New Fortress Energy (NASDAQ:NFE) Shares Up 8% on Better-Than-Expected Earnings

New Fortress Energy Inc. (NASDAQ:NFE)’s stock price rose 8% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $9.66 and last traded at $9.76. Approximately 5,518,997 shares changed hands during mid-day trading, an increase of 27% from the average daily volume of 4,343,521 shares. The stock had previously closed at $9.04.

The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.06 by $0.07. The company had revenue of $679.00 million for the quarter, compared to the consensus estimate of $613.24 million. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%.

Wall Street Analyst Weigh In

NFE has been the subject of a number of recent analyst reports. Morgan Stanley decreased their price objective on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft upgraded New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price target for the company in a research note on Wednesday, December 4th. Finally, Stifel Nicolaus dropped their price objective on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $15.60.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Allworth Financial LP increased its position in shares of New Fortress Energy by 2,156.0% during the 4th quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock valued at $32,000 after purchasing an additional 1,962 shares during the last quarter. KBC Group NV increased its holdings in New Fortress Energy by 116.9% during the third quarter. KBC Group NV now owns 3,436 shares of the company’s stock valued at $31,000 after buying an additional 1,852 shares during the last quarter. US Bancorp DE increased its holdings in New Fortress Energy by 344.6% during the third quarter. US Bancorp DE now owns 3,570 shares of the company’s stock valued at $32,000 after buying an additional 2,767 shares during the last quarter. GAMMA Investing LLC raised its position in New Fortress Energy by 148.5% in the fourth quarter. GAMMA Investing LLC now owns 3,966 shares of the company’s stock worth $60,000 after acquiring an additional 2,370 shares during the period. Finally, Quarry LP purchased a new position in shares of New Fortress Energy during the 4th quarter worth $64,000. Institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Performance

The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38. The stock has a market cap of $2.65 billion, a P/E ratio of 10.71 and a beta of 1.49. The business’s 50-day moving average price is $13.75 and its 200-day moving average price is $11.63.

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.