New Fortress Energy (NASDAQ:NFE) Stock Price Down 6% – Here’s What Happened

New Fortress Energy Inc. (NASDAQ:NFE)’s share price was down 6% during mid-day trading on Monday . The company traded as low as $9.39 and last traded at $9.48. Approximately 3,857,989 shares traded hands during trading, an increase of 47% from the average daily volume of 2,631,052 shares. The stock had previously closed at $10.09.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on NFE shares. Morgan Stanley cut shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $35.00 to $15.00 in a research report on Thursday, October 3rd. BTIG Research reduced their target price on shares of 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. 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 report on Monday, August 5th. Stifel Nicolaus dropped 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 report on Monday, August 12th. 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 report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $19.77.

New Fortress Energy Trading Up 1.1 %

The company’s fifty day moving average is $11.97 and its two-hundred day moving average is $20.34. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of 4.10 and a beta of 1.51. The company has a quick ratio of 0.63, a current ratio of 0.72 and a debt-to-equity ratio of 4.38.

New Fortress Energy (NASDAQ:NFE) last issued its earnings results on Friday, August 9th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.50). New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The firm had revenue of $428.00 million during the quarter, compared to analyst estimates of $465.52 million. During the same period last year, the business earned $0.58 EPS. The firm’s revenue was down 23.7% compared to the same quarter last year. On average, research analysts predict that New Fortress Energy Inc. will post 0.54 EPS for the current fiscal year.

New Fortress Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.10 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.43%. New Fortress Energy’s payout ratio is 18.18%.

Insider Activity

In other New Fortress Energy news, CEO Wesley R. Edens bought 5,793,742 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were acquired at an average cost of $8.63 per share, with a total value of $49,999,993.46. Following the acquisition, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through 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 bought and sold shares of the company. Electron Capital Partners LLC boosted its position in shares of New Fortress Energy by 9.4% during the 4th quarter. Electron Capital Partners LLC now owns 1,322,340 shares of the company’s stock worth $49,892,000 after purchasing an additional 113,835 shares in the last quarter. Capstone Investment Advisors LLC purchased a new stake in shares of New Fortress Energy during the 1st quarter worth $468,000. Nomura Holdings Inc. acquired a new position in shares of New Fortress Energy during the 4th quarter worth $4,207,000. M&G Plc raised its stake in shares of New Fortress Energy by 52.6% during the 2nd quarter. M&G Plc now owns 2,537,712 shares of the company’s stock worth $55,830,000 after buying an additional 874,210 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of New Fortress Energy during the 2nd quarter worth $2,855,000. 58.61% of the stock is currently owned by hedge funds and other institutional investors.

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.