New Fortress Energy (NASDAQ:NFE) Cut to “Equal Weight” at Morgan Stanley

New Fortress Energy (NASDAQ:NFE) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Thursday, FinViz reports. They currently have a $15.00 price objective on the stock, down from their previous price objective of $35.00. Morgan Stanley’s target price would indicate a potential upside of 67.79% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Stifel Nicolaus reduced their price target on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. BTIG Research reduced their target price on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Barclays dropped 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. Finally, Deutsche Bank Aktiengesellschaft reissued a “sell” rating and issued a $7.60 price objective (down previously from $21.00) on shares of New Fortress Energy in a research note on Tuesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, New Fortress Energy currently has an average rating of “Hold” and a consensus target price of $19.77.

New Fortress Energy Trading Down 7.6 %

Shares of NFE opened at $8.94 on Thursday. The stock has a 50 day simple moving average of $13.02 and a 200-day simple moving average of $21.08. The company has a current ratio of 0.72, a quick ratio of 0.63 and a debt-to-equity ratio of 4.38. The stock has a market cap of $1.83 billion, a PE ratio of 4.06 and a beta of 1.52. New Fortress Energy has a 1 year low of $8.20 and a 1 year high of $40.04.

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 the consensus estimate 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 company had revenue of $428.00 million for the quarter, compared to analyst estimates of $465.52 million. During the same quarter in the prior year, the company earned $0.58 earnings per share. The business’s revenue was down 23.7% compared to the same quarter last year. On average, sell-side analysts predict that New Fortress Energy will post 0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On New Fortress Energy

Several hedge funds have recently added to or reduced their stakes in NFE. American National Bank bought a new stake in New Fortress Energy during the 2nd quarter worth about $26,000. Benjamin F. Edwards & Company Inc. lifted its holdings in New Fortress Energy by 563.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,387 shares of the company’s stock valued at $42,000 after buying an additional 1,178 shares during the period. Quarry LP boosted its stake in New Fortress Energy by 125.7% in the second quarter. Quarry LP now owns 2,250 shares of the company’s stock valued at $49,000 after acquiring an additional 1,253 shares during the last quarter. ORG Partners LLC grew its holdings in New Fortress Energy by 987.8% during the 2nd quarter. ORG Partners LLC now owns 3,753 shares of the company’s stock worth $77,000 after acquiring an additional 3,408 shares during the period. Finally, Meeder Asset Management Inc. bought a new stake in shares of New Fortress Energy during the 1st quarter valued at $95,000. Institutional investors own 58.61% of the company’s stock.

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.