New Fortress Energy (NASDAQ:NFE) Shares Gap Up – Time to Buy?

New Fortress Energy Inc. (NASDAQ:NFE) gapped up before the market opened on Monday . The stock had previously closed at $6.32, but opened at $7.22. New Fortress Energy shares last traded at $6.98, with a volume of 1,453,727 shares traded.

Wall Street Analysts Forecast Growth

NFE has been the subject of a number of recent analyst reports. Citigroup lowered their target price on shares of New Fortress Energy from $34.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. Morgan Stanley lowered their price target on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. Stifel Nicolaus decreased their price target on New Fortress Energy from $16.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft set a $8.00 price objective on New Fortress Energy in a report on Wednesday, March 12th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

New Fortress Energy Stock Performance

The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The stock’s 50 day simple moving average is $7.34 and its two-hundred day simple moving average is $10.50. The stock has a market cap of $1.93 billion, a P/E ratio of 7.75 and a beta of 1.45.

New Fortress Energy (NASDAQ:NFE) last issued its earnings results on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 7.84% and a return on equity of 15.60%. As a group, research analysts forecast that New Fortress Energy Inc. will post 0.36 EPS for the current year.

Insider Buying and Selling

In other news, CFO Christopher S. Guinta purchased 5,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $8.57 per share, with a total value of $42,850.00. Following the completion of the transaction, the chief financial officer now owns 206,653 shares in the company, valued at $1,771,016.21. This represents a 2.48% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 29.40% of the stock is owned by company insiders.

Institutional Trading of New Fortress Energy

Large investors have recently made changes to their positions in the company. Brandywine Global Investment Management LLC purchased a new stake in shares of New Fortress Energy during the 4th quarter worth $19,618,000. Raymond James Financial Inc. acquired a new stake in shares of New Fortress Energy in the fourth quarter worth approximately $787,000. Norges Bank acquired a new position in shares of New Fortress Energy during the 4th quarter valued at $10,135,000. Huber Capital Management LLC boosted its position in New Fortress Energy by 44.9% in the 4th quarter. Huber Capital Management LLC now owns 1,231,644 shares of the company’s stock valued at $18,622,000 after buying an additional 381,758 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in New Fortress Energy by 31.8% during the fourth quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company’s stock valued at $171,147,000 after buying an additional 2,728,191 shares in the last quarter. 58.61% of the stock is currently owned by hedge funds and other institutional investors.

New Fortress Energy Company Profile

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.