New Fortress Energy Inc. (NASDAQ:NFE) Forecasted to Earn FY2024 Earnings of $0.45 Per Share

by · The Cerbat Gem

New Fortress Energy Inc. (NASDAQ:NFE – Free Report) – Stock analysts at Capital One Financial lowered their FY2024 earnings per share estimates for shares of New Fortress Energy in a report released on Wednesday, October 2nd. Capital One Financial analyst W. Suki now anticipates that the company will earn $0.45 per share for the year, down from their previous forecast of $0.72. The consensus estimate for New Fortress Energy’s current full-year earnings is $0.54 per share. Capital One Financial also issued estimates for New Fortress Energy’s Q4 2024 earnings at $0.08 EPS and FY2025 earnings at $0.91 EPS.

New Fortress Energy (NASDAQ:NFE – Get Free Report) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). The firm had revenue of $428.00 million during the quarter, compared to analyst estimates of $465.52 million. New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The company’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.58 EPS.

Several other research firms have also weighed in on NFE. Barclays cut their target price on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft reissued a “sell” rating and issued a $7.60 price objective (down from $21.00) on shares of New Fortress Energy in a research note on Tuesday, October 1st. Stifel Nicolaus decreased their target price on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Morgan Stanley lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $35.00 to $15.00 in a research report on Thursday. Finally, BTIG Research reduced their price objective on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $19.77.

Get Our Latest Stock Report on New Fortress Energy

New Fortress Energy Stock Up 11.7 %

New Fortress Energy stock opened at $10.09 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.63 and a debt-to-equity ratio of 4.38. New Fortress Energy has a 1-year low of $8.20 and a 1-year high of $40.04. The firm’s fifty day simple moving average is $12.60 and its 200-day simple moving average is $20.79. The company has a market capitalization of $2.07 billion, a P/E ratio of 4.59 and a beta of 1.51.

New Fortress Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.40 annualized dividend and a dividend yield of 3.96%. New Fortress Energy’s payout ratio is 18.18%.

Insider Transactions at New Fortress Energy

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. American National Bank bought a new stake in New Fortress Energy in the 2nd quarter valued at $26,000. Benjamin F. Edwards & Company Inc. raised its position in New Fortress Energy by 563.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,387 shares of the company’s stock worth $42,000 after purchasing an additional 1,178 shares in the last quarter. Quarry LP lifted its stake in New Fortress Energy by 125.7% during the second quarter. Quarry LP now owns 2,250 shares of the company’s stock worth $49,000 after purchasing an additional 1,253 shares during the period. Meeder Asset Management Inc. acquired a new stake in New Fortress Energy during the first quarter valued at approximately $95,000. Finally, Kapitalo Investimentos Ltda acquired a new stake in New Fortress Energy during the fourth quarter valued at approximately $119,000. 58.61% of the stock is currently owned by institutional investors and hedge funds.

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.

See Also