New Fortress Energy (NASDAQ:NFE) Trading Down 1.8% – Here’s What Happened

New Fortress Energy LLC (NASDAQ:NFE)’s share price traded down 1.8% during mid-day trading on Monday . The company traded as low as $1.08 and last traded at $1.09. 9,878,569 shares were traded during mid-day trading, an increase of 22% from the average session volume of 8,066,160 shares. The stock had previously closed at $1.11.

Analyst Ratings Changes

Several analysts recently weighed in on NFE shares. Zacks Research downgraded shares of New Fortress Energy from a “hold” rating to a “strong sell” rating in a report on Monday, October 6th. Capital One Financial reaffirmed an “underweight” rating on shares of New Fortress Energy in a research note on Monday, September 8th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of New Fortress Energy in a research note on Monday, December 29th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $7.88.

New Fortress Energy Stock Down 1.8%

The firm has a market cap of $310.16 million, a PE ratio of -0.28 and a beta of 1.05. The company has a current ratio of 0.17, a quick ratio of 0.15 and a debt-to-equity ratio of 2.08. The firm has a 50 day moving average price of $1.24 and a 200-day moving average price of $2.15.

New Fortress Energy (NASDAQ:NFE) last issued its earnings results on Wednesday, June 18th. The company reported $0.13 earnings per share for the quarter. New Fortress Energy had a negative net margin of 72.92% and a negative return on equity of 43.91%. The firm had revenue of $679.00 million for the quarter. Research analysts forecast that New Fortress Energy LLC will post 0.36 EPS for the current fiscal year.

Hedge Funds Weigh In On New Fortress Energy

Large investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its position in New Fortress Energy by 133.4% during the first quarter. Goldman Sachs Group Inc. now owns 865,826 shares of the company’s stock worth $7,195,000 after buying an additional 494,848 shares during the period. King Luther Capital Management Corp grew its position in shares of New Fortress Energy by 100.0% during the second quarter. King Luther Capital Management Corp now owns 2,042,000 shares of the company’s stock worth $6,779,000 after acquiring an additional 1,021,000 shares during the last quarter. Geode Capital Management LLC grew its position in shares of New Fortress Energy by 71.2% during the second quarter. Geode Capital Management LLC now owns 3,661,857 shares of the company’s stock worth $12,159,000 after acquiring an additional 1,522,324 shares during the last quarter. Catalyst Capital Advisors LLC increased its holdings in shares of New Fortress Energy by 38.5% in the 2nd quarter. Catalyst Capital Advisors LLC now owns 1,258,485 shares of the company’s stock valued at $4,178,000 after acquiring an additional 350,000 shares during the period. Finally, Tejara Capital Ltd raised its position in New Fortress Energy by 98.4% in the 2nd quarter. Tejara Capital Ltd now owns 1,032,773 shares of the company’s stock valued at $3,429,000 after purchasing an additional 512,173 shares during the last quarter. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Company Profile

New Fortress Energy is an integrated global energy infrastructure company focused on the development, construction and operation of natural gas-to-power projects and liquefied natural gas (LNG) terminals. The company sources LNG and delivers it via a network of floating storage and regasification units (FSRUs), onshore regasification terminals, and small-scale LNG carriers. By providing reliable natural gas supply solutions, New Fortress Energy aims to displace higher-carbon fuels in power generation, industrial and marine sectors.

The company’s core activities include the design, development and operation of FSRUs and onshore regasification terminals that convert cryogenic LNG back to gas for delivery into domestic transmission networks.