New Fortress Energy (NASDAQ:NFE) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of New Fortress Energy (NASDAQ:NFE) from a sell rating to a hold rating in a research report released on Thursday, Zacks.com reports.

According to Zacks, “New Fortress Energy LLC operates as an integrated gas-to-power company. It develops, finances and constructs energy infrastructure assets. New Fortress Energy LLC is based in New York, United States. “

Other equities analysts also recently issued reports about the stock. JMP Securities reduced their price objective on shares of New Fortress Energy from $20.00 to $19.00 and set a market outperform rating for the company in a report on Thursday, May 16th. Barclays set a $54.00 price objective on shares of Lennar and gave the stock a buy rating in a report on Thursday, March 28th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $19.43.

NASDAQ:NFE opened at $11.70 on Thursday. The stock’s 50-day simple moving average is $11.11. New Fortress Energy has a 52 week low of $8.90 and a 52 week high of $16.11.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings data on Wednesday, May 15th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.73). The firm had revenue of $29.95 million for the quarter, compared to the consensus estimate of $50.71 million. On average, research analysts anticipate that New Fortress Energy will post -0.87 earnings per share for the current fiscal year.

In other news, Director David J. Grain bought 28,365 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was acquired at an average price of $12.65 per share, for a total transaction of $358,817.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David J. Grain bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The shares were purchased at an average price of $11.40 per share, with a total value of $114,000.00. The disclosure for this purchase can be found here. Insiders have bought a total of 55,599 shares of company stock valued at $694,772 over the last ninety days.

Institutional investors have recently made changes to their positions in the stock. Tortoise Index Solutions LLC acquired a new stake in shares of New Fortress Energy during the 1st quarter worth about $257,000. Dean Capital Investments Management LLC acquired a new stake in New Fortress Energy in the 1st quarter valued at about $536,000. Emerald Mutual Fund Advisers Trust acquired a new stake in New Fortress Energy in the 1st quarter valued at about $9,129,000. Finally, Federated Investors Inc. PA acquired a new stake in New Fortress Energy in the 1st quarter valued at about $13,194,000. Institutional investors and hedge funds own 6.57% of the company’s stock.

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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