New Fortress Energy (NASDAQ:NFE) Announces Earnings Results, Misses Expectations By $1.09 EPS

New Fortress Energy (NASDAQ:NFE) issued its quarterly earnings results on Thursday. The company reported ($1.30) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($1.09), Zacks reports. The business had revenue of $312.50 million during the quarter, compared to analyst estimates of $511.60 million. New Fortress Energy had a negative return on equity of 253.73% and a negative net margin of 164.16%.

New Fortress Energy Price Performance

NFE traded up $0.01 on Friday, hitting $0.35. 1,662,103 shares of the company’s stock were exchanged, compared to its average volume of 2,049,371. The firm has a 50-day moving average price of $0.40 and a 200-day moving average price of $0.75. The stock has a market cap of $101.12 million, a price-to-earnings ratio of -0.16 and a beta of 1.36. The company has a current ratio of 0.13, a quick ratio of 0.11 and a debt-to-equity ratio of 3.57. New Fortress Energy has a fifty-two week low of $0.32 and a fifty-two week high of $3.10.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Wall Street Zen lowered shares of New Fortress Energy from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of New Fortress Energy in a report on Friday, July 17th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $4.00.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Osaic Holdings Inc. increased its stake in New Fortress Energy by 244.7% during the second quarter. Osaic Holdings Inc. now owns 11,566 shares of the company’s stock worth $39,000 after purchasing an additional 8,211 shares during the period. CIBC Bancorp USA Inc. acquired a new stake in New Fortress Energy in the third quarter valued at $40,000. IFP Advisors Inc lifted its stake in New Fortress Energy by 107.1% during the third quarter. IFP Advisors Inc now owns 18,785 shares of the company’s stock worth $42,000 after purchasing an additional 9,713 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in shares of New Fortress Energy during the 2nd quarter worth approximately $63,000. Finally, Prudential Financial Inc. acquired a new stake in New Fortress Energy during the 2nd quarter worth $66,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Company Profile

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.