New Fortress Energy (NASDAQ:NFE) Shares Down 9.3% - Here's Why

Key Points

• New Fortress Energy's stock fell 9.3% on Friday, trading as low as $2.78, with trading volume decreasing by 80% from its average.
• Recent analyst ratings show a mixed outlook, with targets ranging from $4.00 to $8.50 and a consensus rating of "Moderate Buy".
• Institutional investors own 58.61% of New Fortress Energy, with several large investors increasing their positions recently, indicating continued interest in the company.

Shares of New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) dropped 9.3% during mid-day trading on Friday . The stock traded as low as $2.78 and last traded at $2.78. Approximately 1,812,365 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 9,154,445 shares. The stock had previously closed at $3.06.

Wall Street Analysts Forecast Growth

NFE has been the subject of several analyst reports. Compass Point initiated coverage on shares of New Fortress Energy in a research note on Tuesday, July 1st. They issued a "buy" rating and a $8.50 price objective for the company. Stifel Nicolaus reduced their price objective on shares of New Fortress Energy from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. New Street Research set a $8.50 price objective on shares of New Fortress Energy in a research note on Monday, June 30th. Morgan Stanley set a $4.00 price objective 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 lowered shares of 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 hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $8.43.

New Fortress Energy Stock Performance

The stock has a market cap of $656.71 million, a price-to-earnings ratio of -1.06 and a beta of 1.08. The company has a debt-to-equity ratio of 4.77, a quick ratio of 0.95 and a current ratio of 1.00. The stock's 50-day simple moving average is $3.23 and its two-hundred day simple moving average is $6.45.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its holdings in shares of New Fortress Energy by 2.0% during the 4th quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company's stock worth $730,000 after purchasing an additional 935 shares during the period. Geode Capital Management LLC increased its holdings in shares of New Fortress Energy by 62.4% during the 4th quarter. Geode Capital Management LLC now owns 1,718,521 shares of the company's stock worth $25,993,000 after purchasing an additional 660,119 shares during the period. Envestnet Asset Management Inc. bought a new position in shares of New Fortress Energy during the 4th quarter worth about $155,000. Russell Investments Group Ltd. increased its holdings in shares of New Fortress Energy by 8,438.5% during the 4th quarter. Russell Investments Group Ltd. now owns 40,814 shares of the company's stock worth $617,000 after purchasing an additional 40,336 shares during the period. Finally, Legal & General Group Plc increased its holdings in shares of New Fortress Energy by 32.5% during the 4th quarter. Legal & General Group Plc now owns 108,470 shares of the company's stock worth $1,640,000 after purchasing an additional 26,602 shares during the period. Institutional investors and hedge funds own 58.61% of the company's stock.

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.