New Fortress Energy (NASDAQ:NFE) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen downgraded shares of New Fortress Energy (NASDAQ:NFE) from a sell rating to a strong sell rating in a report released on Saturday morning.

A number of other brokerages also recently issued reports on NFE. Weiss Ratings restated a “sell (d)” rating on shares of New Fortress Energy in a research report on Monday, December 29th. Zacks Research upgraded New Fortress Energy from a “strong sell” rating to a “hold” rating in a report on Friday, January 23rd. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.83.

New Fortress Energy Stock Down 3.1%

Shares of NASDAQ NFE opened at $0.66 on Friday. The company has a current ratio of 0.15, a quick ratio of 0.14 and a debt-to-equity ratio of 3.57. New Fortress Energy has a 12-month low of $0.56 and a 12-month high of $7.37. The firm’s 50-day moving average price is $0.93 and its 200-day moving average price is $1.24. The stock has a market capitalization of $187.81 million, a price-to-earnings ratio of -0.17 and a beta of 1.24.

Hedge Funds Weigh In On New Fortress Energy

Hedge funds have recently added to or reduced their stakes in the company. Rubric Capital Management LP lifted its stake in New Fortress Energy by 1.5% in the third quarter. Rubric Capital Management LP now owns 24,767,087 shares of the company’s stock worth $54,735,000 after purchasing an additional 367,087 shares during the last quarter. Long Focus Capital Management LLC grew its stake in shares of New Fortress Energy by 43.7% during the third quarter. Long Focus Capital Management LLC now owns 7,400,000 shares of the company’s stock valued at $16,354,000 after buying an additional 2,250,000 shares during the last quarter. Shay Capital LLC grew its stake in shares of New Fortress Energy by 272.1% during the third quarter. Shay Capital LLC now owns 5,675,000 shares of the company’s stock valued at $12,542,000 after buying an additional 4,150,000 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of New Fortress Energy by 85.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,499,203 shares of the company’s stock worth $5,129,000 after buying an additional 2,072,477 shares during the period. Finally, State Street Corp raised its holdings in shares of New Fortress Energy by 11.3% in the fourth quarter. State Street Corp now owns 3,846,958 shares of the company’s stock worth $4,386,000 after buying an additional 389,297 shares during the period. 58.61% of the stock is currently owned by institutional investors.

About New Fortress Energy

New Fortress Energy is an integrated global energy infrastructure company focused on the development, construction and operation of natural gas-to-power projects and liquefied natural gas (LNG) terminals. The company sources LNG and delivers it via a network of floating storage and regasification units (FSRUs), onshore regasification terminals, and small-scale LNG carriers. By providing reliable natural gas supply solutions, New Fortress Energy aims to displace higher-carbon fuels in power generation, industrial and marine sectors.

The company’s core activities include the design, development and operation of FSRUs and onshore regasification terminals that convert cryogenic LNG back to gas for delivery into domestic transmission networks.