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

New Fortress Energy (NASDAQ:NFE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors 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. “

Separately, JMP Securities cut their price objective on New Fortress Energy from $20.00 to $19.00 and set a “market outperform” rating on the stock in a report on Thursday, May 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $19.43.

Shares of NFE stock traded down $0.18 on Wednesday, hitting $12.44. The stock had a trading volume of 540 shares, compared to its average volume of 102,051. New Fortress Energy has a 1 year low of $8.90 and a 1 year high of $16.11. The firm has a 50 day moving average of $11.68.

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

In related news, Director David J. Grain bought 28,365 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was purchased at an average cost of $12.65 per share, with a total value of $358,817.25. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David J. Grain bought 10,000 shares of the stock in a transaction that occurred on Friday, May 31st. The shares were bought at an average cost of $11.40 per share, with a total value of $114,000.00. The disclosure for this purchase can be found here. Insiders purchased a total of 55,599 shares of company stock worth $694,772 in the last quarter.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN acquired a new position in shares of New Fortress Energy during the 2nd quarter worth about $123,000. Tortoise Index Solutions LLC acquired a new position in shares of New Fortress Energy during the 1st quarter worth about $257,000. TD Asset Management Inc. acquired a new position in shares of New Fortress Energy during the 2nd quarter worth about $275,000. Endurance Wealth Management Inc. acquired a new position in shares of New Fortress Energy during the 2nd quarter worth about $304,000. Finally, Dean Capital Investments Management LLC acquired a new position in shares of New Fortress Energy during the 1st quarter worth about $536,000. 6.66% of the stock is 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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