New Fortress Energy (NASDAQ:NFE) Downgraded by Morgan Stanley

New Fortress Energy (NASDAQ:NFE) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Thursday, FinViz reports. They presently have a $15.00 price target on the stock, down from their prior price target of $35.00. Morgan Stanley’s target price suggests a potential upside of 67.79% from the company’s previous close.

NFE has been the topic of a number of other research reports. Stifel Nicolaus lowered their price objective on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft reiterated a “sell” rating and set a $7.60 price target (down previously from $21.00) on shares of New Fortress Energy in a report on Tuesday. BTIG Research reduced their price objective on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Finally, 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. One research 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. According to MarketBeat, New Fortress Energy currently has a consensus rating of “Hold” and an average target price of $19.77.

New Fortress Energy Price Performance

NASDAQ NFE opened at $8.94 on Thursday. 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 capitalization of $1.83 billion, a PE ratio of 4.06 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 company has a 50 day moving average price of $13.02 and a two-hundred day moving average price of $21.08.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings data 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). The business had revenue of $428.00 million during the quarter, compared to analyst estimates of $465.52 million. New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The firm’s revenue for the quarter was down 23.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.58 EPS. As a group, equities analysts predict that New Fortress Energy will post 0.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. X Square Capital LLC grew its position in New Fortress Energy by 0.6% during the second quarter. X Square Capital LLC now owns 137,396 shares of the company’s stock worth $3,020,000 after buying an additional 781 shares in the last quarter. Maryland State Retirement & Pension System grew its holdings in shares of New Fortress Energy by 1.5% during the 1st quarter. Maryland State Retirement & Pension System now owns 59,765 shares of the company’s stock worth $1,828,000 after purchasing an additional 888 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of New Fortress Energy by 4.8% during the second quarter. Commonwealth Equity Services LLC now owns 21,719 shares of the company’s stock valued at $477,000 after purchasing an additional 999 shares during the period. Tidal Investments LLC increased its position in shares of New Fortress Energy by 10.9% during the first quarter. Tidal Investments LLC now owns 10,297 shares of the company’s stock valued at $315,000 after purchasing an additional 1,009 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in New Fortress Energy by 4.9% in the second quarter. The Manufacturers Life Insurance Company now owns 21,784 shares of the company’s stock worth $479,000 after purchasing an additional 1,024 shares during the period. Institutional investors own 58.61% of the company’s stock.

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.