New Fortress Energy (NASDAQ:NFE) Issues Quarterly Earnings Results

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) released its quarterly earnings results on Saturday. The company reported ($2.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.64) by ($1.38), Briefing.com reports. New Fortress Energy had a negative net margin of 48.94% and a negative return on equity of 22.72%. During the same period last year, the business posted ($0.41) earnings per share. The company's revenue for the quarter was down 29.5% compared to the same quarter last year.

New Fortress Energy Stock Up 22.0%

Shares of New Fortress Energy stock traded up $0.48 during trading on Thursday, hitting $2.64. 41,680,920 shares of the stock traded hands, compared to its average volume of 10,794,538. The company has a fifty day moving average price of $2.81 and a two-hundred day moving average price of $4.59. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.64 and a current ratio of 0.67. New Fortress Energy has a twelve month low of $1.26 and a twelve month high of $16.66. The stock has a market cap of $749.79 million, a P/E ratio of -0.69 and a beta of 0.99.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NFE. AQR Capital Management LLC bought a new position in shares of New Fortress Energy in the 1st quarter valued at approximately $390,000. Goldman Sachs Group Inc. raised its stake in shares of New Fortress Energy by 133.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 865,826 shares of the company's stock valued at $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 raised its stake in shares of New Fortress Energy by 42.2% in 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 valued at $2,333,000 after acquiring an additional 83,279 shares in the last quarter. Legal & General Group Plc increased its position in New Fortress Energy by 24.2% in the 2nd quarter. Legal & General Group Plc now owns 140,044 shares of the company's stock worth $465,000 after buying an additional 27,289 shares during the period. Finally, Rhumbline Advisers increased its position in New Fortress Energy by 131.1% in the 2nd quarter. Rhumbline Advisers now owns 234,105 shares of the company's stock worth $777,000 after buying an additional 132,822 shares during the period. 58.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NFE has been the subject of a number of research reports. Capital One Financial restated an "underweight" rating on shares of New Fortress Energy in a research report on Monday, September 8th. Morgan Stanley set a $4.00 price objective on New Fortress Energy and gave the stock an "equal weight" rating in a research report on Tuesday, May 27th. Zacks Research upgraded New Fortress Energy to a "hold" rating in a research report on Monday, August 11th. Johnson Rice lowered New Fortress Energy from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $7.00 to $4.00 in a research report on Wednesday, August 13th. Finally, New Street Research set a $8.50 price objective on New Fortress Energy in a research report on Monday, June 30th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $7.88.

About New Fortress Energy

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.