New Fortress Energy (NASDAQ:NFE) Stock Price Up 5.9% - Here's What Happened

New Fortress Energy Inc. (NASDAQ:NFE - Get Free Report)'s share price rose 5.9% during mid-day trading on Tuesday . The company traded as high as $2.74 and last traded at $2.70. Approximately 1,312,207 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 6,000,507 shares. The stock had previously closed at $2.55.

Wall Street Analysts Forecast Growth

NFE has been the subject of a number of analyst reports. Citigroup decreased their target price on shares of New Fortress Energy from $34.00 to $8.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. BTIG Research set a $8.00 price objective on New Fortress Energy and gave the stock a "buy" rating in a research report on Thursday, May 15th. Deutsche Bank Aktiengesellschaft set a $8.00 target price on New Fortress Energy in a research note on Wednesday, March 12th. Stifel Nicolaus decreased their price target on 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. Finally, Morgan Stanley set a $4.00 price target on New Fortress Energy and gave the stock an "equal weight" rating in a report on Tuesday, May 27th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.17.

New Fortress Energy Stock Up 12.3%

The firm has a market capitalization of $848.69 million, a price-to-earnings ratio of 3.41 and a beta of 1.22. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The business has a fifty day moving average price of $5.07 and a two-hundred day moving average price of $9.82.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.07. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. The company had revenue of $679.00 million for the quarter, compared to the consensus estimate of $613.24 million. On average, equities analysts expect that New Fortress Energy Inc. will post 0.36 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Christopher S. Guinta purchased 5,000 shares of New Fortress Energy stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average cost of $8.57 per share, for a total transaction of $42,850.00. Following the completion of the transaction, the chief financial officer now owns 206,653 shares in the company, valued at $1,771,016.21. The trade was a 2.48% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 29.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On New Fortress Energy

Several institutional investors have recently made changes to their positions in the company. Hood River Capital Management LLC acquired a new stake in New Fortress Energy during the fourth quarter valued at $155,023,000. Capital World Investors boosted its stake in shares of New Fortress Energy by 87.9% during the 4th quarter. Capital World Investors now owns 19,925,022 shares of the company's stock worth $301,266,000 after acquiring an additional 9,319,985 shares in the last quarter. William Blair Investment Management LLC grew its position in shares of New Fortress Energy by 40.8% during the 4th quarter. William Blair Investment Management LLC now owns 15,567,055 shares of the company's stock valued at $235,374,000 after acquiring an additional 4,509,177 shares during the period. Vanguard Group Inc. increased its stake in shares of New Fortress Energy by 31.8% in the 4th quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company's stock valued at $171,147,000 after purchasing an additional 2,728,191 shares in the last quarter. Finally, American Assets Investment Management LLC raised its holdings in 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 purchasing an additional 1,671,094 shares during the period. 58.61% of the stock is owned by hedge funds and other 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.