New Fortress Energy (NASDAQ:NFE) Rating Lowered to "Strong Sell" at Zacks Research

Key Points

• New Fortress Energy's rating has been downgraded to "strong sell" by Zacks Research, reflecting a bearish outlook from analysts.
• The company's stock is currently trading at $2.37, with significant declines noted, including a 29.5% drop in year-over-year revenue.
• Institutional investors have shown mixed activity, with 58.61% of the stock owned by hedge funds, and notable increases in positions by firms like Goldman Sachs.

New Fortress Energy (NASDAQ:NFE - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Monday,Zacks.com reports.

Several other brokerages have also issued reports on NFE. Capital One Financial restated an "underweight" rating on shares of New Fortress Energy in a research note on Monday, September 8th. Compass Point assumed coverage on New Fortress Energy in a research note on Tuesday, July 1st. They issued a "buy" rating and a $8.50 target price on the stock. Weiss Ratings reiterated a "sell (d)" rating on shares of New Fortress Energy in a research note on Saturday, September 27th. New Street Research set a $8.50 price objective on New Fortress Energy in a research note on Monday, June 30th. Finally, BTIG Research lowered New Fortress Energy from a "buy" rating to a "neutral" rating in a research note on Thursday, June 26th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $7.88.

New Fortress Energy Stock Down 2.5%

NFE stock opened at $2.37 on Monday. The stock has a market cap of $674.38 million, a P/E ratio of -0.62 and a beta of 1.26. The stock's fifty day simple moving average is $2.35 and its two-hundred day simple moving average is $3.85. The company has a current ratio of 0.67, a quick ratio of 0.64 and a debt-to-equity ratio of 5.77. New Fortress Energy has a 1-year low of $1.26 and a 1-year high of $16.66.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last issued its earnings results on Saturday, September 13th. The company reported ($2.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.64) by ($1.38). New Fortress Energy had a negative net margin of 48.94% and a negative return on equity of 22.72%. New Fortress Energy's revenue was down 29.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.41) earnings per share. Analysts expect that New Fortress Energy will post 0.36 EPS for the current year.

Institutional Investors Weigh In On New Fortress Energy

Several institutional investors have recently bought and sold shares of NFE. Goldman Sachs Group Inc. raised its position 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 valued at $7,195,000 after purchasing an additional 494,848 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in New Fortress Energy by 14.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,679,057 shares of the company's stock valued at $13,953,000 after purchasing an additional 208,225 shares during the last quarter. Deutsche Bank AG raised its position in New Fortress Energy by 118.5% during the 1st quarter. Deutsche Bank AG now owns 186,180 shares of the company's stock valued at $1,547,000 after purchasing an additional 100,974 shares during the last quarter. Nuveen LLC bought a new position in New Fortress Energy during the 1st quarter valued at approximately $2,692,000. Finally, Jump Financial LLC bought a new position in New Fortress Energy during the 1st quarter valued at approximately $9,492,000. 58.61% of the stock is currently owned by hedge funds and other institutional investors.

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.

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