New Fortress Energy (NASDAQ:NFE) Stock Price Down 13% on Analyst Downgrade

New Fortress Energy Inc. (NASDAQ:NFE)’s stock price fell 13% during trading on Thursday after Citigroup lowered their price target on the stock from $34.00 to $8.00. Citigroup currently has a buy rating on the stock. New Fortress Energy traded as low as $5.92 and last traded at $5.81. 2,150,321 shares were traded during mid-day trading, a decline of 53% from the average session volume of 4,573,194 shares. The stock had previously closed at $6.68.

A number of other analysts have also recently commented on the company. Deutsche Bank Aktiengesellschaft set a $8.00 price objective on New Fortress Energy in a research report on Wednesday, March 12th. Stifel Nicolaus reduced their price objective on shares of New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Morgan Stanley cut their target price on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.83.

Insiders Place Their Bets

In other news, CFO Christopher S. Guinta acquired 5,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $8.57 per share, with a total value of $42,850.00. Following the completion of the acquisition, the chief financial officer now owns 206,653 shares of the company’s stock, valued at $1,771,016.21. This trade represents a 2.48 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 37.10% of the company’s stock.

Institutional Trading of New Fortress Energy

Several institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in shares of New Fortress Energy by 2.0% in the 4th quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company’s stock valued at $730,000 after purchasing an additional 935 shares during the last quarter. US Bancorp DE lifted its position in New Fortress Energy by 31.5% in the fourth quarter. US Bancorp DE now owns 4,696 shares of the company’s stock valued at $71,000 after buying an additional 1,126 shares during the last quarter. Allworth Financial LP increased its position in shares of New Fortress Energy by 2,156.0% during the fourth quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock valued at $32,000 after acquiring an additional 1,962 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of New Fortress Energy by 148.5% in the 4th quarter. GAMMA Investing LLC now owns 3,966 shares of the company’s stock valued at $60,000 after acquiring an additional 2,370 shares during the period. Finally, Deutsche Bank AG raised its stake in shares of New Fortress Energy by 3.0% in the 4th quarter. Deutsche Bank AG now owns 85,206 shares of the company’s stock valued at $1,288,000 after acquiring an additional 2,463 shares during the period. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Performance

The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The firm’s fifty day moving average price is $10.10 and its 200 day moving average price is $11.05. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 6.43 and a beta of 1.52.

New Fortress Energy (NASDAQ:NFE) last posted its quarterly earnings data on Monday, March 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.07. The firm had revenue of $679.00 million for the quarter, compared to the consensus estimate of $613.24 million. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%. Analysts forecast that New Fortress Energy Inc. will post 0.36 EPS for the current fiscal year.

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.