New Fortress Energy Inc. (NASDAQ:NFE – Get Rating) – Analysts at Jefferies Financial Group dropped their Q2 2023 EPS estimates for shares of New Fortress Energy in a research report issued on Tuesday, March 14th. Jefferies Financial Group analyst S. Burwell now forecasts that the company will earn $1.22 per share for the quarter, down from their prior estimate of $1.39. The consensus estimate for New Fortress Energy’s current full-year earnings is $5.16 per share. Jefferies Financial Group also issued estimates for New Fortress Energy’s FY2023 earnings at $6.06 EPS.
Other analysts also recently issued research reports about the stock. Citigroup dropped their price target on shares of New Fortress Energy from $56.00 to $48.00 and set a “buy” rating on the stock in a report on Friday, January 27th. TheStreet cut shares of New Fortress Energy from a “b-” rating to a “c+” rating in a research report on Wednesday, November 23rd. Stifel Nicolaus boosted their price target on shares of New Fortress Energy from $43.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, March 7th. Morgan Stanley reduced their price target on shares of New Fortress Energy from $65.00 to $50.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 15th. Finally, Barclays lowered their target price on shares of New Fortress Energy from $44.00 to $39.00 and set an “equal weight” rating for the company in a research note on Monday, March 6th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.10.
New Fortress Energy Trading Up 0.6 %
New Fortress Energy (NASDAQ:NFE – Get Rating) last announced its quarterly earnings data on Tuesday, February 28th. The company reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.07). New Fortress Energy had a net margin of 8.21% and a return on equity of 33.30%. The business had revenue of $546.40 million during the quarter, compared to analysts’ expectations of $714.51 million. During the same period last year, the company posted $1.14 EPS. New Fortress Energy’s revenue for the quarter was down 15.7% on a year-over-year basis.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of NFE. Denali Advisors LLC boosted its stake in shares of New Fortress Energy by 84.8% during the 3rd quarter. Denali Advisors LLC now owns 608 shares of the company’s stock worth $27,000 after acquiring an additional 279 shares in the last quarter. American International Group Inc. increased its stake in shares of New Fortress Energy by 49.5% in the second quarter. American International Group Inc. now owns 752 shares of the company’s stock worth $30,000 after purchasing an additional 249 shares during the period. Wagner Wealth Management LLC bought a new position in New Fortress Energy during the second quarter valued at about $32,000. Money Concepts Capital Corp acquired a new stake in New Fortress Energy during the fourth quarter valued at approximately $38,000. Finally, IFP Advisors Inc raised its position in New Fortress Energy by 14.2% in the 3rd quarter. IFP Advisors Inc now owns 3,346 shares of the company’s stock worth $42,000 after purchasing an additional 416 shares during the last quarter. Institutional investors own 50.16% of the company’s stock.
Insider Activity at New Fortress Energy
In other New Fortress Energy news, Director Katherine Wanner bought 3,370 shares of the firm’s stock in a transaction that occurred on Thursday, December 22nd. The stock was purchased at an average price of $41.79 per share, for a total transaction of $140,832.30. Following the completion of the purchase, the director now directly owns 82,599 shares in the company, valued at $3,451,812.21. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Katherine Wanner bought 3,370 shares of the firm’s stock in a transaction on Thursday, December 22nd. The shares were bought at an average cost of $41.79 per share, for a total transaction of $140,832.30. Following the completion of the transaction, the director now owns 82,599 shares in the company, valued at $3,451,812.21. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Energy Transition Holdings Llc sold 6,900,000 shares of the company’s stock in a transaction on Monday, December 19th. The shares were sold at an average price of $45.56, for a total value of $314,364,000.00. Following the completion of the sale, the insider now owns 25,559,846 shares in the company, valued at $1,164,506,583.76. The disclosure for this sale can be found here. 37.70% of the stock is currently owned by company insiders.
New Fortress Energy Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 28th. Investors of record on Friday, March 17th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date is Thursday, March 16th. New Fortress Energy’s dividend payout ratio (DPR) is 329.67%.
About New Fortress Energy
New Fortress Energy, Inc is a holding company engaged in the management of integrated gas-to-power energy infrastructure. It funds, builds, and operates natural gas infrastructure and logistics to deliver energy solutions. The company was founded by Wesley Robert Edens on February 25, 2014 and is headquartered in New York, NY.
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