New Fortress Energy (NASDAQ:NFE) Trading 8% Higher on Better-Than-Expected Earnings

Shares of New Fortress Energy Inc. (NASDAQ:NFE - Get Free Report) rose 8% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $9.66 and last traded at $9.76. Approximately 5,518,997 shares traded hands during trading, an increase of 27% from the average daily volume of 4,343,521 shares. The stock had previously closed at $9.04.

The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.07. The company had revenue of $679.00 million for the quarter, compared to analyst estimates of $613.24 million. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%.

Analyst Ratings Changes

NFE has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised New Fortress Energy from a "sell" rating to a "hold" rating and set a $11.00 price target on the stock in a research report on Wednesday, December 4th. Morgan Stanley cut their target price 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. Finally, Stifel Nicolaus cut their target price on New Fortress Energy from $23.00 to $19.00 and set a "buy" rating on the stock in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $15.60.

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Institutional Investors Weigh In On New Fortress Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Hood River Capital Management LLC purchased a new position in New Fortress Energy during the 4th quarter worth approximately $155,023,000. Capital World Investors grew its stake in New Fortress Energy by 87.9% during the 4th quarter. Capital World Investors now owns 19,925,022 shares of the company's stock worth $301,266,000 after buying an additional 9,319,985 shares during the last quarter. William Blair Investment Management LLC grew its stake in New Fortress Energy by 40.8% during the 4th quarter. William Blair Investment Management LLC now owns 15,567,055 shares of the company's stock worth $235,374,000 after buying an additional 4,509,177 shares during the last quarter. Primecap Management Co. CA grew its stake in New Fortress Energy by 43.7% during the 3rd quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company's stock worth $104,827,000 after buying an additional 3,505,975 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in New Fortress Energy by 31.8% during the 4th quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company's stock worth $171,147,000 after buying an additional 2,728,191 shares during the last quarter. Institutional investors and hedge funds own 58.61% of the company's stock.

New Fortress Energy Stock Up 1.9 %

The business has a 50 day moving average of $13.39 and a 200-day moving average of $11.55. The stock has a market cap of $2.69 billion, a PE ratio of 10.85 and a beta of 1.58. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06.

New Fortress Energy Company Profile

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.