New Fortress Energy (NASDAQ:NFE) Shares Down 7.9% - Here's What Happened

Key Points

• New Fortress Energy shares fell by 7.9% to $3.68, with trading volume dropping 86% compared to the average daily volume.
• Analysts have mixed ratings on the stock, with BTIG downgrading it to "neutral" while others maintain "buy" ratings with target prices ranging from $4.00 to $8.50.
• The company has a high debt-to-equity ratio of 4.77, indicating significant leverage, and currently has a market cap of $944.06 million.

Shares of New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) fell 7.9% during mid-day trading on Tuesday . The company traded as low as $3.56 and last traded at $3.68. 1,284,111 shares changed hands during trading, a decline of 86% from the average session volume of 9,089,036 shares. The stock had previously closed at $3.99.

Analyst Ratings Changes

A number of research firms have issued reports on NFE. Citigroup decreased their price target on shares of New Fortress Energy from $34.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. New Street Research set a $8.50 price target on shares of New Fortress Energy in a report on Monday, June 30th. 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 target price for the company. Morgan Stanley set a $4.00 target price on shares of New Fortress Energy and gave the company an "equal weight" rating in a research note on Tuesday, May 27th. Finally, BTIG Research cut shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a research note on Thursday, June 26th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $9.75.

New Fortress Energy Trading Up 3.7%

The stock has a market cap of $773.24 million, a P/E ratio of -1.25 and a beta of 1.08. The company has a debt-to-equity ratio of 4.77, a current ratio of 1.00 and a quick ratio of 0.95. The business's 50 day simple moving average is $3.20 and its 200 day simple moving average is $7.19.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NFE. Quarry LP acquired a new stake in shares of New Fortress Energy in the fourth quarter valued at approximately $64,000. Ancora Advisors LLC acquired a new stake in shares of New Fortress Energy in the fourth quarter valued at approximately $91,000. US Bancorp DE increased its holdings in shares of New Fortress Energy by 81.7% in the first quarter. US Bancorp DE now owns 8,534 shares of the company's stock valued at $71,000 after purchasing an additional 3,838 shares in the last quarter. CWM LLC increased its holdings in shares of New Fortress Energy by 46.9% in the first quarter. CWM LLC now owns 9,065 shares of the company's stock valued at $75,000 after purchasing an additional 2,895 shares in the last quarter. Finally, IFP Advisors Inc increased its holdings in shares of New Fortress Energy by 166.3% in the second quarter. IFP Advisors Inc now owns 9,072 shares of the company's stock valued at $30,000 after purchasing an additional 5,665 shares in the last quarter. Institutional investors own 58.61% of the company's stock.

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.