Q3 2024 EPS Estimates for New Fortress Energy Inc. Lowered by Analyst (NASDAQ:NFE)

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

Other research analysts have also recently issued reports about the stock. Morgan Stanley cut 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. Stifel Nicolaus cut their target price on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft restated a “sell” rating and issued a $7.60 price target (down from $21.00) on shares of New Fortress Energy in a research note on Tuesday. BTIG Research cut their price objective on 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. Finally, Barclays decreased their target price on shares of New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. One research 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. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $19.77.

New Fortress Energy Stock Up 1.0 %

NFE stock opened at $9.03 on Thursday. The stock has a market capitalization of $1.85 billion, a PE ratio of 4.04 and a beta of 1.52. The company has a fifty day moving average of $13.02 and a 200-day moving average of $21.08. The company has a debt-to-equity ratio of 4.38, a quick ratio of 0.63 and a current ratio of 0.72. New Fortress Energy has a one year low of $8.20 and a one year high of $40.04.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.50). The company had revenue of $428.00 million for the quarter, compared to analyst estimates 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 revenue for the quarter was down 23.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.58 earnings per share.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NFE. Capital World Investors raised its stake in New Fortress Energy by 1.5% in the 1st quarter. Capital World Investors now owns 15,182,319 shares of the company’s stock valued at $464,427,000 after purchasing an additional 217,697 shares during the last quarter. William Blair Investment Management LLC raised 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 during the last quarter. Primecap Management Co. CA lifted its stake in shares of New Fortress Energy by 73.9% during the second quarter. Primecap Management Co. CA now owns 8,026,130 shares of the company’s stock valued at $176,414,000 after buying an additional 3,410,630 shares during the period. Encompass Capital Advisors LLC boosted its position in New Fortress Energy by 9.0% during the second quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock worth $105,445,000 after acquiring an additional 395,740 shares during 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 worth $70,163,000 after acquiring an additional 619,621 shares during the period. 58.61% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other New Fortress Energy news, CEO Wesley R. Edens acquired 5,793,742 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were purchased at an average cost of $8.63 per share, with a total value of $49,999,993.46. Following the purchase, the chief executive officer now owns 35,721,915 shares in the company, valued at $308,280,126.45. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 37.10% of the stock is owned by company insiders.

New Fortress Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.40 annualized dividend and a yield of 4.43%. New Fortress Energy’s dividend 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.