New Fortress Energy (NASDAQ:NFE) Sees Large Volume Increase

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New Fortress Energy LLC (NASDAQ:NFE) saw an uptick in trading volume on Thursday . 5,212 shares traded hands during mid-day trading, a decline of 96% from the previous session’s volume of 138,845 shares.The stock last traded at $14.94 and had previously closed at $14.23.

A number of research firms recently weighed in on NFE. Zacks Investment Research downgraded New Fortress Energy from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. JMP Securities decreased their price target on New Fortress Energy from $20.00 to $19.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 16th. Finally, Barclays restated a “hold” rating and issued a $15.00 price target on shares of New Fortress Energy in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $20.00.

The stock has a 50-day simple moving average of $12.03.

New Fortress Energy (NASDAQ:NFE) last posted its earnings results on Monday, August 12th. The company reported ($0.28) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.26) by ($0.02). The business had revenue of $39.77 million during the quarter, compared to the consensus estimate of $42.91 million. As a group, research analysts expect that New Fortress Energy LLC will post -0.87 earnings per share for the current fiscal year.

In related news, Director David J. Grain purchased 10,000 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was bought at an average cost of $11.40 per share, with a total value of $114,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John J. Mack purchased 9,786 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was bought at an average cost of $12.98 per share, with a total value of $127,022.28. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 55,599 shares of company stock worth $694,772.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Schroder Investment Management Group acquired a new position in New Fortress Energy in the second quarter valued at $18,789,000. Price T Rowe Associates Inc. MD increased its stake in New Fortress Energy by 0.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 1,200,279 shares of the company’s stock valued at $14,055,000 after purchasing an additional 3,384 shares during the last quarter. Federated Investors Inc. PA acquired a new position in New Fortress Energy in the first quarter valued at $13,194,000. Emerald Mutual Fund Advisers Trust acquired a new position in New Fortress Energy in the first quarter valued at $9,129,000. Finally, State Treasurer State of Michigan acquired a new position in New Fortress Energy in the second quarter valued at $1,862,000. 6.69% of the stock is owned by institutional investors.

About New Fortress Energy (NASDAQ:NFE)

New Fortress Energy LLC operates as an integrated gas-to-power company. The company's activities include natural gas procurement and liquefaction; provision of logistics and shipping services; development and operation of terminals; and conversion or development of natural gas-fired generation. It intends to serve power, transportation, and industrial users of natural gas and LNG.

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