Research Analysts Issue Forecasts for New Fortress Energy Inc.’s Q1 2024 Earnings (NASDAQ:NFE)

New Fortress Energy Inc. (NASDAQ:NFE) – Capital One Financial decreased their Q1 2024 EPS estimates for shares of New Fortress Energy in a report issued on Monday, April 29th. Capital One Financial analyst W. Suki now anticipates that the company will earn $0.67 per share for the quarter, down from their previous forecast of $0.88. The consensus estimate for New Fortress Energy’s current full-year earnings is $2.97 per share. Capital One Financial also issued estimates for New Fortress Energy’s Q2 2024 earnings at $0.46 EPS, FY2024 earnings at $2.76 EPS and FY2025 earnings at $3.47 EPS.

New Fortress Energy (NASDAQ:NFE) last announced its quarterly earnings results on Thursday, February 29th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.08. The company had revenue of $758.60 million for the quarter, compared to the consensus estimate of $647.54 million. New Fortress Energy had a return on equity of 36.16% and a net margin of 22.70%. The firm’s revenue for the quarter was up 38.8% compared to the same quarter last year. During the same period last year, the firm earned $0.87 EPS.

Other analysts have also issued research reports about the stock. Stifel Nicolaus dropped their price target on shares of New Fortress Energy from $49.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $35.00 target price (down from $40.00) on shares of New Fortress Energy in a research report on Monday, March 4th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $39.29.

New Fortress Energy Price Performance

NASDAQ:NFE opened at $26.66 on Thursday. The company has a debt-to-equity ratio of 3.66, a current ratio of 0.57 and a quick ratio of 0.51. The company has a 50 day moving average price of $29.93 and a 200-day moving average price of $32.95. New Fortress Energy has a 1-year low of $25.06 and a 1-year high of $40.04. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of 10.06 and a beta of 1.56.

Hedge Funds Weigh In On New Fortress Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its position in New Fortress Energy by 5.0% during the third quarter. PNC Financial Services Group Inc. now owns 6,730 shares of the company’s stock worth $221,000 after acquiring an additional 319 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of New Fortress Energy by 2.8% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 14,137 shares of the company’s stock valued at $463,000 after purchasing an additional 384 shares in the last quarter. Van ECK Associates Corp grew its position in shares of New Fortress Energy by 15.3% in the third quarter. Van ECK Associates Corp now owns 3,623 shares of the company’s stock valued at $119,000 after purchasing an additional 482 shares in the last quarter. ORG Partners LLC increased its holdings in shares of New Fortress Energy by 14.3% in the third quarter. ORG Partners LLC now owns 4,206 shares of the company’s stock valued at $138,000 after purchasing an additional 526 shares during the last quarter. Finally, Hohimer Wealth Management LLC lifted its position in New Fortress Energy by 1.3% during the third quarter. Hohimer Wealth Management LLC now owns 46,651 shares of the company’s stock worth $1,529,000 after buying an additional 589 shares in the last quarter. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a dividend yield of 1.50%. New Fortress Energy’s dividend payout ratio (DPR) is presently 15.09%.

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.