New Fortress Energy (NASDAQ:NFE) Shares Down 6.9% - Time to Sell?

New Fortress Energy Inc. (NASDAQ:NFE - Get Free Report) dropped 6.9% during mid-day trading on Tuesday . The company traded as low as $8.92 and last traded at $8.98. Approximately 3,477,539 shares traded hands during trading, an increase of 28% from the average daily volume of 2,710,227 shares. The stock had previously closed at $9.65.

Analysts Set New Price Targets

A number of research analysts have recently commented on NFE shares. Morgan Stanley cut 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, October 3rd. BTIG Research reduced 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. Barclays reduced their price target on shares of New Fortress Energy from $27.00 to $19.00 and set an "equal weight" rating for the company in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft reissued a "sell" rating and issued a $7.60 price target (down previously from $21.00) on shares of New Fortress Energy in a report on Tuesday, October 1st. Finally, Stifel Nicolaus decreased their target price on shares of New Fortress Energy from $40.00 to $17.00 and set a "buy" rating on the stock in a research report on Monday, August 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, New Fortress Energy presently has an average rating of "Hold" and an average target price of $19.77.

New Fortress Energy Stock Down 5.1 %

The company has a quick ratio of 0.63, a current ratio of 0.72 and a debt-to-equity ratio of 4.38. The company's fifty day moving average price is $11.49 and its 200-day moving average price is $19.85. The stock has a market capitalization of $1.88 billion, a PE ratio of 4.08 and a beta of 1.51.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.50). The company had revenue of $428.00 million for the quarter, compared to the consensus estimate of $465.52 million. New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. New Fortress Energy's revenue was down 23.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.58 earnings per share. Analysts forecast that New Fortress Energy Inc. will post 0.41 earnings per share for the current year.

New Fortress Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date was Friday, September 13th. New Fortress Energy's payout ratio is 18.18%.

Insider Activity at New Fortress Energy

In related news, CEO Wesley R. Edens purchased 5,793,742 shares of New Fortress Energy stock in a transaction dated Tuesday, October 1st. The stock was purchased at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the purchase, the chief executive officer now directly owns 35,721,915 shares of the company's stock, valued at $308,280,126.45. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 37.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On New Fortress Energy

Several institutional investors have recently made changes to their positions in NFE. American National Bank bought a new position in New Fortress Energy in the 2nd quarter worth $26,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of New Fortress Energy by 563.6% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,387 shares of the company's stock valued at $42,000 after buying an additional 1,178 shares in the last quarter. Quarry LP grew its stake in shares of New Fortress Energy by 125.7% during the 2nd quarter. Quarry LP now owns 2,250 shares of the company's stock valued at $49,000 after acquiring an additional 1,253 shares during the period. Meeder Asset Management Inc. bought a new position in shares of New Fortress Energy during the 1st quarter valued at approximately $95,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in New Fortress Energy in the 4th quarter worth approximately $119,000. Institutional investors own 58.61% of the company's stock.

About New Fortress Energy

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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