New Fortress Energy (NASDAQ:NFE) Raised to Hold at Zacks Investment Research

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Zacks Investment Research upgraded shares of New Fortress Energy (NASDAQ:NFE) from a sell rating to a hold rating in a research note published on Thursday, 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 research firms have also recently commented on NFE. Barclays set a $54.00 target price on Lennar and gave the company a buy rating in a research note on Thursday, March 28th. 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. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. New Fortress Energy has an average rating of Buy and an average price target of $19.43.

NASDAQ:NFE opened at $11.70 on Thursday. New Fortress Energy has a fifty-two week low of $8.90 and a fifty-two week high of $16.11. The company’s 50-day simple moving average is $11.11.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings data on Wednesday, May 15th. The company reported ($0.96) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.73). The firm had revenue of $29.95 million during the quarter, compared to analyst estimates of $50.71 million. On average, analysts forecast that New Fortress Energy will post -0.87 earnings per share for the current fiscal year.

In related news, Director Katherine Wanner acquired 2,100 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were bought at an average price of $12.15 per share, for a total transaction of $25,515.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David J. Grain acquired 10,000 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were bought at an average price of $11.40 per share, for a total transaction of $114,000.00. The disclosure for this purchase can be found here. Insiders acquired a total of 55,599 shares of company stock worth $694,772 in the last 90 days.

Several institutional investors have recently made changes to their positions in NFE. Tortoise Index Solutions LLC bought a new stake in shares of New Fortress Energy during the 1st quarter worth approximately $257,000. Dean Capital Investments Management LLC bought a new stake in shares of New Fortress Energy during the 1st quarter worth approximately $536,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of New Fortress Energy during the 1st quarter worth approximately $9,129,000. Finally, Federated Investors Inc. PA bought a new stake in shares of New Fortress Energy during the 1st quarter worth approximately $13,194,000. Institutional investors own 6.57% of the company’s stock.

New Fortress Energy Company Profile

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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Analyst Recommendations for New Fortress Energy (NASDAQ:NFE)

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