New Fortress Energy (NASDAQ:NFE) Shares Gap Up – Still a Buy?

Shares of New Fortress Energy Inc. (NASDAQ:NFE) gapped up prior to trading on Thursday . The stock had previously closed at $15.59, but opened at $15.95. New Fortress Energy shares last traded at $16.33, with a volume of 656,887 shares.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NFE. Morgan Stanley lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $35.00 to $15.00 in a research note on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft raised New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price objective for the company in a research report on Wednesday, December 4th. Finally, Stifel Nicolaus upped their target price on New Fortress Energy from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, December 23rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, New Fortress Energy has an average rating of “Hold” and a consensus price target of $15.40.

New Fortress Energy Stock Performance

The firm has a market cap of $3.86 billion, a price-to-earnings ratio of 16.88 and a beta of 1.50. The firm’s 50 day moving average is $13.13 and its 200-day moving average is $12.93. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. nVerses Capital LLC acquired a new position in New Fortress Energy during the 3rd quarter worth $25,000. KBC Group NV lifted its position 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 worth $31,000 after purchasing an additional 1,852 shares during the last quarter. US Bancorp DE lifted its position in shares of New Fortress Energy by 344.6% during 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. Signaturefd LLC boosted its stake in New Fortress Energy by 409.1% during the 3rd quarter. Signaturefd LLC now owns 4,124 shares of the company’s stock valued at $37,000 after purchasing an additional 3,314 shares during the period. Finally, Quarry LP grew its holdings in New Fortress Energy by 125.7% in the 2nd quarter. Quarry LP now owns 2,250 shares of the company’s stock valued at $49,000 after buying an additional 1,253 shares during the last quarter. 58.61% of the stock is owned by institutional investors.

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.