Analysts Set New Fortress Energy LLC (NASDAQ:NFE) Target Price at $7.88

Shares of New Fortress Energy LLC (NASDAQ:NFE) have been assigned an average rating of “Hold” from the nine brokerages that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $7.8750.

A number of brokerages have recently issued reports on NFE. Zacks Research upgraded New Fortress Energy to a “hold” rating in a report on Monday, August 11th. Johnson Rice cut New Fortress Energy from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $7.00 to $4.00 in a report on Wednesday, August 13th. BTIG Research cut New Fortress Energy from a “buy” rating to a “neutral” rating in a report on Thursday, June 26th. New Street Research set a $8.50 price objective on New Fortress Energy in a report on Monday, June 30th. Finally, Capital One Financial restated an “underweight” rating on shares of New Fortress Energy in a report on Monday, September 8th.

Institutional Investors Weigh In On New Fortress Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rubric Capital Management LP raised its position in New Fortress Energy by 0.3% during the second quarter. Rubric Capital Management LP now owns 24,400,000 shares of the company’s stock valued at $81,008,000 after purchasing an additional 61,325 shares in the last quarter. Vanguard Group Inc. raised its position in New Fortress Energy by 22.6% during the first quarter. Vanguard Group Inc. now owns 13,879,490 shares of the company’s stock valued at $115,339,000 after purchasing an additional 2,560,242 shares in the last quarter. Primecap Management Co. CA raised its position in New Fortress Energy by 0.7% during the second quarter. Primecap Management Co. CA now owns 13,132,578 shares of the company’s stock valued at $43,600,000 after purchasing an additional 90,180 shares in the last quarter. Geode Capital Management LLC raised its position in New Fortress Energy by 71.2% during the second quarter. Geode Capital Management LLC now owns 3,661,857 shares of the company’s stock valued at $12,159,000 after purchasing an additional 1,522,324 shares in the last quarter. Finally, Invesco Ltd. raised its position in New Fortress Energy by 5.5% during the first quarter. Invesco Ltd. now owns 3,465,478 shares of the company’s stock valued at $28,798,000 after purchasing an additional 180,824 shares in the last quarter. 58.61% of the stock is currently owned by institutional investors and hedge funds.

New Fortress Energy Trading Down 3.7%

New Fortress Energy stock opened at $1.31 on Friday. New Fortress Energy has a 52 week low of $1.26 and a 52 week high of $16.66. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.95 and a current ratio of 0.67. The stock has a market capitalization of $359.20 million, a P/E ratio of -0.34 and a beta of 0.99. The stock has a 50-day simple moving average of $2.92 and a 200 day simple moving average of $4.76.

New Fortress Energy (NASDAQ:NFE) last posted its quarterly earnings results on Saturday, September 13th. The company reported ($2.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.64) by ($1.38). New Fortress Energy had a negative return on equity of 22.72% and a negative net margin of 48.94%.During the same period in the prior year, the firm posted ($0.41) EPS. The firm’s revenue for the quarter was down 29.5% on a year-over-year basis. Analysts expect that New Fortress Energy will post 0.36 earnings per share for the current year.

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.