New Fortress Energy (NASDAQ:NFE) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of New Fortress Energy (NASDAQ:NFE) from a hold rating to a sell rating in a research note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “New Fortress Energy LLC operates as an integrated gas-to-power company. It develops, finances and constructs energy infrastructure assets. New Fortress Energy LLC is based in New York, United States. “

Other equities analysts have also recently issued reports about the stock. Barclays set a $54.00 price objective on shares of Lennar and gave the stock a buy rating in a research note on Thursday, March 28th. JMP Securities dropped their price objective on shares of New Fortress Energy from $20.00 to $19.00 and set a market outperform rating for the company in a research note on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $19.43.

NFE opened at $12.45 on Thursday. The company’s fifty day moving average is $10.97. New Fortress Energy has a fifty-two week low of $8.90 and a fifty-two week high of $16.11.

New Fortress Energy (NASDAQ:NFE) last posted its earnings results on Wednesday, May 15th. The company reported ($0.96) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.73). The company had revenue of $29.95 million for the quarter, compared to the consensus estimate of $50.71 million. As a group, equities analysts predict that New Fortress Energy will post -0.87 EPS for the current fiscal year.

In other news, Director David J. Grain bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was purchased at an average cost of $11.40 per share, for a total transaction of $114,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David J. Grain bought 28,365 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was purchased at an average price of $12.65 per share, with a total value of $358,817.25. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 55,599 shares of company stock worth $694,772.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tortoise Index Solutions LLC acquired a new stake in shares of New Fortress Energy in the first quarter valued at about $257,000. Dean Capital Investments Management LLC purchased a new position in New Fortress Energy during the first quarter worth about $536,000. Emerald Mutual Fund Advisers Trust purchased a new position in New Fortress Energy during the first quarter worth about $9,129,000. Finally, Federated Investors Inc. PA purchased a new position in New Fortress Energy during the first quarter worth about $13,194,000. Hedge funds and other institutional investors own 6.57% of the company’s stock.

About New Fortress Energy

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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