New Fortress Energy (NASDAQ:NFE) Rating Lowered to Equal Weight at Morgan Stanley

by · The Cerbat Gem

New Fortress Energy (NASDAQ:NFE – Get Free Report) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report released on Thursday, MarketBeat Ratings reports. They presently have a $15.00 price objective on the stock, down from their prior price objective of $35.00. Morgan Stanley’s price target would suggest a potential upside of 48.66% from the company’s current price.

A number of other brokerages also recently issued reports on NFE. BTIG Research dropped their price target on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating and set a $7.60 price objective (down from $21.00) on shares of New Fortress Energy in a report on Tuesday. Barclays lowered their price target on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Finally, Stifel Nicolaus cut their price objective on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, New Fortress Energy presently has an average rating of “Hold” and an average target price of $19.77.

Get Our Latest Stock Analysis on New Fortress Energy

New Fortress Energy Stock Performance

NASDAQ:NFE opened at $10.09 on Thursday. The business’s fifty day moving average is $12.60 and its 200 day moving average is $20.85. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 4.59 and a beta of 1.52. The company has a debt-to-equity ratio of 4.38, a quick ratio of 0.63 and a current ratio of 0.72. New Fortress Energy has a 52-week low of $8.20 and a 52-week high of $40.04.

New Fortress Energy (NASDAQ:NFE – Get Free Report) last posted its earnings results on Friday, August 9th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). The firm had revenue of $428.00 million for the quarter, compared to the consensus estimate of $465.52 million. New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The business’s revenue was down 23.7% on a year-over-year basis. During the same period last year, the company posted $0.58 EPS. Research analysts predict that New Fortress Energy will post 0.54 EPS for the current year.

Insider Buying and Selling

In related news, CEO Wesley R. Edens bought 5,793,742 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were purchased at an average price of $8.63 per share, with a total value of $49,999,993.46. Following the purchase, the chief executive officer now owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 37.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On New Fortress Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in NFE. American National Bank bought a new stake in New Fortress Energy in the second quarter worth $26,000. Benjamin F. Edwards & Company Inc. lifted its position in New Fortress Energy by 563.6% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,387 shares of the company’s stock valued at $42,000 after acquiring an additional 1,178 shares in the last quarter. Quarry LP increased its holdings in shares of New Fortress Energy by 125.7% in the 2nd quarter. Quarry LP now owns 2,250 shares of the company’s stock worth $49,000 after purchasing an additional 1,253 shares in the last quarter. ORG Partners LLC lifted its holdings in shares of New Fortress Energy by 987.8% during the second quarter. ORG Partners LLC now owns 3,753 shares of the company’s stock valued at $77,000 after purchasing an additional 3,408 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of New Fortress Energy during the first quarter valued at $95,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Company Profile

(Get Free Report)

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.

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