New Fortress Energy (NASDAQ:NFE) Stock Price Down 7%

New Fortress Energy Inc. (NASDAQ:NFE)’s stock price dropped 7% during trading on Monday . The company traded as low as $9.07 and last traded at $9.09. Approximately 269,624 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 2,294,087 shares. The stock had previously closed at $9.77.

Analysts Set New Price Targets

A number of analysts have issued reports on NFE shares. Barclays reduced their target price on shares of New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. BTIG Research lowered their target price on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Stifel Nicolaus reduced their price target on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on New Fortress Energy from $26.00 to $21.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $23.40.

New Fortress Energy Trading Down 11.4 %

The company’s 50 day moving average is $13.83 and its two-hundred day moving average is $21.47. The company has a debt-to-equity ratio of 4.38, a current ratio of 0.72 and a quick ratio of 0.63. The firm has a market cap of $1.78 billion, a P/E ratio of 4.09 and a beta of 1.53.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). The firm had revenue of $428.00 million for the quarter, compared to the consensus estimate of $465.52 million. New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The business’s revenue for the quarter was down 23.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.58 earnings per share. On average, sell-side analysts predict that New Fortress Energy Inc. will post 0.54 earnings per share for the current year.

New Fortress Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 4.62%. The ex-dividend date was Friday, September 13th. New Fortress Energy’s dividend payout ratio (DPR) is presently 18.18%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital World Investors boosted its holdings in shares of New Fortress Energy by 1.5% in the 1st quarter. Capital World Investors now owns 15,182,319 shares of the company’s stock worth $464,427,000 after acquiring an additional 217,697 shares in the last quarter. William Blair Investment Management LLC grew its holdings in shares of New Fortress Energy by 7.1% during the second quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock worth $209,896,000 after purchasing an additional 633,170 shares during the last quarter. Primecap Management Co. CA increased its stake in shares of New Fortress Energy by 73.9% in the second 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 in the last quarter. Encompass Capital Advisors LLC increased its stake 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. Finally, HITE Hedge Asset Management LLC raised its holdings 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 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.