New Fortress Energy (NFE) Issues Quarterly Earnings Results, Misses Expectations By $0.73 EPS

New Fortress Energy (NASDAQ:NFE) issued its quarterly earnings data on Wednesday. The company reported ($0.96) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.73), MarketWatch Earnings reports.

NFE opened at $11.34 on Thursday. New Fortress Energy has a 1 year low of $8.90 and a 1 year high of $16.11.

In related news, CEO Wesley R. Edens acquired 592,100 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was bought at an average price of $9.84 per share, for a total transaction of $5,826,264.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director David J. Grain acquired 4,500 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was bought at an average price of $11.29 per share, with a total value of $50,805.00. The disclosure for this purchase can be found here. Insiders acquired a total of 1,176,600 shares of company stock worth $11,590,069 in the last three months.

A hedge fund recently bought a new stake in New Fortress Energy stock. Morgan Stanley acquired a new stake in New Fortress Energy LLC (NASDAQ:NFE) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 2,474 shares of the company’s stock, valued at approximately $29,000. Institutional investors and hedge funds own 1.01% of the company’s stock.

NFE has been the topic of several research analyst reports. Morgan Stanley initiated coverage on New Fortress Energy in a research note on Monday, February 25th. They set an “overweight” rating and a $19.00 price objective on the stock. Barclays initiated coverage on New Fortress Energy in a research note on Monday, February 25th. They set an “equal weight” rating and a $16.00 price objective on the stock. Wolfe Research initiated coverage on New Fortress Energy in a research note on Thursday, February 21st. They issued an “outperform” rating and a $20.00 price target on the stock. Stifel Nicolaus initiated coverage on New Fortress Energy in a research note on Monday, February 25th. They issued a “buy” rating and a $27.00 price target on the stock. Finally, JMP Securities reissued a “buy” rating and issued a $20.00 price target on shares of New Fortress Energy in a research note on Wednesday, March 13th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $19.43.

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About New Fortress Energy

New Fortress Energy LLC operates as an integrated gas-to-power company. The company's activities include natural gas procurement and liquefaction; provision of logistics and shipping services; development and operation of terminals; and conversion or development of natural gas-fired generation. It intends to serve power, transportation, and industrial users of natural gas and LNG.

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