New Fortress Energy (NASDAQ:NFE) Stock Rating Lowered by Morgan Stanley

New Fortress Energy (NASDAQ:NFE) was downgraded by equities researchers at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report issued on Thursday, MarketBeat reports. They presently have a $15.00 price target on the stock, down from their prior price target of $35.00. Morgan Stanley’s price objective indicates a potential upside of 48.66% from the company’s current price.

Several other analysts also recently commented on the stock. BTIG Research decreased their price objective 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. Barclays dropped their target price on shares of New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft restated a “sell” rating and set a $7.60 price objective (down previously from $21.00) on shares of New Fortress Energy in a research report on Tuesday. Finally, Stifel Nicolaus decreased 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. One investment 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $19.77.

New Fortress Energy Trading Up 11.7 %

New Fortress Energy stock opened at $10.09 on Thursday. The business has a 50-day simple moving average of $12.60 and a two-hundred day simple moving average of $20.85. New Fortress Energy has a 52-week low of $8.20 and a 52-week high of $40.04. 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 cap of $2.07 billion, a P/E ratio of 4.59 and a beta of 1.52.

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). New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The business had revenue of $428.00 million for the quarter, compared to analysts’ expectations of $465.52 million. During the same quarter in the prior year, the business earned $0.58 EPS. The company’s revenue was down 23.7% compared to the same quarter last year. Analysts predict that New Fortress Energy will post 0.54 EPS for the current year.

Insider Activity at New Fortress Energy

In related news, CEO Wesley R. Edens acquired 5,793,742 shares of the stock in a transaction on Tuesday, October 1st. The stock was bought at an average cost of $8.63 per share, with a total value of $49,999,993.46. Following the transaction, the chief executive officer now directly owns 35,721,915 shares in the company, valued at approximately $308,280,126.45. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 37.10% of the stock is owned by company insiders.

Institutional Trading of New Fortress Energy

Hedge funds have recently added to or reduced their stakes in the business. X Square Capital LLC lifted its stake in shares of New Fortress Energy by 0.6% during the 2nd quarter. X Square Capital LLC now owns 137,396 shares of the company’s stock worth $3,020,000 after purchasing an additional 781 shares during the last quarter. Maryland State Retirement & Pension System grew its position in shares of New Fortress Energy by 1.5% in the 1st quarter. Maryland State Retirement & Pension System now owns 59,765 shares of the company’s stock worth $1,828,000 after buying an additional 888 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in shares of New Fortress Energy by 4.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 21,719 shares of the company’s stock worth $477,000 after acquiring an additional 999 shares in the last quarter. Tidal Investments LLC lifted its position in 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 acquiring an additional 1,009 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake 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 valued at $479,000 after acquiring an additional 1,024 shares in the last quarter. 58.61% of the stock is owned by hedge funds and other institutional investors.

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.