New Fortress Energy (NASDAQ:NFE) Shares Gap Down to $42.42

New Fortress Energy Inc. (NASDAQ:NFEGet Rating) gapped down before the market opened on Tuesday . The stock had previously closed at $42.42, but opened at $39.54. New Fortress Energy shares last traded at $38.67, with a volume of 7,644 shares traded.

Analysts Set New Price Targets

Several brokerages recently issued reports on NFE. Jefferies Financial Group initiated coverage on New Fortress Energy in a research note on Wednesday, October 19th. They issued a “buy” rating and a $65.00 price target for the company. Evercore ISI upped their price target on New Fortress Energy to $74.00 in a report on Tuesday, November 15th. Barclays upped their price objective on New Fortress Energy from $48.00 to $53.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 16th. Finally, TheStreet downgraded New Fortress Energy from a “b-” rating to a “c+” rating in a research report on Wednesday, November 23rd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, New Fortress Energy presently has an average rating of “Moderate Buy” and a consensus target price of $62.50.

New Fortress Energy Stock Up 1.3 %

The firm has a market capitalization of $7.12 billion, a PE ratio of 25.32 and a beta of 1.66. The company has a fifty day simple moving average of $44.19 and a two-hundred day simple moving average of $48.16. The company has a debt-to-equity ratio of 2.20, a quick ratio of 1.72 and a current ratio of 1.83.

New Fortress Energy (NASDAQ:NFEGet Rating) last released its quarterly earnings results on Tuesday, November 8th. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.58). New Fortress Energy had a return on equity of 33.81% and a net margin of 11.38%. The company had revenue of $731.93 million during the quarter, compared to the consensus estimate of $741.10 million. Analysts forecast that New Fortress Energy Inc. will post 3.21 EPS for the current fiscal year.

New Fortress Energy Increases Dividend

The firm also recently declared a Special dividend, which was paid on Friday, January 13th. Shareholders of record on Wednesday, January 4th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, January 3rd. This represents a yield of 24.55%. This is an increase from New Fortress Energy’s previous Special dividend of $0.10. New Fortress Energy’s dividend payout ratio is currently 902.26%.

Insider Activity

In other news, major shareholder Energy Transition Holdings Llc sold 6,900,000 shares of the company’s stock in a transaction on Monday, December 19th. The shares were sold at an average price of $45.56, for a total transaction of $314,364,000.00. Following the completion of the sale, the insider now owns 25,559,846 shares of the company’s stock, valued at $1,164,506,583.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Energy Transition Holdings Llc sold 6,900,000 shares of the stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $45.56, for a total transaction of $314,364,000.00. Following the sale, the insider now owns 25,559,846 shares of the company’s stock, valued at $1,164,506,583.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Katherine Wanner bought 3,370 shares of New Fortress Energy stock in a transaction that occurred on Thursday, December 22nd. The stock was purchased at an average cost of $41.79 per share, for a total transaction of $140,832.30. Following the acquisition, the director now owns 82,599 shares of the company’s stock, valued at $3,451,812.21. The disclosure for this purchase can be found here. Company insiders own 37.70% of the company’s stock.

Institutional Trading of New Fortress Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NFE. Northwestern Mutual Wealth Management Co. purchased a new position in New Fortress Energy during the 2nd quarter worth $25,000. Denali Advisors LLC raised its holdings in shares of New Fortress Energy by 84.8% in the third quarter. Denali Advisors LLC now owns 608 shares of the company’s stock valued at $27,000 after buying an additional 279 shares during the last quarter. American International Group Inc. raised its holdings in shares of New Fortress Energy by 49.5% in the second quarter. American International Group Inc. now owns 752 shares of the company’s stock valued at $30,000 after buying an additional 249 shares during the last quarter. Wagner Wealth Management LLC purchased a new stake in shares of New Fortress Energy in the second quarter valued at about $32,000. Finally, IFP Advisors Inc raised its holdings in shares of New Fortress Energy by 14.2% in the third quarter. IFP Advisors Inc now owns 3,346 shares of the company’s stock valued at $42,000 after buying an additional 416 shares during the last quarter. Institutional investors and hedge funds own 50.16% of the company’s stock.

New Fortress Energy Company Profile

(Get Rating)

New Fortress Energy, Inc is a holding company engaged in the management of integrated gas-to-power energy infrastructure. It funds, builds, and operates natural gas infrastructure and logistics to deliver energy solutions. The company was founded by Wesley Robert Edens on February 25, 2014 and is headquartered in New York, NY.

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