New Fortress Energy (NASDAQ:NFE) Hits New 12-Month Low on Disappointing Earnings

New Fortress Energy Inc. (NASDAQ:NFE) shares hit a new 52-week low during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $4.20 and last traded at $3.82, with a volume of 2270322 shares trading hands. The stock had previously closed at $6.78.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Stifel Nicolaus dropped their price objective on shares of New Fortress Energy from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Morgan Stanley dropped their price objective on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Citigroup dropped their price objective on shares of New Fortress Energy from $34.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. Finally, Deutsche Bank Aktiengesellschaft set a $8.00 price objective on shares of New Fortress Energy in a research note on Wednesday, March 12th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.00.

Insider Buying and Selling

In other New Fortress Energy news, CFO Christopher S. Guinta purchased 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $8.57 per share, with a total value of $42,850.00. Following the transaction, the chief financial officer now owns 206,653 shares in the company, valued at approximately $1,771,016.21. This trade represents a 2.48% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 29.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On New Fortress Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. lifted its position in shares of New Fortress Energy by 8.5% during the third quarter. Franklin Resources Inc. now owns 161,095 shares of the company’s stock worth $1,555,000 after purchasing an additional 12,587 shares during the last quarter. Oak Thistle LLC bought a new position in shares of New Fortress Energy during the fourth quarter worth about $198,000. Arkadios Wealth Advisors bought a new position in shares of New Fortress Energy during the fourth quarter worth about $151,000. SG Americas Securities LLC bought a new position in shares of New Fortress Energy during the fourth quarter worth about $125,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of New Fortress Energy during the fourth quarter worth about $533,000. 58.61% of the stock is owned by hedge funds and other institutional investors.

New Fortress Energy Stock Up 6.0%

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’s 50-day moving average price is $6.97 and its 200 day moving average price is $10.37. The firm has a market cap of $728.23 million, a P/E ratio of 2.92 and a beta of 1.45.

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.