New Fortress Energy (NASDAQ:NFE) Trading Down 7.7% - Time to Sell?

Key Points

• New Fortress Energy shares fell by 7.7% to $2.69 amid low trading volume, significantly below the average daily activity.
• Analysts have set a mixed outlook with target prices ranging between $4.00 and $8.50, with an average target price of $7.88.
• The company reported a negative EPS of ($2.02), missing estimates and indicating a 29.5% decline in revenue year-over-year.

Shares of New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) were down 7.7% during mid-day trading on Tuesday . The company traded as low as $2.67 and last traded at $2.69. Approximately 3,987,065 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 11,085,718 shares. The stock had previously closed at $2.91.

Analysts Set New Price Targets

Several analysts have weighed in on NFE shares. New Street Research set a $8.50 price target on New Fortress Energy in a report on Monday, June 30th. Morgan Stanley set a $4.00 price target on shares of New Fortress Energy and gave the stock an "equal weight" rating in a research note on Tuesday, May 27th. Compass Point started coverage on New Fortress Energy in a research report on Tuesday, July 1st. They set a "buy" rating and a $8.50 price target on the stock. BTIG Research cut New Fortress Energy from a "buy" rating to a "neutral" rating in a report on Thursday, June 26th. Finally, Johnson Rice lowered New Fortress Energy from a "buy" rating to a "hold" rating and cut their target price for the stock from $7.00 to $4.00 in a research note on Wednesday, August 13th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $7.88.

New Fortress Energy Stock Down 14.6%

The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.64 and a current ratio of 0.67. The stock's 50-day moving average price is $2.73 and its two-hundred day moving average price is $4.37. The stock has a market capitalization of $707.11 million, a PE ratio of -0.65 and a beta of 0.99.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last posted its quarterly earnings data on Saturday, September 13th. The company reported ($2.02) EPS for the quarter, missing the consensus estimate of ($0.64) by ($1.38). New Fortress Energy had a negative return on equity of 22.72% and a negative net margin of 48.94%.During the same quarter in the prior year, the business posted ($0.41) EPS. New Fortress Energy's revenue was down 29.5% compared to the same quarter last year. As a group, analysts expect that New Fortress Energy LLC will post 0.36 EPS for the current fiscal year.

Hedge Funds Weigh In On New Fortress Energy

A number of hedge funds have recently bought and sold shares of NFE. Vanguard Group Inc. lifted its stake in New Fortress Energy by 22.6% during the 1st quarter. Vanguard Group Inc. now owns 13,879,490 shares of the company's stock valued at $115,339,000 after acquiring an additional 2,560,242 shares during the period. American Assets Investment Management LLC increased 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 acquiring an additional 1,671,094 shares in the last quarter. Norges Bank purchased a new stake in New Fortress Energy in the 2nd quarter worth $5,278,000. Geode Capital Management LLC boosted its holdings in shares of New Fortress Energy by 71.2% during the 2nd quarter. Geode Capital Management LLC now owns 3,661,857 shares of the company's stock valued at $12,159,000 after purchasing an additional 1,522,324 shares during the last quarter. Finally, Shay Capital LLC grew its position in shares of New Fortress Energy by 7,990.2% during the second quarter. Shay Capital LLC now owns 1,525,000 shares of the company's stock valued at $5,063,000 after purchasing an additional 1,506,150 shares in the last quarter. Institutional investors 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.

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