Research Analysts Issue Forecasts for New Fortress Energy Inc.’s FY2024 Earnings (NASDAQ:NFE)

New Fortress Energy Inc. (NASDAQ:NFE) – Capital One Financial cut their FY2024 EPS estimates for shares of New Fortress Energy in a report released on Wednesday, October 2nd. Capital One Financial analyst W. Suki now anticipates that the company will post earnings per share of $0.45 for the year, down from their previous forecast of $0.72. The consensus estimate for New Fortress Energy’s current full-year earnings is $0.54 per share. Capital One Financial also issued estimates for New Fortress Energy’s Q4 2024 earnings at $0.08 EPS and FY2025 earnings at $0.91 EPS.

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

Several other equities research analysts have also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft restated a “sell” rating and issued a $7.60 price objective (down previously from $21.00) on shares of New Fortress Energy in a research report on Tuesday. BTIG Research lowered their price target on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Barclays decreased their price objective on shares of New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Morgan Stanley cut shares of 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. Finally, Stifel Nicolaus decreased their price objective on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $19.77.

New Fortress Energy Trading Up 1.0 %

Shares of NFE stock opened at $9.03 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.72 and a debt-to-equity ratio of 4.38. The company has a market capitalization of $1.85 billion, a P/E ratio of 4.10 and a beta of 1.52. New Fortress Energy has a 12-month low of $8.20 and a 12-month high of $40.04. The firm has a 50-day moving average price of $12.80 and a 200 day moving average price of $20.99.

New Fortress Energy Dividend Announcement

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

Insider Buying and Selling at New Fortress Energy

In related news, CEO Wesley R. Edens acquired 5,793,742 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were purchased at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the acquisition, the chief executive officer now directly owns 35,721,915 shares in the company, valued at $308,280,126.45. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 37.10% of the company’s stock.

Hedge Funds Weigh In On New Fortress Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. American National Bank acquired a new position in shares of New Fortress Energy in the second quarter valued at about $26,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of New Fortress Energy by 563.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,387 shares of the company’s stock valued at $42,000 after acquiring an additional 1,178 shares in the last quarter. Quarry LP grew its stake in shares of New Fortress Energy by 125.7% in the second quarter. Quarry LP now owns 2,250 shares of the company’s stock valued at $49,000 after acquiring an additional 1,253 shares in the last quarter. ORG Partners LLC grew its stake in shares of New Fortress Energy by 987.8% in the second quarter. ORG Partners LLC now owns 3,753 shares of the company’s stock valued at $77,000 after acquiring an additional 3,408 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in shares of New Fortress Energy in the first quarter valued at about $95,000. 58.61% of the stock is currently owned by institutional investors and hedge funds.

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.