additional 2,257 shares during the period. Ritholtz Wealth Management lifted its stake in shares of Gulf Island Fabrication by 26.8% during the second quarter. Ritholtz Wealth Management now owns 48,357 shares of the oil and gas company's stock valued at $322,000 after buying an additional 10,218 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of Gulf Island Fabrication during the second quarter valued at approximately $72,000. 46.40% of the stock is owned by hedge funds and other institutional investors.

About Gulf Island Fabrication

Gulf Island Fabrication, Inc, together with its subsidiaries, operates as a fabricator of steel structures and modules in the United States. It operates through Services, Fabrication, and Shipyard divisions. The company provides maintenance, repair, construction, scaffolding, coatings, welding enclosures, and other specialty services on offshore platforms, inland structures, and industrial facilities; services required to connect production equipment and service modules, and equipment on offshore platforms; project management and commissioning services; hookup services; and civil construction and staffing services to the industrial and energy sectors, as well as undertakes municipal and drainage projects, including pump stations, levee reinforcement, bulkheads, and other public works.

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