New Fortress Energy (NASDAQ:NFE) Shares Down 7.2% on Analyst Downgrade

New Fortress Energy Inc. (NASDAQ:NFE)’s share price was down 7.2% on Tuesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $33.00 to $26.00. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. New Fortress Energy traded as low as $23.72 and last traded at $23.80. Approximately 867,867 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 1,693,862 shares. The stock had previously closed at $25.64.

A number of other research analysts also recently weighed in on NFE. Barclays lowered their price target on New Fortress Energy from $32.00 to $27.00 and set an “equal weight” rating on the stock in a report on Monday, May 6th. Stifel Nicolaus reduced their price target on shares of New Fortress Energy from $45.00 to $43.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Capital World Investors increased its holdings in shares of New Fortress Energy by 1.5% during the 1st quarter. Capital World Investors now owns 15,182,319 shares of the company’s stock worth $464,427,000 after purchasing an additional 217,697 shares during the period. William Blair Investment Management LLC lifted 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 worth $272,748,000 after acquiring an additional 2,111,360 shares during the period. Vanguard Group Inc. lifted its position in shares of New Fortress Energy by 41.4% in the 3rd quarter. Vanguard Group Inc. now owns 8,481,836 shares of the company’s stock worth $278,035,000 after acquiring an additional 2,482,627 shares during the period. Primecap Management Co. CA lifted its position in shares of New Fortress Energy by 553.0% in the 4th quarter. Primecap Management Co. CA now owns 3,438,300 shares of the company’s stock worth $129,727,000 after acquiring an additional 2,911,800 shares during the period. Finally, M&G Plc lifted its position in shares of New Fortress Energy by 52.6% in the 2nd quarter. M&G Plc now owns 2,537,712 shares of the company’s stock worth $55,830,000 after acquiring an additional 874,210 shares during the period. Institutional investors own 58.61% of the company’s stock.

New Fortress Energy Price Performance

The stock has a 50-day simple moving average of $23.07 and a 200 day simple moving average of $28.25. The company has a debt-to-equity ratio of 3.74, a quick ratio of 0.54 and a current ratio of 0.66. The company has a market cap of $4.58 billion, a P/E ratio of 10.32 and a beta of 1.49.

New Fortress Energy (NASDAQ:NFE) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. The firm had revenue of $690.30 million for the quarter, compared to analyst estimates of $602.41 million. New Fortress Energy had a net margin of 17.90% and a return on equity of 31.34%. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 EPS. On average, equities analysts expect that New Fortress Energy Inc. will post 1.99 EPS for the current year.

New Fortress Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Saturday, June 15th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date was Friday, June 14th. New Fortress Energy’s dividend payout ratio is 18.18%.

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.