New Fortress Energy (NASDAQ:NFE) Sees Unusually-High Trading Volume – Still a Buy?

Shares of New Fortress Energy Inc. (NASDAQ:NFE) saw unusually-strong trading volume on Tuesday . Approximately 3,854,491 shares were traded during trading, an increase of 36% from the previous session’s volume of 2,836,907 shares.The stock last traded at $8.80 and had previously closed at $8.30.

Analyst Ratings Changes

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

New Fortress Energy Trading Up 6.9 %

The company has a 50-day moving average price of $9.94 and a two-hundred day moving average price of $17.68. The stock has a market cap of $1.82 billion, a P/E ratio of 7.03 and a beta of 1.53. The company has a current ratio of 0.72, a quick ratio of 0.63 and a debt-to-equity ratio of 4.38.

New Fortress Energy (NASDAQ:NFE) last posted 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 firm had revenue of $428.00 million for the quarter, compared to the consensus estimate of $465.52 million. New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The company’s revenue was down 23.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.58 EPS. On average, research analysts expect that New Fortress Energy Inc. will post 0.52 EPS for the current fiscal year.

New Fortress Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 4.51%. The ex-dividend date was Friday, September 13th. New Fortress Energy’s payout ratio is currently 33.90%.

Insider Buying and Selling at New Fortress Energy

In other New Fortress Energy news, CEO Wesley R. Edens bought 5,793,742 shares of New Fortress Energy stock in a transaction on Tuesday, October 1st. The shares were acquired at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the purchase, the chief executive officer now directly owns 35,721,915 shares in the company, valued at approximately $308,280,126.45. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 37.10% of the company’s stock.

Hedge Funds Weigh In On New Fortress Energy

A number of institutional investors have recently modified their holdings of NFE. X Square Capital LLC lifted its stake in New Fortress Energy by 0.6% in the second quarter. X Square Capital LLC now owns 137,396 shares of the company’s stock worth $3,020,000 after acquiring an additional 781 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of New Fortress Energy by 4.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 21,719 shares of the company’s stock worth $477,000 after purchasing an additional 999 shares during the period. Tidal Investments LLC boosted its stake in shares of New Fortress Energy by 10.9% during the first quarter. Tidal Investments LLC now owns 10,297 shares of the company’s stock valued at $315,000 after purchasing an additional 1,009 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in New Fortress Energy by 4.9% during the second quarter. The Manufacturers Life Insurance Company now owns 21,784 shares of the company’s stock valued at $479,000 after buying an additional 1,024 shares during the period. Finally, Victory Capital Management Inc. raised its stake in New Fortress Energy by 7.7% in the second quarter. Victory Capital Management Inc. now owns 14,933 shares of the company’s stock worth $328,000 after buying an additional 1,062 shares in the last quarter. 58.61% of the stock is owned by hedge funds and other institutional investors.

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.