New Fortress Energy (NASDAQ:NFE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.
According to Zacks, “New Fortress Energy LLC operates as an integrated gas-to-power company. It develops, finances and constructs energy infrastructure assets. New Fortress Energy LLC is based in New York, United States. “
Separately, JMP Securities reduced their target price on shares of New Fortress Energy from $20.00 to $19.00 and set a “market outperform” rating on the stock in a research report on Thursday, May 16th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. New Fortress Energy presently has an average rating of “Buy” and a consensus target price of $19.43.
Shares of NASDAQ:NFE traded up $0.09 during trading on Thursday, reaching $11.73. 38,314 shares of the company were exchanged, compared to its average volume of 82,580. The business’s fifty day simple moving average is $11.51. New Fortress Energy has a 12-month low of $8.90 and a 12-month high of $16.11.
New Fortress Energy (NASDAQ:NFE) last issued its earnings results on Wednesday, May 15th. The company reported ($0.96) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.73). The firm had revenue of $29.95 million for the quarter, compared to analyst estimates of $50.71 million. On average, sell-side analysts expect that New Fortress Energy will post -0.87 EPS for the current fiscal year.
In other New Fortress Energy news, Director David J. Grain acquired 28,365 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were bought at an average cost of $12.65 per share, with a total value of $358,817.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Katherine Wanner acquired 2,100 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were acquired at an average cost of $12.15 per share, for a total transaction of $25,515.00. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 55,599 shares of company stock worth $694,772.
Hedge funds have recently modified their holdings of the stock. Emerald Mutual Fund Advisers Trust bought a new stake in New Fortress Energy during the first quarter valued at $9,129,000. Dean Capital Investments Management LLC bought a new stake in New Fortress Energy during the first quarter valued at $536,000. Federated Investors Inc. PA bought a new stake in New Fortress Energy during the first quarter valued at $13,194,000. Tortoise Index Solutions LLC purchased a new stake in New Fortress Energy during the first quarter valued at about $257,000. Finally, State Treasurer State of Michigan purchased a new stake in New Fortress Energy during the second quarter valued at about $1,862,000. 6.57% of the stock is currently owned by institutional investors.
About New Fortress Energy
New Fortress Energy LLC operates as an integrated gas-to-power company. The company's activities include natural gas procurement and liquefaction; provision of logistics and shipping services; development and operation of terminals; and conversion or development of natural gas-fired generation. It intends to serve power, transportation, and industrial users of natural gas and LNG.
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