New Fortress Energy (NASDAQ:NFE) Shares Up 24.3% - Here's What Happened

Shares of New Fortress Energy Inc. (NASDAQ:NFE - Get Free Report) rose 24.3% during trading on Wednesday . The company traded as high as $6.64 and last traded at $6.74. Approximately 5,349,310 shares were traded during trading, an increase of 18% from the average daily volume of 4,540,044 shares. The stock had previously closed at $5.42.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NFE. Stifel Nicolaus decreased their target price on New Fortress Energy from $23.00 to $19.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft set a $8.00 price target on shares of New Fortress Energy in a report on Wednesday, March 12th. Citigroup decreased their target price on New Fortress Energy from $34.00 to $8.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Finally, Morgan Stanley lowered their price target on New Fortress Energy from $15.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $13.83.

New Fortress Energy Trading Down 3.6 %

The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38. The business's 50 day moving average price is $9.76 and its 200-day moving average price is $11.01. The company has a market cap of $1.56 billion, a price-to-earnings ratio of 6.25 and a beta of 1.52.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last issued its earnings results on Monday, March 3rd. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.06 by $0.07. The company had revenue of $679.00 million for the quarter, compared to the consensus estimate of $613.24 million. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. On average, research analysts forecast that New Fortress Energy Inc. will post 0.36 EPS for the current year.

Insider Buying and Selling at New Fortress Energy

In other news, CFO Christopher S. Guinta purchased 5,000 shares of the business's stock in a transaction dated Thursday, March 13th. The shares were acquired at an average price of $8.57 per share, with a total value of $42,850.00. Following the completion of the purchase, the chief financial officer now directly owns 206,653 shares of the company's stock, valued at $1,771,016.21. The trade was a 2.48 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 37.10% of the company's stock.

Institutional Investors Weigh In On New Fortress Energy

Institutional investors have recently modified their holdings of the business. Allworth Financial LP raised its position in shares of New Fortress Energy by 2,156.0% in the 4th quarter. Allworth Financial LP now owns 2,053 shares of the company's stock valued at $32,000 after acquiring an additional 1,962 shares during the period. GAMMA Investing LLC increased its position in shares of New Fortress Energy by 148.5% in the fourth quarter. GAMMA Investing LLC now owns 3,966 shares of the company's stock valued at $60,000 after acquiring an additional 2,370 shares during the last quarter. Quarry LP acquired a new position in shares of New Fortress Energy during the 4th quarter worth approximately $64,000. US Bancorp DE raised its position in New Fortress Energy by 31.5% during the fourth quarter. US Bancorp DE now owns 4,696 shares of the company's stock worth $71,000 after acquiring an additional 1,126 shares in the last quarter. Finally, Ancora Advisors LLC bought a new stake in shares of New Fortress Energy in the 4th quarter valued at about $91,000. Institutional investors and hedge funds 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.