New Fortress Energy Inc. (NASDAQ:NFE – Get Free Report) shares dropped 2.2% during mid-day trading on Tuesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $26.00 to $21.00. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. New Fortress Energy traded as low as $13.73 and last traded at $13.80. Approximately 184,592 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 1,970,160 shares. The stock had previously closed at $14.11.
Several other equities research analysts have also recently issued reports on the stock. Stifel Nicolaus decreased their price objective on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research report on Monday. Barclays decreased their price target on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $29.00.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the stock. Primecap Management Co. CA boosted its position 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 purchasing an additional 3,410,630 shares during the period. William Blair Investment Management LLC boosted its holdings in shares of New Fortress Energy by 31.0% in the first 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 purchased a new position in shares of New Fortress Energy during the first quarter worth approximately $51,569,000. Capital World Investors increased its holdings in shares of New Fortress Energy by 8.3% in the 4th quarter. Capital World Investors now owns 14,964,622 shares of the company’s stock valued at $564,615,000 after acquiring an additional 1,152,125 shares during the period. Finally, Kailix Advisors LLC raised its position in New Fortress Energy by 83.6% in the 1st quarter. Kailix Advisors LLC now owns 1,969,453 shares of the company’s stock valued at $60,246,000 after purchasing an additional 896,671 shares during the last quarter. Institutional investors and hedge funds own 58.61% of the company’s stock.
New Fortress Energy Stock Performance
The company has a current ratio of 0.66, a quick ratio of 0.54 and a debt-to-equity ratio of 3.74. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 5.98 and a beta of 1.49. The stock’s 50 day moving average is $20.71 and its two-hundred day moving average is $26.48.
New Fortress Energy (NASDAQ:NFE – Get Free Report) last announced 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 net margin of 17.90% and a return on equity of 31.34%. The business had revenue of $428.00 million during the quarter, compared to analysts’ expectations of $465.52 million. During the same period in the previous year, the company posted $0.58 earnings per share. New Fortress Energy’s quarterly revenue was down 23.7% on a year-over-year basis. Analysts anticipate that New Fortress Energy Inc. will post 2.03 earnings per share for the current fiscal year.
New Fortress Energy Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a $0.10 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.40 annualized dividend and a dividend yield of 3.04%. New Fortress Energy’s dividend payout ratio (DPR) is currently 18.18%.
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.
