New Fortress Energy (NASDAQ:NFE) Shares Gap Up – Here’s What Happened

New Fortress Energy LLC (NASDAQ:NFE)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $1.70, but opened at $1.81. New Fortress Energy shares last traded at $1.7850, with a volume of 3,852,305 shares.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d)” rating on shares of New Fortress Energy in a research note on Monday, December 29th. Zacks Research downgraded New Fortress Energy from a “hold” rating to a “strong sell” rating in a report on Monday, October 6th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $7.88.

New Fortress Energy Trading Up 2.4%

The company has a quick ratio of 0.15, a current ratio of 0.17 and a debt-to-equity ratio of 2.08. The company has a market capitalization of $495.12 million, a P/E ratio of -0.45 and a beta of 1.05. The business has a fifty day moving average price of $1.27 and a 200 day moving average price of $1.99.

New Fortress Energy (NASDAQ:NFE) last announced its earnings results on Thursday, January 1st. The company reported ($1.07) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.40). New Fortress Energy had a negative return on equity of 43.91% and a negative net margin of 72.92%.The business had revenue of $327.37 million for the quarter, compared to analyst estimates of $716.89 million. During the same quarter in the previous year, the company posted $0.03 EPS. The business’s revenue for the quarter was down 42.3% compared to the same quarter last year. On average, analysts expect that New Fortress Energy LLC will post 0.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On New Fortress Energy

A number of institutional investors have recently made changes to their positions in NFE. IFP Advisors Inc lifted its holdings in shares of New Fortress Energy by 166.3% during the second quarter. IFP Advisors Inc now owns 9,072 shares of the company’s stock worth $30,000 after buying an additional 5,665 shares in the last quarter. Apollon Wealth Management LLC acquired a new stake in New Fortress Energy in the 2nd quarter worth about $33,000. MQS Management LLC bought a new stake in New Fortress Energy in the 2nd quarter valued at about $33,000. Osaic Holdings Inc. grew its position in shares of New Fortress Energy by 244.7% during the 2nd quarter. Osaic Holdings Inc. now owns 11,566 shares of the company’s stock worth $39,000 after purchasing an additional 8,211 shares in the last quarter. Finally, Savant Capital LLC acquired a new position in shares of New Fortress Energy during the 3rd quarter worth approximately $28,000. Institutional investors own 58.61% of the company’s stock.

About New Fortress Energy

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.