New Fortress Energy (NASDAQ:NFE) Trading Up 13.9% - Time to Buy?

Key Points

• New Fortress Energy's stock increased by 13.9% to $2.46, significantly above its previous close of $2.16, with trading volume up by 36% compared to average daily volume.
• Analysts are mixed on NFE, with three ratings as Buy, five as Hold, and one as Sell, resulting in a consensus rating of "Hold" and a price target of $7.88.
• The company's recent quarterly earnings report showed a miss on EPS estimates, with losses of ($2.02), reflecting a 29.5% drop in revenue compared to the same quarter last year.

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) shot up 13.9% during mid-day trading on Thursday . The company traded as high as $2.47 and last traded at $2.46. 14,435,832 shares were traded during trading, an increase of 36% from the average session volume of 10,618,412 shares. The stock had previously closed at $2.16.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NFE. BTIG Research cut shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a report on Thursday, June 26th. Johnson Rice lowered New Fortress Energy from a "buy" rating to a "hold" rating and cut their price target for the company from $7.00 to $4.00 in a research note on Wednesday, August 13th. Zacks Research upgraded New Fortress Energy to a "hold" rating in a research report on Monday, August 11th. Capital One Financial reissued an "underweight" rating on shares of New Fortress Energy in a report on Monday, September 8th. Finally, New Street Research set a $8.50 target price on New Fortress Energy in a research note on Monday, June 30th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $7.88.

New Fortress Energy Price Performance

The company has a debt-to-equity ratio of 5.77, a current ratio of 0.67 and a quick ratio of 0.64. The stock has a market capitalization of $828.05 million, a price-to-earnings ratio of -0.76 and a beta of 0.99. The stock has a 50 day moving average price of $2.75 and a 200-day moving average price of $4.42.

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 net margin of 48.94% and a negative return on equity of 22.72%. During the same period last year, the company earned ($0.41) earnings per share. The business's quarterly revenue was down 29.5% on a year-over-year basis. On average, analysts forecast that New Fortress Energy LLC will post 0.36 earnings per share for the current year.

Institutional Trading of New Fortress Energy

A number of hedge funds have recently bought and sold shares of NFE. IFP Advisors Inc boosted its holdings in shares of New Fortress Energy by 166.3% during the 2nd quarter. IFP Advisors Inc now owns 9,072 shares of the company's stock worth $30,000 after purchasing an additional 5,665 shares during the last quarter. Apollon Wealth Management LLC acquired a new position in New Fortress Energy during the second quarter worth $33,000. MQS Management LLC acquired a new position in New Fortress Energy during the second quarter worth $33,000. Osaic Holdings Inc. grew its holdings in New Fortress Energy by 244.7% in the 2nd quarter. Osaic Holdings Inc. now owns 11,566 shares of the company's stock valued at $39,000 after buying an additional 8,211 shares in the last quarter. Finally, Hardin Capital Partners LLC increased its stake in shares of New Fortress Energy by 50.0% in the 2nd quarter. Hardin Capital Partners LLC now owns 15,000 shares of the company's stock worth $54,000 after acquiring an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 58.61% of the company's stock.

About New Fortress Energy

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.