New Fortress Energy (NFE) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of New Fortress Energy (NASDAQ:NFE) from a hold rating to a sell rating in a report issued on Wednesday, 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. “

Other equities analysts have also issued reports about the company. JMP Securities reaffirmed a buy rating and set a $20.00 price target on shares of New Fortress Energy in a research note on Wednesday, March 13th. Citigroup began coverage on New Fortress Energy in a research report on Monday, February 25th. They set a buy rating for the company. Stifel Nicolaus began coverage on New Fortress Energy in a research report on Monday, February 25th. They set a buy rating and a $27.00 price objective for the company. Barclays began coverage on New Fortress Energy in a research report on Monday, February 25th. They set an equal weight rating and a $16.00 price objective for the company. Finally, Credit Suisse Group began coverage on New Fortress Energy in a research report on Monday, February 25th. They set a neutral rating and a $17.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. New Fortress Energy presently has a consensus rating of Buy and a consensus target price of $19.43.

Shares of NASDAQ NFE opened at $12.86 on Wednesday. New Fortress Energy has a 1 year low of $8.90 and a 1 year high of $16.11.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.73). The business had revenue of $29.95 million during the quarter, compared to analysts’ expectations of $50.71 million.

In related 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 cost of $9.84 per share, with a total value of $5,826,264.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David J. Grain bought 28,365 shares of the stock in a transaction on Monday, May 20th. The shares were acquired at an average cost of $12.65 per share, for a total transaction of $358,817.25. The disclosure for this purchase can be found here. Insiders bought 1,207,065 shares of company stock valued at $11,974,401 in the last 90 days.

Institutional investors have recently bought and sold shares of the business. Dean Capital Investments Management LLC acquired a new stake in shares of New Fortress Energy in the first quarter valued at about $536,000. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of New Fortress Energy in the first quarter valued at about $9,129,000. Morgan Stanley acquired a new stake in shares of New Fortress Energy in the first quarter valued at about $29,000. SEI Investments Co acquired a new stake in shares of New Fortress Energy in the first quarter valued at about $55,000. Finally, HighTower Advisors LLC acquired a new stake in shares of New Fortress Energy in the first quarter valued at about $117,000. 1.91% of the stock is currently owned by hedge funds and other institutional investors.

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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