New Fortress Energy (NASDAQ:NFE – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Friday, Zacks.com reports. The firm currently has a $52.00 price target on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.09% from the company’s current price.
According to Zacks, “New Fortress Energy LLC operates as an integrated gas-to-power company. It develops, finances and constructs energy infrastructure assets. New Fortress Energy LLC is based in New York, United States. “
Several other brokerages also recently commented on NFE. Stifel Nicolaus raised their target price on shares of New Fortress Energy from $45.00 to $68.00 and gave the stock a “buy” rating in a report on Monday, April 4th. TheStreet raised shares of New Fortress Energy from a “c” rating to a “b-” rating in a research note on Thursday, May 5th. Credit Suisse Group lifted their price objective on shares of New Fortress Energy from $40.00 to $49.00 and gave the stock an “outperform” rating in a research report on Thursday, April 7th. Finally, Morgan Stanley dropped their target price on New Fortress Energy from $49.00 to $45.00 and set an “overweight” rating for the company in a report on Wednesday, February 16th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $49.83.
New Fortress Energy (NASDAQ:NFE – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.76. The firm had revenue of $505.10 million for the quarter, compared to analyst estimates of $505.85 million. New Fortress Energy had a net margin of 22.19% and a return on equity of 23.65%. During the same quarter in the prior year, the firm earned ($0.21) EPS. As a group, equities analysts predict that New Fortress Energy will post 1.75 earnings per share for the current fiscal year.
In other New Fortress Energy news, major shareholder Nfe Smrs Holdings Llc sold 280,057 shares of New Fortress Energy stock in a transaction that occurred on Wednesday, April 6th. The shares were sold at an average price of $41.62, for a total transaction of $11,655,972.34. Following the completion of the sale, the insider now directly owns 32,759,846 shares in the company, valued at $1,363,464,790.52. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 980,057 shares of company stock valued at $43,183,972. 48.80% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of NFE. Morgan Stanley grew its position in shares of New Fortress Energy by 36.6% in the 2nd quarter. Morgan Stanley now owns 341,817 shares of the company’s stock worth $12,948,000 after buying an additional 91,532 shares during the period. Advisor Group Holdings Inc. grew its position in shares of New Fortress Energy by 23.3% in the 3rd quarter. Advisor Group Holdings Inc. now owns 3,827 shares of the company’s stock worth $106,000 after buying an additional 722 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of New Fortress Energy in the 3rd quarter worth about $225,000. Barclays PLC purchased a new stake in shares of New Fortress Energy in the 3rd quarter worth about $2,514,000. Finally, Credit Suisse AG grew its position in New Fortress Energy by 9.5% during the 3rd quarter. Credit Suisse AG now owns 57,316 shares of the company’s stock valued at $1,591,000 after purchasing an additional 4,987 shares during the last quarter. Institutional investors own 49.35% of the company’s stock.
About New Fortress Energy (Get Rating)
New Fortress Energy Inc operates as an integrated gas-to-power 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.
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