Brokers Set Expectations for NFE FY2024 Earnings

New Fortress Energy Inc. (NASDAQ:NFE) – Capital One Financial lowered their FY2024 EPS estimates for New Fortress Energy in a research note issued on Tuesday, December 17th. Capital One Financial analyst W. Suki now forecasts that the company will post earnings per share of $0.40 for the year, down from their previous estimate of $0.59. The consensus estimate for New Fortress Energy’s current full-year earnings is $0.45 per share. Capital One Financial also issued estimates for New Fortress Energy’s Q4 2024 earnings at $0.09 EPS and FY2025 earnings at $0.82 EPS.

A number of other equities research analysts also recently weighed in on the stock. BTIG Research decreased their price target on shares of 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 lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $35.00 to $15.00 in a research report on Thursday, October 3rd. Finally, Deutsche Bank Aktiengesellschaft raised shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price target for the company in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.40.

New Fortress Energy Price Performance

Shares of NASDAQ:NFE opened at $11.35 on Thursday. The business’s 50 day moving average is $9.98 and its 200-day moving average is $14.15. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The firm has a market capitalization of $2.85 billion, a PE ratio of 12.47 and a beta of 1.60. New Fortress Energy has a 1-year low of $7.82 and a 1-year high of $39.26.

Insider Buying and Selling

In related news, CEO Wesley R. Edens purchased 5,793,742 shares of New Fortress Energy stock in a transaction dated Tuesday, October 1st. The shares were acquired at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the transaction, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. This trade represents a 19.36 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 37.10% of the company’s stock.

Hedge Funds Weigh In On New Fortress Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. lifted its position in New Fortress Energy by 8.5% in the 3rd quarter. Franklin Resources Inc. now owns 161,095 shares of the company’s stock valued at $1,555,000 after acquiring an additional 12,587 shares in the last quarter. M&T Bank Corp bought a new stake in New Fortress Energy in the 3rd quarter valued at approximately $628,000. Tanaka Capital Management Inc. boosted its position in New Fortress Energy by 50.7% during the 3rd quarter. Tanaka Capital Management Inc. now owns 32,370 shares of the company’s stock worth $294,000 after acquiring an additional 10,895 shares during the last quarter. XTX Topco Ltd bought a new position in shares of New Fortress Energy during the 3rd quarter worth approximately $381,000. Finally, State Street Corp raised its holdings in shares of New Fortress Energy by 4.9% in the third quarter. State Street Corp now owns 1,205,046 shares of the company’s stock valued at $10,954,000 after purchasing an additional 56,153 shares during the last quarter. 58.61% of the stock is owned by institutional investors.

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.