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

New Fortress Energy Inc. (NASDAQ:NFE) shares 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 changing hands.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NFE. Stifel Nicolaus reduced their price target on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Morgan Stanley lowered their price objective on 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. Finally, Deutsche Bank Aktiengesellschaft upgraded 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. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $15.60.

New Fortress Energy Price Performance

The company’s 50 day moving average price is $12.86 and its 200-day moving average price 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. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06.

New Fortress Energy (NASDAQ:NFE) last posted its quarterly earnings data on Monday, March 3rd. The company reported $0.13 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 company had revenue of $679.00 million for the quarter, compared to analyst estimates of $613.24 million. As a group, sell-side analysts expect that New Fortress Energy Inc. will post 0.36 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Christopher S. Guinta bought 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $8.57 per share, with a total value of $42,850.00. Following the completion of the purchase, the chief financial officer now directly owns 206,653 shares in the company, valued at $1,771,016.21. The trade was a 2.48 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 37.10% of the stock is owned by insiders.

Hedge Funds Weigh In On New Fortress Energy

Large investors have recently bought and sold shares of the stock. KBC Group NV lifted its stake in New Fortress Energy by 116.9% during the 3rd quarter. KBC Group NV now owns 3,436 shares of the company’s stock valued at $31,000 after acquiring an additional 1,852 shares in the last quarter. US Bancorp DE lifted its stake in New Fortress Energy by 344.6% during the 3rd quarter. US Bancorp DE now owns 3,570 shares of the company’s stock valued at $32,000 after acquiring an additional 2,767 shares in the last quarter. Allworth Financial LP grew its stake in New Fortress Energy by 2,156.0% in the 4th quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock valued at $32,000 after purchasing an additional 1,962 shares during the period. GAMMA Investing LLC grew its stake in 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 purchasing an additional 2,370 shares during the period. Finally, Quarry LP bought a new position in New Fortress Energy in the 4th quarter valued at $64,000. 58.61% of the stock is currently owned by 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.