New Fortress Energy (NASDAQ:NFE) Shares Gap Up - Here's Why

Key Points

• New Fortress Energy shares experienced a gap up, opening at $2.60 after a previous close of $2.46, with a trading volume of 2,643,634 shares.
• Analysts have mixed ratings for New Fortress Energy, with three analysts rating it as a Buy and others assigning Hold or Sell ratings, leading to a consensus target price of $7.88.
• The company reported a significant earnings miss of ($2.02) EPS for the quarter, falling short of the consensus estimate, which reflects a 29.5% year-over-year revenue decline.

Shares of New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $2.46, but opened at $2.60. New Fortress Energy shares last traded at $2.55, with a volume of 2,643,634 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on NFE shares. Capital One Financial reissued 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 reduced their price target for the stock from $7.00 to $4.00 in a research report on Wednesday, August 13th. New Street Research set a $8.50 price target on shares of New Fortress Energy in a research note on Monday, June 30th. Compass Point started coverage on New Fortress Energy in a report on Tuesday, July 1st. They set a "buy" rating and a $8.50 price objective on the stock. Finally, Morgan Stanley set a $4.00 price target on shares of New Fortress Energy and gave the stock an "equal weight" rating in a report on Tuesday, May 27th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $7.88.

New Fortress Energy Price Performance

The business's fifty day moving average is $2.71 and its 200 day moving average is $4.36. The company has a market cap of $735.56 million, a P/E ratio of -0.68 and a beta of 0.99. 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 (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%. During the same period in the prior year, the business earned ($0.41) earnings per share. New Fortress Energy's revenue was down 29.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that New Fortress Energy LLC will post 0.36 EPS for the current year.

Hedge Funds Weigh In On New Fortress Energy

A number of large investors have recently made changes to their positions in the stock. Man Group plc purchased a new stake in New Fortress Energy during the 4th quarter worth about $359,000. Two Sigma Investments LP grew its stake in New Fortress Energy by 186.9% during the fourth quarter. Two Sigma Investments LP now owns 170,852 shares of the company's stock valued at $2,583,000 after acquiring an additional 111,300 shares in the last quarter. Waverly Advisors LLC bought a new position in shares of New Fortress Energy in the fourth quarter worth $242,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in New Fortress Energy by 40.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 197,427 shares of the company's stock valued at $2,985,000 after buying an additional 56,760 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in New Fortress Energy by 16.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 27,425 shares of the company's stock worth $415,000 after buying an additional 3,778 shares in the last quarter. 58.61% of the stock is owned by 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.

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