New Fortress Energy (NASDAQ:NFE) Shares Down 11.2% – Here’s Why

New Fortress Energy Inc. (NASDAQ:NFE)’s stock price fell 11.2% during mid-day trading on Thursday . The company traded as low as $7.84 and last traded at $7.81. 1,835,923 shares were traded during mid-day trading, a decline of 53% from the average session volume of 3,893,842 shares. The stock had previously closed at $8.80.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Morgan Stanley cut their target price on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Stifel Nicolaus lowered their price objective on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft raised shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 target price on the stock in a research note on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, New Fortress Energy presently has an average rating of “Hold” and an average target price of $15.60.

New Fortress Energy Trading Down 4.1 %

The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The business’s 50-day moving average is $13.02 and its two-hundred day moving average is $11.47. The firm has a market cap of $2.30 billion, a P/E ratio of 9.19 and a beta of 1.58.

New Fortress Energy (NASDAQ:NFE) last announced its earnings results on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.07. The business had revenue of $679.00 million during the quarter, compared to analysts’ expectations of $613.24 million. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%. As a group, analysts expect that New Fortress Energy Inc. will post 0.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. KBC Group NV lifted its holdings in shares of 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 buying an additional 1,852 shares during the last quarter. US Bancorp DE lifted its stake in New Fortress Energy by 344.6% in the third 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 during the last quarter. Allworth Financial LP grew its position in New Fortress Energy by 2,156.0% in the fourth quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock worth $32,000 after acquiring an additional 1,962 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of New Fortress Energy by 148.5% during the 4th quarter. GAMMA Investing LLC now owns 3,966 shares of the company’s stock worth $60,000 after purchasing an additional 2,370 shares during the last quarter. Finally, Quarry LP acquired a new stake in shares of New Fortress Energy in the 4th quarter valued at $64,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.

About New Fortress Energy

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.