New Fortress Energy (NASDAQ:NFE) Posts Quarterly Earnings Results, Misses Estimates By $1.09 EPS

Key Points

• New Fortress Energy reported a significant quarterly miss: EPS was a loss of $1.30 versus the consensus loss estimate of $0.21, while revenue of $312.5 million fell well short of the $511.6 million estimate.
• The stock traded near its 52-week low at approximately $0.35, with a market capitalization of about $101 million and elevated leverage, including a 3.57 debt-to-equity ratio.
• Analyst sentiment remains weak, with the stock carrying an average “Reduce” rating and a $4.00 price target; institutional investors nevertheless own 58.61% of the company.

New Fortress Energy (NASDAQ:NFE - Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($1.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($1.09), Zacks reports. New Fortress Energy had a negative net margin of 164.16% and a negative return on equity of 253.73%. The company had revenue of $312.50 million during the quarter, compared to the consensus estimate of $511.60 million.

New Fortress Energy Price Performance

Shares of NASDAQ NFE traded up $0.01 during mid-day trading on Friday, reaching $0.35. The company had a trading volume of 1,662,103 shares, compared to its average volume of 2,049,371. The company has a 50-day moving average price of $0.40 and a two-hundred day moving average price of $0.75. The stock has a market cap of $101.12 million, a PE ratio of -0.16 and a beta of 1.36. The company has a current ratio of 0.13, a quick ratio of 0.11 and a debt-to-equity ratio of 3.57. New Fortress Energy has a 1-year low of $0.32 and a 1-year high of $3.10.

Hedge Funds Weigh In On New Fortress Energy

A number of hedge funds and other institutional investors have recently modified their holdings of NFE. Rubric Capital Management LP raised its holdings in New Fortress Energy by 1.5% during the 3rd quarter. Rubric Capital Management LP now owns 24,767,087 shares of the company's stock worth $54,735,000 after buying an additional 367,087 shares during the period. Shay Capital LLC boosted its holdings in shares of New Fortress Energy by 272.1% in the third quarter. Shay Capital LLC now owns 5,675,000 shares of the company's stock worth $12,542,000 after buying an additional 4,150,000 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of New Fortress Energy by 85.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,499,203 shares of the company's stock worth $5,129,000 after acquiring an additional 2,072,477 shares in the last quarter. State Street Corp increased its position in shares of New Fortress Energy by 11.3% in the fourth quarter. State Street Corp now owns 3,846,958 shares of the company's stock worth $4,386,000 after acquiring an additional 389,297 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of New Fortress Energy by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 3,697,121 shares of the company's stock valued at $4,215,000 after acquiring an additional 12,838 shares during the period. Institutional investors and hedge funds own 58.61% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings restated a "sell (e+)" rating on shares of New Fortress Energy in a research report on Friday, July 17th. Wall Street Zen downgraded New Fortress Energy from a "sell" rating to a "strong sell" rating in a research note on Saturday, April 18th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, New Fortress Energy presently has an average rating of "Reduce" and an average price target of $4.00.

About New Fortress Energy

New Fortress Energy is an integrated global energy infrastructure company focused on the development, construction and operation of natural gas-to-power projects and liquefied natural gas (LNG) terminals. The company sources LNG and delivers it via a network of floating storage and regasification units (FSRUs), onshore regasification terminals, and small-scale LNG carriers. By providing reliable natural gas supply solutions, New Fortress Energy aims to displace higher-carbon fuels in power generation, industrial and marine sectors.

The company's core activities include the design, development and operation of FSRUs and onshore regasification terminals that convert cryogenic LNG back to gas for delivery into domestic transmission networks.

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