Zacks Investment Research upgraded shares of New Fortress Energy (NASDAQ:NFE) from a sell rating to a hold rating in a report published on Saturday morning, 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. “

Several other equities analysts have also issued reports on the company. JMP Securities cut their target price on New Fortress Energy from $20.00 to $19.00 and set a market outperform rating on the stock in a research note on Thursday, May 16th. Barclays set a $11.00 target price on New Fortress Energy and gave the company a hold rating in a research note on Thursday, March 28th. Evercore ISI began coverage on New Fortress Energy in a research note on Monday, February 25th. They issued an outperform rating and a $23.00 target price on the stock. Credit Suisse Group began coverage on New Fortress Energy in a research note on Monday, February 25th. They issued a neutral rating and a $17.00 target price on the stock. Finally, Morgan Stanley began coverage on New Fortress Energy in a research note on Monday, February 25th. They issued an overweight rating and a $19.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. New Fortress Energy currently has an average rating of Buy and a consensus price target of $19.43.

Shares of New Fortress Energy stock opened at $10.60 on Friday. New Fortress Energy has a 12 month low of $8.90 and a 12 month high of $16.11. The company’s fifty day moving average price is $11.32.

New Fortress Energy (NASDAQ:NFE) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.73). The firm had revenue of $29.95 million during the quarter, compared to analysts’ expectations of $50.71 million. As a group, analysts forecast that New Fortress Energy will post -0.87 EPS for the current year.

In other New Fortress Energy news, CEO Wesley R. Edens purchased 592,100 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were acquired at an average price of $9.84 per share, for a total transaction of $5,826,264.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David J. Grain purchased 4,500 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were acquired at an average price of $11.29 per share, for a total transaction of $50,805.00. The disclosure for this purchase can be found here. Insiders have bought 1,232,199 shares of company stock worth $12,284,841 in the last 90 days.

Several hedge funds have recently modified their holdings of NFE. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of New Fortress Energy during the first quarter worth about $9,129,000. Dean Capital Investments Management LLC acquired a new stake in shares of New Fortress Energy during the first quarter worth about $536,000. Federated Investors Inc. PA acquired a new stake in shares of New Fortress Energy during the first quarter worth about $13,194,000. Finally, Tortoise Index Solutions LLC acquired a new stake in shares of New Fortress Energy during the first quarter worth about $257,000. 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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