NFE FY2024 EPS Forecast Decreased by Capital One Financial

New Fortress Energy Inc. (NASDAQ:NFE - Free Report) - Equities research analysts at Capital One Financial dropped their FY2024 EPS estimates for shares of New Fortress Energy in a note issued to investors on Tuesday, December 17th. Capital One Financial analyst W. Suki now forecasts that the company will post earnings of $0.40 per share for the year, down from their previous estimate of $0.59. The consensus estimate for New Fortress Energy's current full-year earnings is $0.45 per share. Capital One Financial also issued estimates for New Fortress Energy's Q4 2024 earnings at $0.09 EPS and FY2025 earnings at $0.82 EPS.

Several other brokerages have also issued reports on NFE. Morgan Stanley cut New Fortress Energy from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $35.00 to $15.00 in a report on Thursday, October 3rd. BTIG Research decreased their target price on New Fortress Energy from $35.00 to $15.00 and set a "buy" rating on the stock in a research report on Friday, September 13th. Finally, Deutsche Bank Aktiengesellschaft raised New Fortress Energy from a "sell" rating to a "hold" rating and set a $11.00 target price for the company in a research note on Wednesday, December 4th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $20.33.

New Fortress Energy Price Performance

NFE traded down $0.19 during trading on Thursday, hitting $11.35. 5,140,978 shares of the stock traded hands, compared to its average volume of 3,208,828. The business has a 50 day moving average price of $9.94 and a 200 day moving average price of $14.17. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. New Fortress Energy has a twelve month low of $7.82 and a twelve month high of $39.26. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 12.47 and a beta of 1.60.

Insider Buying and Selling at New Fortress Energy

In other New Fortress Energy news, CEO Wesley R. Edens bought 5,793,742 shares of the firm's stock in a transaction that occurred on 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 purchase, the chief executive officer now directly owns 35,721,915 shares of the company's stock, valued at approximately $308,280,126.45. This trade represents a 19.36 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 37.10% of the company's stock.

Hedge Funds Weigh In On New Fortress Energy

Several institutional investors have recently added to or reduced their stakes in NFE. nVerses Capital LLC acquired a new position in shares of New Fortress Energy during the third quarter valued at about $25,000. American National Bank acquired a new position in New Fortress Energy during the 2nd quarter worth approximately $26,000. KBC Group NV raised its stake in New Fortress Energy by 116.9% during the 3rd quarter. KBC Group NV now owns 3,436 shares of the company's stock worth $31,000 after buying an additional 1,852 shares during the period. US Bancorp DE boosted its holdings in New Fortress Energy by 344.6% in the third quarter. US Bancorp DE now owns 3,570 shares of the company's stock worth $32,000 after acquiring an additional 2,767 shares in the last quarter. Finally, Signaturefd LLC grew its stake in New Fortress Energy by 409.1% in the third quarter. Signaturefd LLC now owns 4,124 shares of the company's stock valued at $37,000 after acquiring an additional 3,314 shares during the period. 58.61% of the stock is owned by institutional investors and hedge funds.

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.