FY2024 EPS Estimate for New Fortress Energy Cut by Analyst

New Fortress Energy Inc. (NASDAQ:NFE) – Capital One Financial cut their FY2024 earnings estimates for shares of New Fortress Energy in a research note issued on Tuesday, December 17th. Capital One Financial analyst W. Suki now expects that the company will post earnings of $0.40 per share for the year, down from their previous forecast of $0.59. The consensus estimate for New Fortress Energy’s current full-year earnings is $0.45 per share. Capital One Financial also issued estimates for New Fortress Energy’s Q4 2024 earnings at $0.09 EPS and FY2025 earnings at $0.82 EPS.

Other equities research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft raised shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price target for the company in a report on Wednesday, December 4th. BTIG Research cut their target price on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Finally, Morgan Stanley lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $35.00 to $15.00 in a research note on Thursday, October 3rd. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $20.33.

New Fortress Energy Stock Performance

NASDAQ NFE traded down $0.05 during mid-day trading on Thursday, reaching $11.49. 182,605 shares of the stock were exchanged, compared to its average volume of 3,187,939. New Fortress Energy has a 1 year low of $7.82 and a 1 year high of $39.26. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38. The business’s 50 day moving average is $9.94 and its 200-day moving average is $14.17. The company has a market capitalization of $2.89 billion, a P/E ratio of 12.63 and a beta of 1.60.

Institutional Trading of New Fortress Energy

A number of hedge funds and other institutional investors have recently modified their holdings of NFE. Primecap Management Co. CA lifted its holdings in New Fortress Energy by 43.7% in the third quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock valued at $104,827,000 after acquiring an additional 3,505,975 shares during the last quarter. American Assets Capital Advisers LLC lifted its stake in shares of New Fortress Energy by 105.7% in the 3rd quarter. American Assets Capital Advisers LLC now owns 1,555,767 shares of the company’s stock valued at $14,968,000 after purchasing an additional 799,280 shares during the last quarter. William Blair Investment Management LLC grew its holdings in shares of New Fortress Energy by 7.1% during the 2nd quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock worth $209,896,000 after purchasing an additional 633,170 shares during the period. HITE Hedge Asset Management LLC increased its position in shares of New Fortress Energy by 24.1% during the 2nd quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock worth $70,163,000 after purchasing an additional 619,621 shares during the last quarter. Finally, Encompass Capital Advisors LLC raised its holdings in New Fortress Energy by 9.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock valued at $105,445,000 after buying an additional 395,740 shares during the period. 58.61% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Wesley R. Edens acquired 5,793,742 shares of the stock in a transaction on Tuesday, October 1st. The shares were bought at an average price of $8.63 per share, with a total value of $49,999,993.46. Following the completion of the purchase, the chief executive officer now owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. This represents a 19.36 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 37.10% 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.