New Fortress Energy Inc. (NASDAQ:NFE) Receives $19.77 Average Target Price from Analysts

New Fortress Energy Inc. (NASDAQ:NFE) has earned a consensus recommendation of “Hold” from the six brokerages that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $19.77.

NFE has been the subject of several analyst reports. Stifel Nicolaus dropped their target price on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating and set a $7.60 price target (down previously from $21.00) on shares of New Fortress Energy in a research report on Tuesday, October 1st. BTIG Research lowered their target price on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Morgan Stanley downgraded New Fortress Energy from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $35.00 to $15.00 in a research note on Thursday, October 3rd. Finally, Barclays decreased their target price on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th.

New Fortress Energy Stock Performance

Shares of New Fortress Energy stock opened at $8.30 on Friday. The firm has a market cap of $1.70 billion, a P/E ratio of 7.03 and a beta of 1.53. The company has a current ratio of 0.72, a quick ratio of 0.63 and a debt-to-equity ratio of 4.38. New Fortress Energy has a 12 month low of $7.82 and a 12 month high of $40.04. The stock’s fifty day moving average price is $9.94 and its 200-day moving average price is $17.68.

New Fortress Energy (NASDAQ:NFE) last released its earnings results on Friday, August 9th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The firm had revenue of $428.00 million for the quarter, compared to analyst estimates of $465.52 million. During the same period last year, the firm earned $0.58 EPS. The company’s revenue for the quarter was down 23.7% compared to the same quarter last year. On average, equities research analysts expect that New Fortress Energy will post 0.52 earnings per share for the current fiscal year.

New Fortress Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 4.82%. The ex-dividend date of this dividend was Friday, September 13th. New Fortress Energy’s dividend payout ratio is currently 33.90%.

Insider Buying and Selling

In related news, CEO Wesley R. Edens acquired 5,793,742 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were bought at an average cost of $8.63 per share, with a total value of $49,999,993.46. Following the completion of the acquisition, the chief executive officer now owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 37.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Primecap Management Co. CA grew its holdings in shares of New Fortress Energy by 73.9% in the 2nd quarter. Primecap Management Co. CA now owns 8,026,130 shares of the company’s stock valued at $176,414,000 after buying an additional 3,410,630 shares during the period. William Blair Investment Management LLC raised its holdings in New Fortress Energy by 31.0% in the 1st quarter. William Blair Investment Management LLC now owns 8,916,242 shares of the company’s stock valued at $272,748,000 after acquiring an additional 2,111,360 shares during the period. M&G Plc bought a new position in New Fortress Energy in the 1st quarter valued at about $51,569,000. HITE Hedge Asset Management LLC raised its position in shares of New Fortress Energy by 24.1% in the second quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock valued at $70,163,000 after buying an additional 619,621 shares in the last quarter. Finally, Encompass Capital Advisors LLC raised its position in shares of New Fortress Energy by 9.0% in the second quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock valued at $105,445,000 after buying an additional 395,740 shares in the last quarter. 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.