New Fortress Energy (NASDAQ:NFE) Trading Up 13.9% - Here's Why

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) shares rose 13.9% during trading on Thursday . The company traded as high as $2.47 and last traded at $2.46. Approximately 14,435,832 shares were traded during trading, an increase of 36% from the average daily volume of 10,618,412 shares. The stock had previously closed at $2.16.

Analyst Ratings Changes

Several brokerages have commented on NFE. Morgan Stanley set a $4.00 target price on shares of New Fortress Energy and gave the stock an "equal weight" rating in a research report on Tuesday, May 27th. Capital One Financial reiterated an "underweight" rating on shares of New Fortress Energy in a report on Monday, September 8th. New Street Research set a $8.50 price target on shares of New Fortress Energy in a research report on Monday, June 30th. Zacks Research upgraded shares of New Fortress Energy to a "hold" rating in a report on Monday, August 11th. Finally, Johnson Rice lowered shares of New Fortress Energy from a "buy" rating to a "hold" rating and cut their target price for the company 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 assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $7.88.

New Fortress Energy Stock Down 4.1%

The company has a quick ratio of 0.64, a current ratio of 0.67 and a debt-to-equity ratio of 5.77. The company's fifty day moving average is $2.75 and its 200-day moving average is $4.42.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last announced its quarterly earnings data 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 quarter in the previous year, the firm posted ($0.41) EPS. The business's quarterly revenue was down 29.5% on a year-over-year basis. Analysts forecast that New Fortress Energy LLC will post 0.36 EPS for the current year.

Institutional Investors Weigh In On New Fortress Energy

Several hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc grew its stake in New Fortress Energy by 166.3% in the 2nd quarter. IFP Advisors Inc now owns 9,072 shares of the company's stock valued at $30,000 after buying an additional 5,665 shares in the last quarter. Apollon Wealth Management LLC purchased a new stake in New Fortress Energy during the 2nd quarter valued at approximately $33,000. MQS Management LLC purchased a new stake in shares of New Fortress Energy during the 2nd quarter valued at about $33,000. Osaic Holdings Inc. boosted its stake in New Fortress Energy by 244.7% during the second quarter. Osaic Holdings Inc. now owns 11,566 shares of the company's stock worth $39,000 after buying an additional 8,211 shares during the period. Finally, Hardin Capital Partners LLC lifted its position in shares of New Fortress Energy by 50.0% during the second quarter. Hardin Capital Partners LLC now owns 15,000 shares of the company's stock worth $54,000 after purchasing an additional 5,000 shares during 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.