New Fortress Energy (NASDAQ:NFE) Shares Gap Up to $9.09

New Fortress Energy Inc. (NASDAQ:NFE) shares gapped up before the market opened on Tuesday . The stock had previously closed at $9.09, but opened at $9.31. New Fortress Energy shares last traded at $10.49, with a volume of 3,664,302 shares trading hands.

Analysts Set New Price Targets

Several analysts have commented on NFE shares. Stifel Nicolaus decreased their target price 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, August 12th. Deutsche Bank Aktiengesellschaft reissued a “sell” rating and set a $7.60 target price (down from $21.00) on shares of New Fortress Energy in a research report on Tuesday. BTIG Research reduced their price target on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Finally, 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 research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $20.72.

New Fortress Energy Stock Up 17.7 %

The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 4.88 and a beta of 1.53. The company has a debt-to-equity ratio of 4.38, a quick ratio of 0.63 and a current ratio of 0.72. The business’s 50 day moving average is $13.50 and its 200-day moving average is $21.32.

New Fortress Energy (NASDAQ:NFE) last posted its quarterly earnings data 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 return on equity of 18.80% and a net margin of 10.19%. The business had revenue of $428.00 million during the quarter, compared to the consensus estimate of $465.52 million. During the same quarter in the previous year, the firm posted $0.58 earnings per share. The company’s revenue for the quarter was down 23.7% on a year-over-year basis. Equities analysts anticipate that New Fortress Energy Inc. will post 0.54 EPS for the current fiscal year.

New Fortress Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.74%. New Fortress Energy’s dividend payout ratio (DPR) is presently 18.18%.

Hedge Funds Weigh In On New Fortress Energy

Several large investors have recently bought and sold shares of the stock. Capital World Investors increased its holdings in shares of New Fortress Energy by 1.5% during the 1st quarter. Capital World Investors now owns 15,182,319 shares of the company’s stock worth $464,427,000 after purchasing an additional 217,697 shares during the period. William Blair Investment Management LLC grew its position in 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 buying an additional 633,170 shares in the last quarter. Primecap Management Co. CA increased its stake in New Fortress Energy by 73.9% during the second quarter. Primecap Management Co. CA now owns 8,026,130 shares of the company’s stock valued at $176,414,000 after acquiring an additional 3,410,630 shares during the period. Encompass Capital Advisors LLC raised its holdings in New Fortress Energy by 9.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock valued at $105,445,000 after acquiring an additional 395,740 shares in the last quarter. Finally, HITE Hedge Asset Management LLC lifted its position in shares of New Fortress Energy by 24.1% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock worth $70,163,000 after acquiring an additional 619,621 shares during the period. 58.61% of the stock is currently owned by institutional investors and hedge funds.

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.