New Fortress Energy (NASDAQ:NFE) Shares Gap Down – Here’s What Happened

Shares of New Fortress Energy Inc. (NASDAQ:NFE) gapped down prior to trading on Wednesday . The stock had previously closed at $9.26, but opened at $8.98. New Fortress Energy shares last traded at $8.96, with a volume of 1,315,038 shares traded.

Wall Street Analyst Weigh In

NFE has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price objective on the stock in a research note on Wednesday, December 4th. Stifel Nicolaus reduced their price objective on shares of New Fortress Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Finally, Morgan Stanley reduced their price objective on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $15.60.

New Fortress Energy Stock Performance

The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The stock’s 50 day simple moving average is $12.86 and its two-hundred day simple moving average is $11.45. The stock has a market cap of $2.32 billion, a P/E ratio of 9.35 and a beta of 1.58.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.07. The company had revenue of $679.00 million during the quarter, compared to analysts’ expectations of $613.24 million. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. As a group, research analysts forecast that New Fortress Energy Inc. will post 0.36 EPS for the current year.

Insider Transactions at New Fortress Energy

In other news, CFO Christopher S. Guinta acquired 5,000 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was bought at an average price of $8.57 per share, with a total value of $42,850.00. Following the transaction, the chief financial officer now directly owns 206,653 shares in the company, valued at approximately $1,771,016.21. The trade was a 2.48 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 37.10% of the company’s stock.

Institutional Investors Weigh In On New Fortress Energy

A number of large investors have recently added to or reduced their stakes in the business. Capital World Investors raised its stake in New Fortress Energy by 87.9% in the 4th quarter. Capital World Investors now owns 19,925,022 shares of the company’s stock valued at $301,266,000 after acquiring an additional 9,319,985 shares during the period. William Blair Investment Management LLC raised its stake in New Fortress Energy by 40.8% in the 4th quarter. William Blair Investment Management LLC now owns 15,567,055 shares of the company’s stock valued at $235,374,000 after acquiring an additional 4,509,177 shares during the period. Primecap Management Co. CA raised its stake in New Fortress Energy by 13.6% in the 4th quarter. Primecap Management Co. CA now owns 13,096,998 shares of the company’s stock valued at $198,027,000 after acquiring an additional 1,564,893 shares during the period. Vanguard Group Inc. raised its stake in New Fortress Energy by 31.8% in the 4th quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company’s stock valued at $171,147,000 after acquiring an additional 2,728,191 shares during the period. Finally, Hood River Capital Management LLC bought a new stake in New Fortress Energy in the 4th quarter valued at $155,023,000. 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.