New Fortress Energy (NASDAQ:NFE) Downgraded to "Hold" Rating by Johnson Rice

Key Points

• New Fortress Energy has been downgraded by Johnson Rice from a "buy" to a "hold" rating, with a current price target of $4.00, suggesting a potential upside of 64.95% from its previous close.
• The stock has a consensus rating of "Hold" among analysts, with an average price target of $7.88 and notable price targets from other firms ranging from $4.00 to $14.00.
• Recent trading saw New Fortress Energy shares at $2.43, well below their fifty-two week high of $16.66, reflecting significant volatility in its stock performance.

Johnson Rice downgraded shares of New Fortress Energy (NASDAQ:NFE - Free Report) from a buy rating to a hold rating in a research report released on Wednesday, MarketBeat reports. Johnson Rice currently has $4.00 price target on the stock, down from their prior price target of $7.00.

A number of other research analysts have also weighed in on NFE. Morgan Stanley set a $4.00 target price on shares of New Fortress Energy and gave the stock an "equal weight" rating in a research report on Tuesday, May 27th. New Street Research set a $8.50 price objective on shares of New Fortress Energy in a research note on Monday, June 30th. Stifel Nicolaus dropped their price objective on shares of New Fortress Energy from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Compass Point assumed coverage on shares of New Fortress Energy in a report on Tuesday, July 1st. They set a "buy" rating and a $8.50 target price for the company. Finally, BTIG Research cut shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a research report on Thursday, June 26th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $7.88.

New Fortress Energy Stock Performance

NFE stock traded down $0.08 during midday trading on Wednesday, reaching $2.31. The company had a trading volume of 5,084,733 shares, compared to its average volume of 9,825,652. The company has a quick ratio of 0.95, a current ratio of 1.00 and a debt-to-equity ratio of 4.77. The stock has a 50 day moving average price of $3.19 and a 200 day moving average price of $6.10. The firm has a market capitalization of $633.40 million, a PE ratio of -1.03 and a beta of 1.08. New Fortress Energy has a fifty-two week low of $2.01 and a fifty-two week high of $16.66.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NFE. IFP Advisors Inc lifted its position in New Fortress Energy by 166.3% in the second quarter. IFP Advisors Inc now owns 9,072 shares of the company's stock worth $30,000 after buying an additional 5,665 shares during the last quarter. Apollon Wealth Management LLC purchased a new stake in New Fortress Energy in the second quarter worth about $33,000. MQS Management LLC purchased a new stake in New Fortress Energy in the second quarter worth about $33,000. Hardin Capital Partners LLC lifted its stake in New Fortress Energy by 50.0% in the second quarter. Hardin Capital Partners LLC now owns 15,000 shares of the company's stock worth $54,000 after acquiring an additional 5,000 shares during the period. Finally, Baader Bank Aktiengesellschaft bought a new position in New Fortress Energy in the second quarter worth about $56,000. 58.61% of the stock is currently owned by institutional investors.

New Fortress Energy Company Profile

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.