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 traded.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Stifel Nicolaus reduced their target price on shares of New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Morgan Stanley cut their price target on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating on the stock in a 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 price objective for the company 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 stock. According to data from MarketBeat.com, New Fortress Energy presently has an average rating of “Hold” and an average price target of $15.60.

New Fortress Energy Trading Up 0.1 %

The firm has a market capitalization of $2.53 billion, a PE ratio of 10.16 and a beta of 1.58. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The company has a fifty day moving average of $13.15 and a 200-day moving average of $11.49.

New Fortress Energy (NASDAQ:NFE) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.13 EPS 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%. On average, sell-side analysts anticipate that New Fortress Energy Inc. will post 0.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NFE. KBC Group NV raised its holdings in New Fortress Energy by 116.9% during the third 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 in the last quarter. US Bancorp DE lifted its holdings in New Fortress Energy by 344.6% in the 3rd quarter. US Bancorp DE now owns 3,570 shares of the company’s stock worth $32,000 after purchasing an additional 2,767 shares during the last quarter. Allworth Financial LP boosted its position in New Fortress Energy by 2,156.0% during the fourth quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock worth $32,000 after purchasing an additional 1,962 shares during the period. GAMMA Investing LLC grew its holdings in New Fortress Energy by 148.5% during the fourth 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 last quarter. Finally, Quarry LP bought a new position in shares of New Fortress Energy in the fourth quarter valued at approximately $64,000. 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.