New Fortress Energy (NASDAQ:NFE) Given New $8.00 Price Target at Citigroup

New Fortress Energy (NASDAQ:NFE) had its price target dropped by research analysts at Citigroup from $34.00 to $8.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 46.92% from the company’s previous close.

NFE has been the topic of a number of other research reports. Morgan Stanley lowered their target price on shares of 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. Deutsche Bank Aktiengesellschaft set a $8.00 price objective on New Fortress Energy in a research note on Wednesday, March 12th. Finally, Stifel Nicolaus dropped their target price on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.83.

New Fortress Energy Stock Performance

NFE traded up $0.03 on Wednesday, hitting $5.45. 1,690,603 shares of the stock traded hands, compared to its average volume of 4,523,625. The business has a fifty day moving average price of $10.44 and a two-hundred day moving average price of $11.10. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. New Fortress Energy has a 52 week low of $4.80 and a 52 week high of $30.19. The firm has a market capitalization of $1.49 billion, a PE ratio of 5.94 and a beta of 1.52.

New Fortress Energy (NASDAQ:NFE) last issued its earnings results 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 return on equity of 15.60% and a net margin of 7.84%. The business had revenue of $679.00 million during the quarter, compared to analyst estimates of $613.24 million. On average, research analysts predict that New Fortress Energy will post 0.36 EPS for the current fiscal year.

Insider Transactions at New Fortress Energy

In other New Fortress Energy news, CFO Christopher S. Guinta purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average cost of $8.57 per share, with a total value of $42,850.00. Following the completion of the acquisition, the chief financial officer now directly owns 206,653 shares of the company’s stock, valued at $1,771,016.21. This represents a 2.48 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 37.10% of the stock is owned by company insiders.

Institutional Trading of New Fortress Energy

Several hedge funds have recently modified their holdings of the stock. Hood River Capital Management LLC bought a new position in New Fortress Energy in the 4th quarter worth approximately $155,023,000. Capital World Investors raised its position in shares of New Fortress Energy by 87.9% during the fourth quarter. Capital World Investors now owns 19,925,022 shares of the company’s stock worth $301,266,000 after acquiring an additional 9,319,985 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of New Fortress Energy by 40.8% during the fourth quarter. William Blair Investment Management LLC now owns 15,567,055 shares of the company’s stock worth $235,374,000 after acquiring an additional 4,509,177 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of New Fortress Energy by 31.8% during the fourth quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company’s stock valued at $171,147,000 after acquiring an additional 2,728,191 shares during the period. Finally, Primecap Management Co. CA boosted its holdings in New Fortress Energy by 13.6% in the fourth quarter. Primecap Management Co. CA now owns 13,096,998 shares of the company’s stock valued at $198,027,000 after acquiring an additional 1,564,893 shares during the last quarter. 58.61% of the stock is 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.