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

Key Points

• Gulf Island Fabrication shares have crossed above their 200-day moving average, reaching a trading high of $7.15 before settling at $6.91.
• Analysts at Wall Street Zen upgraded the company's rating from "hold" to "buy" on May 8th, indicating positive market sentiment.
• For the latest quarter, Gulf Island Fabrication reported earnings of $0.23 per share, significantly exceeding analysts' expectations of $0.08.

Shares of Gulf Island Fabrication, Inc. (NASDAQ:GIFI - Get Free Report) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $6.68 and traded as high as $7.15. Gulf Island Fabrication shares last traded at $6.91, with a volume of 23,010 shares changing hands.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Gulf Island Fabrication from a "hold" rating to a "buy" rating in a research report on Thursday, May 8th.

Gulf Island Fabrication Stock Performance

The stock's 50-day moving average is $6.74 and its 200-day moving average is $6.67. The stock has a market cap of $109.65 million, a price-to-earnings ratio of 9.14 and a beta of 0.22. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.90 and a quick ratio of 4.76.

Gulf Island Fabrication (NASDAQ:GIFI - Get Free Report) last announced its earnings results on Tuesday, May 6th. The oil and gas company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.15. The firm had revenue of $40.27 million for the quarter, compared to analyst estimates of $36.50 million. Gulf Island Fabrication had a net margin of 7.87% and a return on equity of 13.50%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Empowered Funds LLC raised its position in shares of Gulf Island Fabrication by 6.2% in the 1st quarter. Empowered Funds LLC now owns 28,144 shares of the oil and gas company's stock worth $182,000 after buying an additional 1,654 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Gulf Island Fabrication by 13.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,844 shares of the oil and gas company's stock worth $96,000 after buying an additional 1,766 shares during the period. Aristides Capital LLC raised its position in shares of Gulf Island Fabrication by 4.7% in the 4th quarter. Aristides Capital LLC now owns 71,223 shares of the oil and gas company's stock worth $485,000 after buying an additional 3,201 shares during the period. Perritt Capital Management Inc raised its stake in shares of Gulf Island Fabrication by 25.0% in the 4th quarter. Perritt Capital Management Inc now owns 25,000 shares of the oil and gas company's stock valued at $170,000 after acquiring an additional 5,000 shares during the period. Finally, Jane Street Group LLC purchased a new position in shares of Gulf Island Fabrication in the 4th quarter valued at $83,000. 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.