Equities Analysts Offer Predictions for NFE FY2024 Earnings

New Fortress Energy Inc. (NASDAQ:NFE) – Research analysts at Capital One Financial decreased their FY2024 earnings per share estimates for shares of New Fortress Energy in a research note issued on Tuesday, December 17th. Capital One Financial analyst W. Suki now forecasts that the company will earn $0.40 per share for the year, down from their previous estimate of $0.59. The consensus estimate for New Fortress Energy’s current full-year earnings is $0.45 per share. Capital One Financial also issued estimates for New Fortress Energy’s Q4 2024 earnings at $0.09 EPS and FY2025 earnings at $0.82 EPS.

A number of other equities research analysts have also recently issued reports on NFE. Morgan Stanley cut New Fortress Energy from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $35.00 to $15.00 in a report on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft upgraded New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price objective on the stock in a research report on Wednesday, December 4th. Finally, 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. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $15.40.

New Fortress Energy Stock Down 1.6 %

NFE opened at $11.35 on Thursday. The stock’s fifty day simple moving average is $9.98 and its 200 day simple moving average is $14.15. New Fortress Energy has a 1-year low of $7.82 and a 1-year high of $39.26. The stock has a market cap of $2.85 billion, a PE ratio of 12.47 and a beta of 1.60. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06.

Institutional Investors Weigh In On New Fortress Energy

Hedge funds have recently modified their holdings of the company. American National Bank bought a new stake in New Fortress Energy during the 2nd quarter worth approximately $26,000. Bank of New York Mellon Corp increased its holdings in New Fortress Energy by 10.9% in the second quarter. Bank of New York Mellon Corp now owns 468,056 shares of the company’s stock valued at $10,288,000 after purchasing an additional 45,924 shares during the period. Commonwealth Equity Services LLC raised its position in New Fortress Energy by 4.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 21,719 shares of the company’s stock worth $477,000 after purchasing an additional 999 shares during the last quarter. Versor Investments LP acquired a new position in New Fortress Energy during the 2nd quarter worth about $268,000. Finally, Kailix Advisors LLC grew its position in shares of New Fortress Energy by 11.9% in the 2nd quarter. Kailix Advisors LLC now owns 2,203,824 shares of the company’s stock valued at $50,622,000 after buying an additional 234,371 shares during the last quarter. Institutional investors and hedge funds own 58.61% of the company’s stock.

Insider Transactions at New Fortress Energy

In related news, CEO Wesley R. Edens bought 5,793,742 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were purchased at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the transaction, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. This represents a 19.36 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 37.10% of the stock is currently owned by insiders.

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.