New Fortress Energy (NASDAQ:NFE) Sees Strong Trading Volume – Here’s What Happened

New Fortress Energy Inc. (NASDAQ:NFE) shares saw strong trading volume on Wednesday . 7,973,498 shares were traded during mid-day trading, an increase of 219% from the previous session’s volume of 2,497,892 shares.The stock last traded at $8.93 and had previously closed at $9.68.

Wall Street Analyst Weigh In

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

New Fortress Energy Stock Up 11.7 %

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 stock has a market cap of $2.07 billion, a PE ratio of 4.62 and a beta of 1.52. The firm has a fifty day moving average of $12.80 and a 200 day moving average of $20.99.

New Fortress Energy (NASDAQ:NFE) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.50). The company had revenue of $428.00 million during the quarter, compared to analysts’ expectations of $465.52 million. New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The business’s revenue for the quarter was down 23.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.58 earnings per share. On average, equities research analysts anticipate that New Fortress Energy Inc. will post 0.54 EPS for the current fiscal year.

New Fortress Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.96%. New Fortress Energy’s payout ratio is 18.18%.

Insiders Place Their Bets

In other news, CEO Wesley R. Edens acquired 5,793,742 shares of the business’s 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 transaction, the chief executive officer now owns 35,721,915 shares in the company, valued at $308,280,126.45. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 37.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On New Fortress Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capital World Investors raised its holdings in New Fortress Energy by 1.5% during the first quarter. Capital World Investors now owns 15,182,319 shares of the company’s stock worth $464,427,000 after purchasing an additional 217,697 shares during the last quarter. William Blair Investment Management LLC increased its position in shares of New Fortress Energy by 7.1% in the second quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock valued at $209,896,000 after buying an additional 633,170 shares in the last quarter. Primecap Management Co. CA raised its stake in shares of New Fortress Energy by 73.9% during the 2nd quarter. Primecap Management Co. CA now owns 8,026,130 shares of the company’s stock worth $176,414,000 after buying an additional 3,410,630 shares during the last quarter. Encompass Capital Advisors LLC boosted its position in shares of New Fortress Energy by 9.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock worth $105,445,000 after buying an additional 395,740 shares in the last quarter. Finally, HITE Hedge Asset Management LLC grew its stake in New Fortress Energy by 24.1% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock valued at $70,163,000 after acquiring an additional 619,621 shares during the last quarter. 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.