New Fortress Energy (NASDAQ:NFE) Trading 6% Higher - Time to Buy?

Key Points

• New Fortress Energy's stock rose by 6% on Tuesday, trading at $2.40 after a previous close of $2.26, with trading volume significantly down at about 1.3 million shares.
• Analysts have mixed views on the stock, with a consensus target price of $7.88 and ratings ranging from "buy" to "hold" from various research firms.
• Institutional ownership has increased, with investors like Cetera Investment Advisers boosting their stake by 552.2%, indicating strong interest from large investors.

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report)'s share price shot up 6% on Tuesday . The stock traded as high as $2.43 and last traded at $2.40. 1,315,049 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 9,075,132 shares. The stock had previously closed at $2.26.

Analyst Ratings Changes

Several brokerages recently weighed in on NFE. Morgan Stanley set a $4.00 price objective on New Fortress Energy and gave the stock an "equal weight" rating in a research report on Tuesday, May 27th. New Street Research set a $8.50 price target on New Fortress Energy in a research report on Monday, June 30th. BTIG Research lowered New Fortress Energy from a "buy" rating to a "neutral" rating in a research report on Thursday, June 26th. Zacks Research upgraded New Fortress Energy to a "hold" rating in a research report on Monday, August 11th. Finally, Johnson Rice lowered New Fortress Energy from a "buy" rating to a "hold" rating and lowered their price target for the stock from $7.00 to $4.00 in a research report on Wednesday, August 13th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $7.88.

New Fortress Energy Stock Performance

The firm has a market capitalization of $723.89 million, a price-to-earnings ratio of -1.17 and a beta of 1.08. The company has a debt-to-equity ratio of 4.77, a current ratio of 1.00 and a quick ratio of 0.95. The firm has a 50 day moving average price of $3.13 and a 200-day moving average price of $5.74.

Institutional Trading of New Fortress Energy

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in shares of New Fortress Energy by 2.0% in the fourth quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company's stock valued at $730,000 after acquiring an additional 935 shares in the last quarter. Victory Capital Management Inc. raised its stake in New Fortress Energy by 11.2% in the first quarter. Victory Capital Management Inc. now owns 21,474 shares of the company's stock valued at $178,000 after buying an additional 2,157 shares in the last quarter. Deutsche Bank AG raised its stake in New Fortress Energy by 3.0% in the fourth quarter. Deutsche Bank AG now owns 85,206 shares of the company's stock valued at $1,288,000 after buying an additional 2,463 shares in the last quarter. CWM LLC raised its stake in New Fortress Energy by 46.9% in the first quarter. CWM LLC now owns 9,065 shares of the company's stock valued at $75,000 after buying an additional 2,895 shares in the last quarter. Finally, Brown Advisory Inc. raised its stake in New Fortress Energy by 31.0% in the first quarter. Brown Advisory Inc. now owns 13,100 shares of the company's stock valued at $109,000 after buying an additional 3,100 shares in the last quarter. 58.61% of the stock is currently owned by institutional investors and hedge funds.

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.