New Fortress Energy (NASDAQ:NFE) Issues Earnings Results, Misses Expectations By $0.40 EPS

New Fortress Energy (NASDAQ:NFE) released its quarterly earnings results on Thursday. The company reported ($1.07) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.40), Briefing.com reports. New Fortress Energy had a negative net margin of 72.92% and a negative return on equity of 43.91%. The company had revenue of $327.37 million during the quarter, compared to the consensus estimate of $716.89 million. During the same quarter last year, the firm earned $0.03 EPS. The business’s revenue was down 42.3% on a year-over-year basis.

New Fortress Energy Stock Performance

Shares of NFE stock opened at $1.11 on Friday. The company has a market capitalization of $315.85 million, a price-to-earnings ratio of -0.29 and a beta of 1.11. The company has a debt-to-equity ratio of 2.08, a quick ratio of 0.15 and a current ratio of 0.17. New Fortress Energy has a one year low of $0.98 and a one year high of $16.66. The company’s 50-day moving average is $1.25 and its 200 day moving average is $2.16.

Institutional Investors Weigh In On New Fortress Energy

A number of institutional investors have recently made changes to their positions in NFE. Shay Capital LLC increased its holdings in shares of New Fortress Energy by 272.1% in the 3rd quarter. Shay Capital LLC now owns 5,675,000 shares of the company’s stock worth $12,542,000 after purchasing an additional 4,150,000 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of New Fortress Energy by 3,088.3% during the second quarter. AQR Capital Management LLC now owns 1,496,579 shares of the company’s stock valued at $4,692,000 after buying an additional 1,449,639 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of New Fortress Energy by 1,488.1% during the second quarter. BNP Paribas Financial Markets now owns 1,312,564 shares of the company’s stock valued at $4,358,000 after buying an additional 1,229,913 shares during the last quarter. Masters Capital Management LLC bought a new stake in New Fortress Energy in the 3rd quarter worth about $2,210,000. Finally, PDT Partners LLC raised its position in New Fortress Energy by 503.4% in the 2nd quarter. PDT Partners LLC now owns 972,741 shares of the company’s stock worth $3,230,000 after buying an additional 811,542 shares during the last quarter. Hedge funds and other institutional investors own 58.61% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on NFE. Weiss Ratings reaffirmed a “sell (d)” rating on shares of New Fortress Energy in a research note on Monday. Capital One Financial restated an “underweight” rating on shares of New Fortress Energy in a report on Monday, September 8th. Finally, Zacks Research lowered shares of New Fortress Energy from a “hold” rating to a “strong sell” rating in a research note on Monday, October 6th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $7.88.

New Fortress Energy Company Profile

New Fortress Energy is an integrated global energy infrastructure company focused on the development, construction and operation of natural gas-to-power projects and liquefied natural gas (LNG) terminals. The company sources LNG and delivers it via a network of floating storage and regasification units (FSRUs), onshore regasification terminals, and small-scale LNG carriers. By providing reliable natural gas supply solutions, New Fortress Energy aims to displace higher-carbon fuels in power generation, industrial and marine sectors.

The company’s core activities include the design, development and operation of FSRUs and onshore regasification terminals that convert cryogenic LNG back to gas for delivery into domestic transmission networks.