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

New Fortress Energy Inc. (NASDAQ:NFE) 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.

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

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.