New Fortress Energy (NASDAQ:NFE) Sets New 52-Week Low - Here's Why

Key Points

• New Fortress Energy (NFE) shares reached a new 52-week low of $1.26 during trading, down from a previous close of $2.45, indicating significant volatility.
• Analysts have downgraded their ratings on NFE, with Johnson Rice cutting it from "buy" to "hold" and setting a new price target of $4.00.
• Despite recent underperformance, institutional investors hold a significant stake, owning 58.61% of the company's stock.

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report)'s share price hit a new 52-week low on Monday . The company traded as low as $1.26 and last traded at $1.40, with a volume of 67533987 shares changing hands. The stock had previously closed at $2.45.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on NFE shares. Zacks Research upgraded New Fortress Energy to a "hold" rating in a research report on Monday, August 11th. Compass Point began coverage on shares of New Fortress Energy in a report on Tuesday, July 1st. They issued a "buy" rating and a $8.50 price target for the company. BTIG Research downgraded shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a report on Thursday, June 26th. Capital One Financial reaffirmed an "underweight" rating on shares of New Fortress Energy in a report on Monday, September 8th. Finally, Morgan Stanley set a $4.00 price target on shares of New Fortress Energy and gave the company an "equal weight" rating in a report on Tuesday, May 27th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $7.88.

New Fortress Energy Trading Down 3.7%

The company has a quick ratio of 0.95, a current ratio of 0.67 and a debt-to-equity ratio of 5.77. The firm has a market cap of $359.20 million, a P/E ratio of -0.34 and a beta of 0.99. The company's 50 day simple moving average is $2.92 and its 200-day simple moving average is $4.73.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last issued its earnings results on Saturday, September 13th. The company reported ($2.02) EPS for the quarter, missing analysts' consensus estimates of ($0.64) by ($1.38). New Fortress Energy had a negative return on equity of 22.72% and a negative net margin of 48.94%.New Fortress Energy's revenue for the quarter was down 29.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.41) EPS. As a group, research analysts predict that New Fortress Energy LLC will post 0.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On New Fortress Energy

A number of institutional investors have recently modified their holdings of NFE. Vanguard Group Inc. increased its holdings in New Fortress Energy by 22.6% during the first quarter. Vanguard Group Inc. now owns 13,879,490 shares of the company's stock valued at $115,339,000 after buying an additional 2,560,242 shares during the period. American Assets Investment Management LLC increased its holdings in New Fortress Energy by 888.8% during the first quarter. American Assets Investment Management LLC now owns 1,859,106 shares of the company's stock valued at $15,449,000 after buying an additional 1,671,094 shares during the period. Norges Bank purchased a new position in New Fortress Energy during the second quarter valued at approximately $5,278,000. Geode Capital Management LLC increased its holdings in New Fortress Energy by 71.2% during the second quarter. Geode Capital Management LLC now owns 3,661,857 shares of the company's stock valued at $12,159,000 after buying an additional 1,522,324 shares during the period. Finally, Shay Capital LLC increased its holdings in New Fortress Energy by 7,990.2% during the second quarter. Shay Capital LLC now owns 1,525,000 shares of the company's stock valued at $5,063,000 after buying an additional 1,506,150 shares during the period. 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.