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

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

New Fortress Energy Trading Up 3.1%

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on NFE shares. Wall Street Zen lowered New Fortress Energy from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 18th. Weiss Ratings reiterated a “sell (e+)” rating on shares of New Fortress Energy in a research report on Friday, July 17th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $4.00.

Institutional Investors Weigh In On New Fortress Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Daiwa Securities Group Inc. lifted its stake in shares of New Fortress Energy by 85.1% in the 4th quarter. Daiwa Securities Group Inc. now owns 26,086 shares of the company’s stock valued at $30,000 after purchasing an additional 11,992 shares during the last quarter. Vise Technologies Inc. acquired a new stake in shares of New Fortress Energy during the 4th quarter worth about $37,000. Osaic Holdings Inc. increased its position in shares of New Fortress Energy by 244.7% during the 2nd 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 last quarter. CIBC Bancorp USA Inc. acquired a new stake in shares of New Fortress Energy during the 3rd quarter worth about $40,000. Finally, IFP Advisors Inc raised its holdings in New Fortress Energy by 107.1% in the 3rd quarter. IFP Advisors Inc now owns 18,785 shares of the company’s stock valued at $42,000 after buying an additional 9,713 shares during the period. 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.