Traders Buy Large Volume of Call Options on New Fortress Energy (NASDAQ:NFE)

New Fortress Energy LLC (NASDAQ:NFE) was the target of unusually large options trading on Friday. Traders purchased 51,229 call options on the stock. This represents an increase of 179% compared to the typical daily volume of 18,336 call options.

New Fortress Energy Price Performance

Shares of NASDAQ NFE opened at $1.74 on Friday. New Fortress Energy has a 1 year low of $0.98 and a 1 year high of $16.50. The stock has a market capitalization of $495.12 million, a P/E ratio of -0.45 and a beta of 1.05. The company’s 50-day moving average is $1.27 and its 200 day moving average is $2.01. The company has a debt-to-equity ratio of 2.08, a current ratio of 0.17 and a quick ratio of 0.15.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings data 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 company had revenue of $327.37 million during the quarter, compared to analysts’ expectations of $716.89 million. During the same quarter last year, the business earned $0.03 earnings per share. The business’s quarterly revenue was down 42.3% on a year-over-year basis. On average, sell-side analysts expect that New Fortress Energy will post 0.36 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on NFE shares. Zacks Research downgraded New Fortress Energy from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of New Fortress Energy in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, New Fortress Energy presently has an average rating of “Hold” and an average target price of $7.88.

Hedge Funds Weigh In On New Fortress Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in NFE. IFP Advisors Inc grew its position in shares of New Fortress Energy by 166.3% in the 2nd quarter. IFP Advisors Inc now owns 9,072 shares of the company’s stock worth $30,000 after buying an additional 5,665 shares during the period. Apollon Wealth Management LLC purchased a new stake in New Fortress Energy in the second quarter worth about $33,000. MQS Management LLC bought a new position in shares of New Fortress Energy during the second quarter valued at approximately $33,000. Osaic Holdings Inc. lifted its holdings in shares of New Fortress Energy by 244.7% during the second quarter. Osaic Holdings Inc. now owns 11,566 shares of the company’s stock valued at $39,000 after purchasing an additional 8,211 shares during the last quarter. Finally, Savant Capital LLC bought a new stake in shares of New Fortress Energy in the 3rd quarter worth approximately $28,000. Hedge funds and other 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.