New Fortress Energy (NASDAQ:NFE) Shares Gap Down – What’s Next?

New Fortress Energy Inc. (NASDAQ:NFE)’s share price gapped down prior to trading on Monday . The stock had previously closed at $9.36, but opened at $9.13. New Fortress Energy shares last traded at $8.98, with a volume of 906,722 shares traded.

Analyst Upgrades and Downgrades

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

New Fortress Energy Stock Performance

The company has a market cap of $1.95 billion, a P/E ratio of 4.18 and a beta of 1.51. 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 50 day moving average price of $11.62 and a 200-day moving average price of $19.99.

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

New Fortress Energy Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 4.21%. New Fortress Energy’s dividend payout ratio (DPR) is 18.18%.

Insider Activity

In other news, CEO Wesley R. Edens bought 5,793,742 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was acquired at an average price of $8.63 per share, with a total value of $49,999,993.46. Following the completion of the purchase, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 37.10% of the stock is owned by insiders.

Institutional Trading of New Fortress Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Capital World Investors raised its holdings in shares of New Fortress Energy by 1.5% during the first quarter. Capital World Investors now owns 15,182,319 shares of the company’s stock valued at $464,427,000 after acquiring an additional 217,697 shares during the period. William Blair Investment Management LLC grew its holdings in shares of New Fortress Energy by 7.1% during the second quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock valued at $209,896,000 after buying an additional 633,170 shares in the last quarter. Primecap Management Co. CA boosted its position in New Fortress Energy by 73.9% during the 2nd quarter. Primecap Management Co. CA now owns 8,026,130 shares of the company’s stock worth $176,414,000 after acquiring an additional 3,410,630 shares during the period. Encompass Capital Advisors LLC grew its stake in New Fortress Energy by 9.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock valued at $105,445,000 after acquiring an additional 395,740 shares in the last quarter. Finally, HITE Hedge Asset Management LLC increased its holdings in shares of New Fortress Energy by 24.1% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock valued at $70,163,000 after purchasing an additional 619,621 shares during the period. 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.