New Fortress Energy (NASDAQ:NFE) Issues Quarterly Earnings Results

New Fortress Energy (NASDAQ:NFE) released 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. New Fortress Energy had a negative return on equity of 253.73% and a negative net margin of 164.16%.The business had revenue of $312.50 million during the quarter, compared to the consensus estimate of $511.60 million.

New Fortress Energy Trading Up 3.1%

NASDAQ:NFE traded up $0.01 during trading hours on Friday, hitting $0.35. 1,662,103 shares of the stock traded hands, compared to its average volume of 2,049,371. New Fortress Energy has a 1 year low of $0.32 and a 1 year high of $3.10. The stock has a 50 day moving average price of $0.40 and a 200 day moving average price of $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.

Hedge Funds Weigh In On New Fortress Energy

Large investors have recently made changes to their positions in the business. AQR Capital Management LLC purchased a new position in shares of New Fortress Energy in the first quarter worth $390,000. Goldman Sachs Group Inc. lifted its stake in shares of New Fortress Energy by 133.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 865,826 shares of the company’s stock valued at $7,195,000 after purchasing an additional 494,848 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in New Fortress Energy by 42.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 280,706 shares of the company’s stock worth $2,333,000 after buying an additional 83,279 shares during the period. Legal & General Group Plc grew its holdings in New Fortress Energy by 24.2% during the 2nd quarter. Legal & General Group Plc now owns 140,044 shares of the company’s stock valued at $465,000 after purchasing an additional 27,289 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of New Fortress Energy by 131.1% during the second quarter. Rhumbline Advisers now owns 234,105 shares of the company’s stock valued at $777,000 after buying an additional 132,822 shares during the last quarter. 58.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

About New Fortress Energy

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.