New Fortress Energy (NASDAQ:NFE) Trading Up 8% Following Better-Than-Expected Earnings

New Fortress Energy Inc. (NASDAQ:NFE)’s share price shot up 8% during trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $9.66 and last traded at $9.76. 5,518,997 shares were traded during mid-day trading, an increase of 27% from the average session volume of 4,343,521 shares. The stock had previously closed at $9.04.

The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. The company had revenue of $679.00 million during the quarter, compared to analyst estimates of $613.24 million. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 target price on the stock in a research note on Wednesday, December 4th. Morgan Stanley cut their price target on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, Stifel Nicolaus decreased their price objective on shares of New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.60.

Hedge Funds Weigh In On New Fortress Energy

A number of institutional investors have recently added to or reduced their stakes in the company. Capital World Investors increased its stake in shares of New Fortress Energy by 87.9% in the 4th quarter. Capital World Investors now owns 19,925,022 shares of the company’s stock worth $301,266,000 after acquiring an additional 9,319,985 shares in the last quarter. William Blair Investment Management LLC grew its holdings in New Fortress Energy by 40.8% in the fourth quarter. William Blair Investment Management LLC now owns 15,567,055 shares of the company’s stock worth $235,374,000 after purchasing an additional 4,509,177 shares during the period. Primecap Management Co. CA grew its holdings in New Fortress Energy by 13.6% in the fourth quarter. Primecap Management Co. CA now owns 13,096,998 shares of the company’s stock worth $198,027,000 after purchasing an additional 1,564,893 shares during the period. Vanguard Group Inc. increased its stake in shares of New Fortress Energy by 31.8% during the fourth quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company’s stock valued at $171,147,000 after purchasing an additional 2,728,191 shares in the last quarter. Finally, Hood River Capital Management LLC purchased a new position in shares of New Fortress Energy during the fourth quarter valued at approximately $155,023,000. Institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Performance

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 stock has a market capitalization of $2.65 billion, a P/E ratio of 10.71 and a beta of 1.49. The business has a 50-day moving average price of $13.75 and a 200 day moving average price of $11.63.

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.