Gulf Island Fabrication (NASDAQ:GIFI) Shares Cross Above 200-Day Moving Average - Here's What Happened

Key Points

• Gulf Island Fabrication's share price has crossed above its 200-day moving average of $6.67, reaching as high as $6.88 during trading.
• Wall Street analysts have upgraded Gulf Island Fabrication from a "hold" rating to a "buy" rating, indicating a more optimistic outlook for the company.
• The company reported earnings of $0.23 EPS for the last quarter, significantly beating analyst expectations and achieving a revenue of $40.27 million.

Gulf Island Fabrication, Inc. (NASDAQ:GIFI - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $6.67 and traded as high as $6.88. Gulf Island Fabrication shares last traded at $6.87, with a volume of 24,626 shares changing hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Gulf Island Fabrication from a "hold" rating to a "buy" rating in a research note on Thursday, May 8th.

Gulf Island Fabrication Stock Performance

The company has a quick ratio of 4.76, a current ratio of 4.90 and a debt-to-equity ratio of 0.18. The business has a 50 day moving average of $6.82 and a 200 day moving average of $6.66. The company has a market capitalization of $111.51 million, a P/E ratio of 9.29 and a beta of 0.24.

Gulf Island Fabrication (NASDAQ:GIFI - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The oil and gas company reported $0.23 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.15. The firm had revenue of $40.27 million during the quarter, compared to the consensus estimate 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

Institutional investors and hedge funds have recently bought and sold shares of the company. Ritholtz Wealth Management raised its stake in shares of Gulf Island Fabrication by 118.1% in the first quarter. Ritholtz Wealth Management now owns 38,139 shares of the oil and gas company's stock valued at $246,000 after acquiring an additional 20,650 shares during the period. Shufro Rose & Co. LLC purchased a new stake in Gulf Island Fabrication in the 1st quarter worth about $115,000. Jane Street Group LLC bought a new stake in Gulf Island Fabrication in the fourth quarter worth about $83,000. Marshall Wace LLP bought a new position in shares of Gulf Island Fabrication during the fourth quarter valued at approximately $219,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Gulf Island Fabrication by 3.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 554,697 shares of the oil and gas company's stock worth $3,777,000 after acquiring an additional 18,336 shares during the last quarter. 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.