New Fortress Energy (NASDAQ:NFE) Stock Price Up 8% After Strong Earnings

New Fortress Energy Inc. (NASDAQ:NFE) shares shot up 8% during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $9.66 and last traded at $9.76. 5,518,997 shares changed hands during mid-day trading, an increase of 27% from the average session volume of 4,343,521 shares. The stock had previously closed at $9.04.

The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.07. The company had revenue of $679.00 million during the quarter, compared to analysts’ expectations of $613.24 million. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%.

Analyst Ratings Changes

NFE has been the topic of several research analyst reports. Stifel Nicolaus cut their target price on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday. Morgan Stanley cut their price target on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price objective for the company in a research note on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $15.60.

Institutional Investors Weigh In On New Fortress Energy

A number of hedge funds have recently added to or reduced their stakes in NFE. Stifel Financial Corp bought a new stake in New Fortress Energy during the 3rd quarter worth approximately $990,000. Redwood Wealth Management Group LLC purchased a new position in New Fortress Energy during the 4th quarter worth $749,000. Y Intercept Hong Kong Ltd bought a new stake in shares of New Fortress Energy in the 4th quarter worth $1,252,000. GSG Advisors LLC purchased a new stake in shares of New Fortress Energy in the fourth quarter valued at about $605,000. Finally, Catalyst Capital Advisors LLC bought a new position in shares of New Fortress Energy during the fourth quarter valued at about $8,316,000. Institutional investors and hedge funds own 58.61% of the company’s stock.

New Fortress Energy Trading Up 6.1 %

The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The firm has a market capitalization of $2.82 billion, a PE ratio of 11.36 and a beta of 1.58. The firm’s fifty day moving average is $13.57 and its two-hundred day moving average is $11.59.

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.