New Fortress Energy (NASDAQ:NFE) Shares Down 1.4% – Here’s Why

Shares of New Fortress Energy LLC (NASDAQ:NFE) fell 1.4% on Wednesday . The company traded as low as $0.3230 and last traded at $0.3253. 2,167,476 shares were traded during mid-day trading, a decline of 4% from the average daily volume of 2,263,054 shares. The stock had previously closed at $0.33.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on NFE shares. Wall Street Zen lowered New Fortress Energy from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 18th. Weiss Ratings reiterated a “sell (e+)” rating on shares of New Fortress Energy in a report on Friday, July 17th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $4.00.

New Fortress Energy Stock Down 2.2%

The company has a current ratio of 0.13, a quick ratio of 0.11 and a debt-to-equity ratio of 3.57. The firm’s fifty day moving average price is $0.43 and its 200-day moving average price is $0.79. The company has a market cap of $92.55 million, a price-to-earnings ratio of -0.14 and a beta of 1.33.

New Fortress Energy (NASDAQ:NFE) last posted its earnings results on Thursday, May 14th. The company reported ($1.40) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($1.21). The business had revenue of $226.95 million for the quarter, compared to the consensus estimate of $508.60 million. New Fortress Energy had a negative return on equity of 253.73% and a negative net margin of 164.16%. Sell-side analysts predict that New Fortress Energy LLC will post -1.19 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Rubric Capital Management LP boosted its holdings in shares of New Fortress Energy by 1.5% in the third quarter. Rubric Capital Management LP now owns 24,767,087 shares of the company’s stock valued at $54,735,000 after buying an additional 367,087 shares during the period. Shay Capital LLC raised its holdings in shares of New Fortress Energy by 272.1% during the third quarter. Shay Capital LLC now owns 5,675,000 shares of the company’s stock worth $12,542,000 after acquiring an additional 4,150,000 shares during the period. Charles Schwab Investment Management Inc. lifted its position in New Fortress Energy by 85.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,499,203 shares of the company’s stock valued at $5,129,000 after acquiring an additional 2,072,477 shares in the last quarter. State Street Corp boosted its stake in New Fortress Energy by 11.3% in the 4th quarter. State Street Corp now owns 3,846,958 shares of the company’s stock worth $4,386,000 after purchasing an additional 389,297 shares during the period. Finally, Geode Capital Management LLC boosted its stake in New Fortress Energy by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 3,697,121 shares of the company’s stock worth $4,215,000 after purchasing an additional 12,838 shares during the period. Institutional investors own 58.61% of the company’s stock.

New Fortress Energy Company Profile

New Fortress Energy is an integrated global energy infrastructure company focused on the development, construction and operation of natural gas-to-power projects and liquefied natural gas (LNG) terminals. The company sources LNG and delivers it via a network of floating storage and regasification units (FSRUs), onshore regasification terminals, and small-scale LNG carriers. By providing reliable natural gas supply solutions, New Fortress Energy aims to displace higher-carbon fuels in power generation, industrial and marine sectors.

The company’s core activities include the design, development and operation of FSRUs and onshore regasification terminals that convert cryogenic LNG back to gas for delivery into domestic transmission networks.