New Fortress Energy (NASDAQ:NFE) Shares Gap Down – Should You Sell?

New Fortress Energy Inc. (NASDAQ:NFE) shares gapped down prior to trading on Monday . The stock had previously closed at $9.36, but opened at $9.13. New Fortress Energy shares last traded at $8.98, with a volume of 906,722 shares traded.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NFE shares. Deutsche Bank Aktiengesellschaft reissued a “sell” rating and issued a $7.60 price target (down previously from $21.00) on shares of New Fortress Energy in a report on Tuesday, October 1st. Stifel Nicolaus decreased their target price on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, August 12th. BTIG Research dropped their price target on 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. Morgan Stanley cut New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $35.00 to $15.00 in a report on Thursday, October 3rd. Finally, Barclays lowered their target price on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, New Fortress Energy currently has an average rating of “Hold” and an average price target of $19.77.

New Fortress Energy Trading Down 5.1 %

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 capitalization of $1.88 billion, a P/E ratio of 4.16 and a beta of 1.51. The business has a fifty day moving average price of $11.35 and a 200 day moving average price of $19.69.

New Fortress Energy (NASDAQ:NFE) last released its earnings results on Friday, August 9th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.50). The firm had revenue of $428.00 million during the quarter, compared to the consensus estimate of $465.52 million. New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The company’s revenue was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.58 EPS. On average, analysts expect that New Fortress Energy Inc. will post 0.41 earnings per share for the current fiscal year.

New Fortress Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date was Friday, September 13th. New Fortress Energy’s dividend payout ratio (DPR) is currently 18.18%.

Insider Buying and Selling at New Fortress Energy

In other New Fortress Energy news, CEO Wesley R. Edens acquired 5,793,742 shares of New Fortress Energy stock in a transaction dated Tuesday, October 1st. The stock was bought at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the purchase, 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 37.10% of the company’s stock.

Institutional Investors Weigh In On New Fortress Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Primecap Management Co. CA increased its holdings in New Fortress Energy by 73.9% during the second quarter. Primecap Management Co. CA now owns 8,026,130 shares of the company’s stock worth $176,414,000 after buying an additional 3,410,630 shares during the last quarter. William Blair Investment Management LLC grew its position in shares of New Fortress Energy by 31.0% in the 1st quarter. William Blair Investment Management LLC now owns 8,916,242 shares of the company’s stock valued at $272,748,000 after acquiring an additional 2,111,360 shares during the period. M&G Plc acquired a new position in shares of New Fortress Energy during the 1st quarter worth about $51,569,000. Kailix Advisors LLC raised its holdings in shares of New Fortress Energy by 83.6% in the 1st quarter. Kailix Advisors LLC now owns 1,969,453 shares of the company’s stock valued at $60,246,000 after purchasing an additional 896,671 shares during the period. Finally, HITE Hedge Asset Management LLC lifted its stake in New Fortress Energy by 24.1% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock valued at $70,163,000 after purchasing an additional 619,621 shares during the last quarter. Institutional investors own 58.61% of the company’s stock.

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.