New Fortress Energy (NASDAQ:NFE) Sees Large Volume Increase - Still a Buy?

Key Points

• New Fortress Energy (NFE) experienced a significant trading volume increase of 508%, with approximately 61 million shares traded on Wednesday, pushing the stock price up to $2.77 from a previous close of $2.00.
• Analyst ratings for NFE vary, with three giving a Buy recommendation and a consensus target price of $7.88, though BTIG Research downgraded the stock to Neutral.
• The company reported a quarterly earnings miss with an EPS of ($2.02), falling short of estimates, alongside a 29.5% decline in quarterly revenue compared to the prior year.

Shares of New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) saw an uptick in trading volume on Wednesday . 61,157,248 shares traded hands during mid-day trading, an increase of 508% from the previous session's volume of 10,064,134 shares.The stock last traded at $2.77 and had previously closed at $2.00.

Analyst Ratings Changes

Several research firms have recently issued reports on NFE. Morgan Stanley set a $4.00 price target on shares of New Fortress Energy and gave the company an "equal weight" rating in a research report on Tuesday, May 27th. Compass Point initiated coverage on shares of New Fortress Energy in a research report on Tuesday, July 1st. They set a "buy" rating and a $8.50 target price for the company. Capital One Financial reiterated an "underweight" rating on shares of New Fortress Energy in a research report on Monday, September 8th. Johnson Rice lowered shares of New Fortress Energy from a "buy" rating to a "hold" rating and dropped their target price for the company from $7.00 to $4.00 in a research report on Wednesday, August 13th. Finally, Zacks Research upgraded shares of New Fortress Energy to a "hold" rating in a research report on Monday, August 11th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $7.88.

New Fortress Energy Stock Down 4.1%

The company has a current ratio of 0.67, a quick ratio of 0.64 and a debt-to-equity ratio of 5.77. The firm has a market capitalization of $665.85 million, a P/E ratio of -0.61 and a beta of 0.99. The company's fifty day simple moving average is $2.75 and its 200 day simple moving average is $4.46.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last released its earnings results on Saturday, September 13th. The company reported ($2.02) earnings per share 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%.The business's quarterly revenue was down 29.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.41) earnings per share. Research analysts expect that New Fortress Energy LLC will post 0.36 EPS for the current year.

Institutional Trading of New Fortress Energy

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

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.