Jefferies Financial Group Analysts Cut Earnings Estimates for New Fortress Energy Inc. (NASDAQ:NFE)

New Fortress Energy Inc. (NASDAQ:NFE – Get Rating) – Jefferies Financial Group dropped their Q2 2023 EPS estimates for New Fortress Energy in a report released on Tuesday, March 14th. Jefferies Financial Group analyst S. Burwell now anticipates that the company will post earnings per share of $1.22 for the quarter, down from their prior forecast of $1.39. The consensus estimate for New Fortress Energy’s current full-year earnings is $5.16 per share. Jefferies Financial Group also issued estimates for New Fortress Energy’s FY2023 earnings at $6.06 EPS.

NFE has been the topic of a number of other reports. Citigroup dropped their price target on shares of New Fortress Energy from $56.00 to $48.00 and set a “buy” rating on the stock in a research report on Friday, January 27th. Barclays reduced their price objective on shares of New Fortress Energy from $44.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Monday, March 6th. TheStreet downgraded shares of New Fortress Energy from a “b-” rating to a “c+” rating in a research report on Wednesday, November 23rd. BTIG Research upgraded shares of New Fortress Energy from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 31st. Finally, Stifel Nicolaus increased their price objective on shares of New Fortress Energy from $43.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday, March 7th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $56.10.

New Fortress Energy Stock Performance

NASDAQ NFE opened at $28.59 on Thursday. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 3.10. The company has a market capitalization of $5.97 billion, a P/E ratio of 31.42 and a beta of 1.64. New Fortress Energy has a 12-month low of $27.72 and a 12-month high of $63.06. The firm has a 50-day moving average price of $36.89 and a two-hundred day moving average price of $44.62.

New Fortress Energy (NASDAQ:NFE – Get Rating) last posted its quarterly earnings data on Tuesday, February 28th. The company reported $0.87 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.07). New Fortress Energy had a net margin of 8.21% and a return on equity of 33.30%. The company had revenue of $546.40 million during the quarter, compared to the consensus estimate of $714.51 million. During the same period in the prior year, the firm posted $1.14 earnings per share. The company’s revenue was down 15.7% compared to the same quarter last year.

New Fortress Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 28th. Shareholders of record on Friday, March 17th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date of this dividend is Thursday, March 16th. New Fortress Energy’s payout ratio is 329.67%.

Insider Activity

In other New Fortress Energy news, major shareholder Energy Transition Holdings Llc sold 6,900,000 shares of New Fortress Energy 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 approximately $1,164,506,583.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other New Fortress Energy news, major shareholder Energy Transition Holdings Llc sold 6,900,000 shares of the business’s 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 directly owns 25,559,846 shares of the company’s stock, valued at approximately $1,164,506,583.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Katherine Wanner bought 3,370 shares of the company’s stock in a transaction dated 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 completion of the acquisition, the director now owns 82,599 shares in the company, valued at approximately $3,451,812.21. The disclosure for this purchase can be found here. 37.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On New Fortress Energy

A number of large investors have recently bought and sold shares of NFE. Voya Investment Management LLC raised its position in New Fortress Energy by 14.3% in the fourth quarter. Voya Investment Management LLC now owns 22,835 shares of the company’s stock worth $969,000 after acquiring an additional 2,863 shares during the period. Alliancebernstein L.P. grew its stake in New Fortress Energy by 1.7% in the 4th quarter. Alliancebernstein L.P. now owns 20,268 shares of the company’s stock worth $860,000 after buying an additional 334 shares in the last quarter. FWL Investment Management LLC purchased a new position in New Fortress Energy in the 4th quarter worth approximately $203,000. Public Employees Retirement System of Ohio grew its stake in New Fortress Energy by 16.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 28,236 shares of the company’s stock worth $1,198,000 after buying an additional 4,056 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in shares of New Fortress Energy by 11.4% in the 4th quarter. MetLife Investment Management LLC now owns 3,330 shares of the company’s stock valued at $141,000 after purchasing an additional 341 shares in the last quarter. 50.16% of the stock is currently owned by institutional investors and hedge funds.

New Fortress Energy Company Profile

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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.