Citigroup Cuts New Fortress Energy (NASDAQ:NFE) Price Target to $8.00

New Fortress Energy (NASDAQ:NFE) had its target price dropped by Citigroup from $34.00 to $8.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 46.92% from the stock’s previous close.

A number of other brokerages have also recently issued reports on NFE. Morgan Stanley decreased their price objective on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft set a $8.00 price target on shares of New Fortress Energy in a research report on Wednesday, March 12th. Finally, Stifel Nicolaus lowered 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 research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, New Fortress Energy has a consensus rating of “Moderate Buy” and a consensus price target of $13.83.

New Fortress Energy Trading Up 0.5 %

Shares of NFE stock traded up $0.03 during trading hours on Wednesday, reaching $5.45. The company had a trading volume of 1,690,603 shares, compared to its average volume of 4,523,625. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. New Fortress Energy has a 1-year low of $4.80 and a 1-year high of $30.19. The company has a 50 day moving average of $10.44 and a 200 day moving average of $11.10. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 5.94 and a beta of 1.52.

New Fortress Energy (NASDAQ:NFE) last released its earnings results on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.07. The firm had revenue of $679.00 million for the quarter, compared to analyst estimates of $613.24 million. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%. On average, equities research analysts anticipate that New Fortress Energy will post 0.36 EPS for the current year.

Insider Activity at New Fortress Energy

In other New Fortress Energy news, CFO Christopher S. Guinta acquired 5,000 shares of the stock in a transaction dated Thursday, March 13th. The shares were bought at an average cost of $8.57 per share, for a total transaction of $42,850.00. Following the completion of the acquisition, the chief financial officer now directly owns 206,653 shares of the company’s stock, valued at approximately $1,771,016.21. This trade represents a 2.48 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 37.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On New Fortress Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hardin Capital Partners LLC acquired a new stake in shares of New Fortress Energy in the first quarter valued at about $83,000. Rhumbline Advisers increased its position in shares of New Fortress Energy by 3.7% during the 1st quarter. Rhumbline Advisers now owns 101,283 shares of the company’s stock worth $842,000 after purchasing an additional 3,653 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of New Fortress Energy by 343.8% during the 1st quarter. GAMMA Investing LLC now owns 17,601 shares of the company’s stock worth $146,000 after purchasing an additional 13,635 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of New Fortress Energy by 58.4% in the 4th quarter. California State Teachers Retirement System now owns 92,604 shares of the company’s stock valued at $1,400,000 after buying an additional 34,142 shares during the last quarter. Finally, American Assets Investment Management LLC grew its stake in shares of New Fortress Energy by 64.8% in the fourth quarter. American Assets Investment Management LLC now owns 188,012 shares of the company’s stock valued at $2,843,000 after buying an additional 73,947 shares in the last quarter. 58.61% of the stock is owned by institutional investors.

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.