New Fortress Energy (NASDAQ:NFE) Shares Up 8% Following Earnings Beat

New Fortress Energy Inc. (NASDAQ:NFEGet Free Report) traded up 8% on Tuesday following a better than expected earnings announcement. The company traded as high as $9.66 and last traded at $9.76. 5,518,997 shares were traded during trading, an increase of 27% from the average session volume of 4,343,521 shares. The stock had previously closed at $9.04.

The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. The company 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%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Stifel Nicolaus decreased their price objective on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft raised shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price target on the stock in a research report on Wednesday, December 4th. Finally, Morgan Stanley lowered their price objective on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.60.

Get Our Latest Stock Report on New Fortress Energy

Institutional Investors Weigh In On New Fortress Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Hood River Capital Management LLC bought a new stake in shares of New Fortress Energy in the 4th quarter worth approximately $155,023,000. Capital World Investors boosted its stake in New Fortress Energy by 87.9% in the 4th quarter. Capital World Investors now owns 19,925,022 shares of the company’s stock worth $301,266,000 after purchasing an additional 9,319,985 shares during the period. William Blair Investment Management LLC grew its holdings in New Fortress Energy by 40.8% during the 4th quarter. William Blair Investment Management LLC now owns 15,567,055 shares of the company’s stock valued at $235,374,000 after buying an additional 4,509,177 shares in the last quarter. Primecap Management Co. CA increased its position in shares of New Fortress Energy by 43.7% during the third quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock valued at $104,827,000 after buying an additional 3,505,975 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of New Fortress Energy by 31.8% in the fourth quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company’s stock worth $171,147,000 after buying an additional 2,728,191 shares in the last quarter. Institutional investors and hedge funds own 58.61% of the company’s stock.

New Fortress Energy Stock Performance

The business’s fifty day moving average price is $13.66 and its 200-day moving average price is $11.60. The stock has a market capitalization of $2.66 billion, a PE ratio of 10.71 and a beta of 1.49. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35.

New Fortress Energy Company Profile

(Get Free Report)

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.

Further Reading

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