Q3 2024 Earnings Estimate for New Fortress Energy Inc. (NASDAQ:NFE) Issued By Capital One Financial

New Fortress Energy Inc. (NASDAQ:NFE) – Investment analysts at Capital One Financial cut their Q3 2024 earnings estimates for New Fortress Energy in a research report issued on Wednesday, October 2nd. Capital One Financial analyst W. Suki now expects that the company will post earnings per share of $0.11 for the quarter, down from their previous forecast of $0.12. The consensus estimate for New Fortress Energy’s current full-year earnings is $0.54 per share.

New Fortress Energy (NASDAQ:NFE) last released its earnings results on Friday, August 9th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). The business had revenue of $428.00 million for the quarter, compared to analysts’ expectations of $465.52 million. New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. New Fortress Energy’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.58 EPS.

NFE has been the topic of a number of other reports. Stifel Nicolaus reduced 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 note on Monday, August 12th. BTIG Research reduced their price target on shares of 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. Morgan Stanley cut New Fortress Energy from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $35.00 to $15.00 in a report on Thursday. Deutsche Bank Aktiengesellschaft reissued a “sell” rating and set a $7.60 target price (down previously from $21.00) on shares of New Fortress Energy in a research note on Tuesday. Finally, Barclays decreased their price target on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $19.77.

New Fortress Energy Trading Up 1.0 %

Shares of New Fortress Energy stock opened at $9.03 on Thursday. New Fortress Energy has a 1-year low of $8.20 and a 1-year high of $40.04. The company has a debt-to-equity ratio of 4.38, a current ratio of 0.72 and a quick ratio of 0.63. The stock has a market cap of $1.85 billion, a P/E ratio of 4.04 and a beta of 1.52. The stock’s 50 day simple moving average is $13.02 and its 200-day simple moving average is $21.08.

Hedge Funds Weigh In On New Fortress Energy

Several hedge funds have recently added to or reduced their stakes in the stock. Electron Capital Partners LLC increased its position in shares of New Fortress Energy by 9.4% during the fourth quarter. Electron Capital Partners LLC now owns 1,322,340 shares of the company’s stock worth $49,892,000 after purchasing an additional 113,835 shares in the last quarter. Nomura Holdings Inc. acquired a new position in New Fortress Energy during the fourth quarter worth approximately $4,207,000. Capstone Investment Advisors LLC purchased a new stake in New Fortress Energy in the first quarter valued at approximately $468,000. M&G Plc boosted its holdings in shares of New Fortress Energy by 52.6% in the second quarter. M&G Plc now owns 2,537,712 shares of the company’s stock valued at $55,830,000 after acquiring an additional 874,210 shares during the period. Finally, SG Americas Securities LLC purchased a new position in shares of New Fortress Energy during the second quarter worth approximately $2,855,000. 58.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Wesley R. Edens purchased 5,793,742 shares of the stock in a transaction on Tuesday, October 1st. The stock was bought at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the acquisition, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 37.10% of the company’s stock.

New Fortress Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 4.43%. The ex-dividend date was Friday, September 13th. New Fortress Energy’s payout ratio is presently 18.18%.

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.