New Fortress Energy (NASDAQ:NFE) Posts Quarterly Earnings Results, Misses Estimates By $1.38 EPS

Key Points

• New Fortress Energy reported a quarterly EPS of ($2.02), significantly missing the consensus estimate of ($0.64) by $1.38, with revenues down 29.5% year-over-year.
• The company experienced a negative return on equity of 22.72% and a net margin of 48.94%, indicating significant financial challenges.
• New Fortress Energy's stock dropped 3.7%, with analysts rating it predominantly as a "hold," while the average price target stands at $7.88.

New Fortress Energy (NASDAQ:NFE - Get Free Report) issued its earnings results on Saturday. The company reported ($2.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.64) by ($1.38), Briefing.com reports. New Fortress Energy had a negative return on equity of 22.72% and a negative net margin of 48.94%.New Fortress Energy's quarterly revenue was down 29.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.41) earnings per share.

New Fortress Energy Stock Down 3.7%

Shares of NASDAQ NFE opened at $1.31 on Friday. The company's 50-day simple moving average is $2.92 and its 200-day simple moving average is $4.76. New Fortress Energy has a 52-week low of $1.26 and a 52-week high of $16.66. The firm has a market cap of $359.20 million, a price-to-earnings ratio of -0.34 and a beta of 0.99. The company has a quick ratio of 0.95, a current ratio of 0.67 and a debt-to-equity ratio of 5.77.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NFE. New Street Research set a $8.50 price objective on New Fortress Energy in a research note on Monday, June 30th. Zacks Research raised New Fortress Energy to a "hold" rating in a report on Monday, August 11th. BTIG Research cut shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a research note on Thursday, June 26th. Compass Point started coverage on shares of New Fortress Energy in a research note on Tuesday, July 1st. They issued a "buy" rating and a $8.50 price objective for the company. Finally, Capital One Financial reaffirmed an "underweight" rating on shares of New Fortress Energy in a research note on Monday, September 8th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, New Fortress Energy presently has an average rating of "Hold" and an average price target of $7.88.

Hedge Funds Weigh In On New Fortress Energy

Several hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC purchased a new stake in shares of New Fortress Energy in the 1st quarter valued at approximately $390,000. Goldman Sachs Group Inc. grew its holdings in New Fortress Energy by 133.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 865,826 shares of the company's stock worth $7,195,000 after acquiring an additional 494,848 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in New Fortress Energy by 42.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 280,706 shares of the company's stock worth $2,333,000 after acquiring an additional 83,279 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of New Fortress Energy by 24.2% in the 2nd quarter. Legal & General Group Plc now owns 140,044 shares of the company's stock valued at $465,000 after buying an additional 27,289 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of New Fortress Energy by 131.1% in the 2nd quarter. Rhumbline Advisers now owns 234,105 shares of the company's stock valued at $777,000 after buying an additional 132,822 shares in the last quarter. 58.61% of the stock is owned by hedge funds and other 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.

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