New Fortress Energy (NASDAQ:NFE) Sees Large Volume Increase

New Fortress Energy LLC (NASDAQ:NFE) saw an uptick in trading volume on Thursday . 5,212 shares traded hands during trading, a decline of 96% from the previous session’s volume of 138,845 shares.The stock last traded at $14.94 and had previously closed at $14.23.

A number of brokerages recently commented on NFE. JMP Securities lowered their target price on 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 restated a “hold” rating and set a $15.00 target price on shares of New Fortress Energy in a report on Tuesday. Finally, Zacks Investment Research cut New Fortress Energy from a “hold” rating to a “sell” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $20.00.

The stock’s fifty day moving average price is $12.03.

New Fortress Energy (NASDAQ:NFE) last announced its earnings results on Monday, August 12th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). The company had revenue of $39.77 million during the quarter, compared to the consensus estimate of $42.91 million. As a group, research analysts anticipate that New Fortress Energy LLC will post -0.87 earnings per share for the current fiscal year.

In other New Fortress Energy news, Director David J. Grain bought 10,000 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were acquired at an average price of $11.40 per share, with a total value of $114,000.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Katherine Wanner bought 2,100 shares of the business’s stock in a transaction dated Friday, May 17th. The shares were acquired at an average cost of $12.15 per share, for a total transaction of $25,515.00. The disclosure for this purchase can be found here. Insiders acquired a total of 55,599 shares of company stock worth $694,772 in the last ninety days.

Several hedge funds and other institutional investors have recently modified their holdings of NFE. Schroder Investment Management Group acquired a new stake in shares of New Fortress Energy during the 2nd quarter worth about $18,789,000. Federated Investors Inc. PA acquired a new stake in shares of New Fortress Energy during the 1st quarter worth about $13,194,000. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of New Fortress Energy during the 1st quarter worth about $9,129,000. State Treasurer State of Michigan acquired a new stake in shares of New Fortress Energy during the 2nd quarter worth about $1,862,000. Finally, Dean Capital Investments Management LLC acquired a new position in New Fortress Energy during the first quarter worth approximately $536,000. 6.69% of the stock is currently owned by institutional investors and hedge funds.

New Fortress Energy Company Profile (NASDAQ:NFE)

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.

See Also: Equity Income

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