New Fortress Energy (NASDAQ:NFE) Stock Price Up 8.8% – Here’s Why

Shares of New Fortress Energy Inc. (NASDAQ:NFE) were up 8.8% on Thursday . The company traded as high as $6.15 and last traded at $6.03. Approximately 752,701 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 4,724,935 shares. The stock had previously closed at $5.54.

Analysts Set New Price Targets

A number of research firms have recently commented on NFE. Stifel Nicolaus dropped their price target on shares of New Fortress Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Citigroup reduced their target price on New Fortress Energy from $34.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. Deutsche Bank Aktiengesellschaft set a $8.00 price objective on New Fortress Energy in a report on Wednesday, March 12th. Finally, Morgan Stanley lowered their target price on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.83.

New Fortress Energy Trading Up 6.9 %

The business has a 50-day moving average price of $9.31 and a two-hundred day moving average price of $10.90. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06. The company has a market cap of $1.62 billion, a P/E ratio of 6.53 and a beta of 1.52.

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

Insider Activity at New Fortress Energy

In other New Fortress Energy news, CFO Christopher S. Guinta acquired 5,000 shares of the business’s stock in a transaction dated Thursday, March 13th. The shares were acquired at an average price of $8.57 per share, for a total transaction of $42,850.00. Following the acquisition, the chief financial officer now directly owns 206,653 shares of the company’s stock, valued at approximately $1,771,016.21. This trade represents a 2.48 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 37.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP grew its holdings 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 worth $32,000 after buying an additional 1,962 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of New Fortress Energy by 148.5% in the fourth quarter. GAMMA Investing LLC now owns 3,966 shares of the company’s stock valued at $60,000 after buying an additional 2,370 shares during the last quarter. Quarry LP bought a new position in New Fortress Energy during the fourth quarter worth $64,000. US Bancorp DE grew its stake in New Fortress Energy by 31.5% in the 4th 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. Finally, Hardin Capital Partners LLC acquired a new position in shares of New Fortress Energy in the first quarter valued at approximately $83,000. Institutional investors and hedge funds 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.