New Fortress Energy (NASDAQ:NFE) Shares Down 6.9% – Here’s Why

Shares of New Fortress Energy Inc. (NASDAQ:NFE) traded down 6.9% during mid-day trading on Tuesday . The company traded as low as $8.92 and last traded at $8.98. 3,477,539 shares were traded during trading, an increase of 28% from the average session volume of 2,710,227 shares. The stock had previously closed at $9.65.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NFE. Morgan Stanley lowered New Fortress Energy from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $35.00 to $15.00 in a report on Thursday, October 3rd. Stifel Nicolaus decreased their price target on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a report on Monday, August 12th. Barclays lowered their price objective on shares of New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. BTIG Research cut their target price on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating and set a $7.60 price target (down previously from $21.00) on shares of New Fortress Energy in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $19.77.

New Fortress Energy Stock Down 3.8 %

The company has a quick ratio of 0.63, a current ratio of 0.72 and a debt-to-equity ratio of 4.38. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 4.15 and a beta of 1.51. The business’s 50-day moving average is $11.21 and its 200-day moving average is $19.62.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). The company had revenue of $428.00 million for the quarter, compared to analysts’ expectations of $465.52 million. New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The business’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.58 EPS. As a group, equities analysts predict that New Fortress Energy Inc. will post 0.41 earnings per share for the current year.

New Fortress Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a $0.10 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.40 annualized dividend and a yield of 4.38%. New Fortress Energy’s dividend payout ratio is presently 18.18%.

Insider Activity

In other news, CEO Wesley R. Edens purchased 5,793,742 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were bought at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the transaction, the chief executive officer now owns 35,721,915 shares in the company, valued at $308,280,126.45. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 37.10% of the company’s stock.

Hedge Funds Weigh In On New Fortress Energy

A number of hedge funds have recently bought and sold shares of NFE. nVerses Capital LLC acquired a new position in shares of New Fortress Energy during the 3rd quarter worth approximately $25,000. American National Bank purchased a new stake in New Fortress Energy in the 2nd quarter worth $26,000. Benjamin F. Edwards & Company Inc. raised its position in New Fortress Energy by 563.6% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,387 shares of the company’s stock worth $42,000 after acquiring an additional 1,178 shares during the period. Quarry LP lifted its holdings in New Fortress Energy by 125.7% during the second quarter. Quarry LP now owns 2,250 shares of the company’s stock valued at $49,000 after purchasing an additional 1,253 shares in the last quarter. Finally, ORG Partners LLC lifted its holdings in New Fortress Energy by 987.8% during the second quarter. ORG Partners LLC now owns 3,753 shares of the company’s stock valued at $77,000 after purchasing an additional 3,408 shares in the last quarter. Hedge funds and other 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.