New Fortress Energy (NASDAQ:NFE) Cut 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 research note issued to investors on Thursday morning, 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. “

A number of other research analysts also recently weighed in on the company. Barclays set a $54.00 price target on Lennar and gave the stock a buy rating in a research note on Thursday, March 28th. JMP Securities dropped their price target 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. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $19.43.

Shares of NFE opened at $12.45 on Thursday. New Fortress Energy has a 12 month low of $8.90 and a 12 month high of $16.11. The stock’s 50-day moving average is $10.97.

New Fortress Energy (NASDAQ:NFE) last announced its earnings results on Wednesday, May 15th. The company reported ($0.96) EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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. Equities analysts anticipate that New Fortress Energy will post -0.87 earnings per share for the current fiscal year.

In other news, Director David J. Grain acquired 28,365 shares of New Fortress Energy stock in a transaction on Monday, May 20th. The stock was acquired at an average cost of $12.65 per share, with a total value of $358,817.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John J. Mack acquired 9,786 shares of New Fortress Energy stock in a transaction on Wednesday, May 22nd. The shares were purchased at an average cost of $12.98 per share, with a total value of $127,022.28. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 55,599 shares of company stock valued at $694,772.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tortoise Index Solutions LLC purchased a new stake in shares of New Fortress Energy during the first quarter worth $257,000. Dean Capital Investments Management LLC purchased a new stake in shares of New Fortress Energy in the first quarter worth $536,000. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of New Fortress Energy in the first quarter worth $9,129,000. Finally, Federated Investors Inc. PA purchased a new stake in shares of New Fortress Energy in the first quarter worth $13,194,000. 6.57% of the stock is owned by institutional investors and hedge funds.

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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