New Fortress Energy (NASDAQ:NFE) Stock Price Down 13% After Analyst Downgrade

New Fortress Energy Inc. (NASDAQ:NFE) was down 13% during mid-day trading on Thursday after Citigroup lowered their price target on the stock from $34.00 to $8.00. Citigroup currently has a buy rating on the stock. New Fortress Energy traded as low as $5.92 and last traded at $5.81. Approximately 2,150,321 shares were traded during trading, a decline of 53% from the average daily volume of 4,573,194 shares. The stock had previously closed at $6.68.

A number of other research firms have also recently issued reports on NFE. Morgan Stanley cut their price objective on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft set a $8.00 target price on New Fortress Energy in a research note on Wednesday, March 12th. Finally, Stifel Nicolaus decreased their price target on shares of New Fortress Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $13.83.

Insider Buying and Selling

In other news, CFO Christopher S. Guinta bought 5,000 shares of the company’s stock in a transaction dated Thursday, March 13th. The stock was bought at an average cost of $8.57 per share, for a total transaction of $42,850.00. Following the completion of the acquisition, the chief financial officer now owns 206,653 shares in the company, valued at approximately $1,771,016.21. This trade represents a 2.48 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 37.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Brandywine Global Investment Management LLC purchased a new position in New Fortress Energy during the 4th quarter valued at $19,618,000. Raymond James Financial Inc. purchased a new position in shares of New Fortress Energy during the fourth quarter valued at about $787,000. Huber Capital Management LLC raised its stake in New Fortress Energy by 44.9% in the fourth quarter. Huber Capital Management LLC now owns 1,231,644 shares of the company’s stock worth $18,622,000 after buying an additional 381,758 shares in the last quarter. Stifel Financial Corp purchased a new stake in New Fortress Energy in the third quarter worth about $990,000. Finally, Redwood Wealth Management Group LLC bought a new stake in New Fortress Energy during the 4th quarter valued at approximately $749,000. Institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Performance

The firm has a market capitalization of $1.59 billion, a P/E ratio of 6.38 and a beta of 1.52. The company has a 50-day simple moving average of $9.92 and a two-hundred day simple moving average of $11.02. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings results on Monday, March 3rd. The company reported $0.13 earnings per share 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 analyst estimates of $613.24 million. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%. As a group, equities analysts forecast that New Fortress Energy Inc. will post 0.36 EPS for the current year.

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.