Gulf Island Fabrication (NASDAQ:GIFI) Share Price Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• Gulf Island Fabrication's stock price crossed above its 200-day moving average of $6.63, reaching a high of $7.38 before closing at $7.27.
• Analysts upgraded the stock from a "hold" to a "buy" rating, indicating positive sentiment about the company's future performance.
• The company reported earnings per share of $0.07, missing estimates, but surpassed revenue expectations by generating $37.54 million during the latest quarter.

Gulf Island Fabrication, Inc. (NASDAQ:GIFI - Get Free Report)'s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $6.63 and traded as high as $7.38. Gulf Island Fabrication shares last traded at $7.27, with a volume of 71,082 shares traded.

Gulf Island Fabrication Price Performance

The company has a quick ratio of 4.51, a current ratio of 4.63 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $119.58 million, a price-to-earnings ratio of 12.64 and a beta of 0.28. The company's 50-day simple moving average is $6.93 and its 200 day simple moving average is $6.65.

Gulf Island Fabrication (NASDAQ:GIFI - Get Free Report) last announced its quarterly earnings results 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). The company had revenue of $37.54 million during the quarter, compared to analyst estimates of $35.50 million. Gulf Island Fabrication had a return on equity of 12.59% and a net margin of 6.45%.

Institutional Investors Weigh In On Gulf Island Fabrication

A number of large investors have recently added to or reduced their stakes in the stock. Bridgeway Capital Management LLC raised its position in shares of Gulf Island Fabrication by 1.9% in 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 purchasing an additional 2,257 shares during the period. First Wilshire Securities Management Inc. boosted its holdings in shares of Gulf Island Fabrication by 4.1% during the 2nd quarter. First Wilshire Securities Management Inc. now owns 1,019,169 shares of the oil and gas company's stock worth $6,777,000 after buying an additional 40,556 shares during the period. XTX Topco Ltd bought a new stake in shares of Gulf Island Fabrication during the 2nd quarter worth $72,000. Truffle Hound Capital LLC acquired a new position in Gulf Island Fabrication in the 2nd quarter valued at $1,164,000. Finally, Bailard Inc. bought a new position in Gulf Island Fabrication in the 2nd quarter worth $237,000. Institutional investors own 46.40% of the company's stock.

Gulf Island Fabrication Company Profile

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.