New Fortress Energy (NASDAQ:NFE) Shares Up 11.7% - Here's What Happened

Key Points

• Shares of New Fortress Energy jumped 11.7% mid-day to $0.69 (intraday high $0.7084) on volume of about 10.0M shares, versus an average session volume of 17.7M and a prior close of $0.6180.
• Analysts are mixed but the consensus is a Hold — 2 Buy, 4 Hold, 2 Sell — with an average price target of $7.83, a large gap versus the current share price.
• The company's fundamentals look weak: market cap ~$196.3M, negative P/E (-0.18), very low liquidity (current ratio 0.17, quick ratio 0.15) and high leverage (debt-to-equity 2.08), with about 58.6% institutional ownership.

Shares of New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) traded up 11.7% during mid-day trading on Wednesday . The company traded as high as $0.7084 and last traded at $0.69. 10,013,055 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 17,717,044 shares. The stock had previously closed at $0.6180.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Weiss Ratings restated a "sell (d)" rating on shares of New Fortress Energy in a research note on Monday, December 29th. Zacks Research raised New Fortress Energy from a "strong sell" rating to a "hold" rating in a research report on Friday, January 23rd. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $7.83.

New Fortress Energy Price Performance

The firm has a 50-day simple moving average of $0.97 and a two-hundred day simple moving average of $1.28. The company has a market capitalization of $196.34 million, a price-to-earnings ratio of -0.18 and a beta of 1.24. The company has a current ratio of 0.17, a quick ratio of 0.15 and a debt-to-equity ratio of 2.08.

Institutional Investors Weigh In On New Fortress Energy

A number of institutional investors have recently modified their holdings of the business. California State Teachers Retirement System grew its position in shares of New Fortress Energy by 5.0% during the 2nd quarter. California State Teachers Retirement System now owns 97,267 shares of the company's stock valued at $323,000 after acquiring an additional 4,663 shares during the period. Osaic Holdings Inc. grew its position in shares of New Fortress Energy by 244.7% during the 2nd quarter. Osaic Holdings Inc. now owns 11,566 shares of the company's stock valued at $39,000 after acquiring an additional 8,211 shares during the period. Stonehill Capital Management LLC grew its position in shares of New Fortress Energy by 2.0% during the 4th quarter. Stonehill Capital Management LLC now owns 465,191 shares of the company's stock valued at $530,000 after acquiring an additional 9,252 shares during the period. Cetera Investment Advisers grew its position in shares of New Fortress Energy by 31.9% during the 4th quarter. Cetera Investment Advisers now owns 39,531 shares of the company's stock valued at $45,000 after acquiring an additional 9,554 shares during the period. Finally, IFP Advisors Inc grew its position in shares of New Fortress Energy by 107.1% during the 3rd quarter. IFP Advisors Inc now owns 18,785 shares of the company's stock valued at $42,000 after acquiring an additional 9,713 shares during the period. 58.61% of the stock is currently owned by institutional investors and hedge funds.

New Fortress Energy Company Profile

New Fortress Energy is an integrated global energy infrastructure company focused on the development, construction and operation of natural gas-to-power projects and liquefied natural gas (LNG) terminals. The company sources LNG and delivers it via a network of floating storage and regasification units (FSRUs), onshore regasification terminals, and small-scale LNG carriers. By providing reliable natural gas supply solutions, New Fortress Energy aims to displace higher-carbon fuels in power generation, industrial and marine sectors.

The company's core activities include the design, development and operation of FSRUs and onshore regasification terminals that convert cryogenic LNG back to gas for delivery into domestic transmission networks.

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