Q3 2024 EPS Estimates for New Fortress Energy Inc. Reduced by Capital One Financial (NASDAQ:NFE)

by · The Cerbat Gem

New Fortress Energy Inc. (NASDAQ:NFE – Free Report) – Capital One Financial lowered their Q3 2024 earnings per share estimates for New Fortress Energy in a research note issued on Wednesday, October 2nd. Capital One Financial analyst W. Suki now expects that the company will post earnings per share of $0.11 for the quarter, down from their prior estimate of $0.12. The consensus estimate for New Fortress Energy’s current full-year earnings is $0.54 per share.

A number of other equities analysts have also issued reports on the company. Stifel Nicolaus decreased their price objective on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a report on Monday, August 12th. BTIG Research reduced their price target on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Barclays lowered their price target on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating and issued a $7.60 price objective (down previously from $21.00) on shares of New Fortress Energy in a report on Tuesday. Finally, Morgan Stanley cut shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $35.00 to $15.00 in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, New Fortress Energy currently has a consensus rating of “Hold” and a consensus price target of $19.77.

Read Our Latest Report on New Fortress Energy

New Fortress Energy Stock Performance

NFE stock opened at $10.09 on Thursday. New Fortress Energy has a 1 year low of $8.20 and a 1 year high of $40.04. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of 4.59 and a beta of 1.52. The company has a debt-to-equity ratio of 4.38, a quick ratio of 0.63 and a current ratio of 0.72. The stock’s fifty day moving average is $12.60 and its two-hundred day moving average is $20.85.

New Fortress Energy (NASDAQ:NFE – Get Free Report) last issued its earnings results on Friday, August 9th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). The business had revenue of $428.00 million during the quarter, compared to the consensus estimate of $465.52 million. New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The business’s revenue was down 23.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.58 EPS.

New Fortress Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.40 annualized dividend and a dividend yield of 3.96%. New Fortress Energy’s dividend payout ratio (DPR) is presently 18.18%.

Insider Buying and Selling

In other New Fortress Energy news, CEO Wesley R. Edens purchased 5,793,742 shares of the stock in a transaction dated Tuesday, October 1st. The shares were acquired at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the acquisition, the chief executive officer now owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 37.10% of the company’s stock.

Institutional Investors Weigh In On New Fortress Energy

Institutional investors have recently modified their holdings of the stock. X Square Capital LLC grew its stake in shares of New Fortress Energy by 0.6% in the 2nd quarter. X Square Capital LLC now owns 137,396 shares of the company’s stock valued at $3,020,000 after buying an additional 781 shares in the last quarter. Maryland State Retirement & Pension System grew its position in New Fortress Energy by 1.5% in the first quarter. Maryland State Retirement & Pension System now owns 59,765 shares of the company’s stock worth $1,828,000 after acquiring an additional 888 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of New Fortress Energy by 4.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 21,719 shares of the company’s stock worth $477,000 after purchasing an additional 999 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of New Fortress Energy by 10.9% during the 1st quarter. Tidal Investments LLC now owns 10,297 shares of the company’s stock valued at $315,000 after purchasing an additional 1,009 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of New Fortress Energy by 4.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,784 shares of the company’s stock valued at $479,000 after purchasing an additional 1,024 shares during the last quarter. Institutional investors and hedge funds own 58.61% of the company’s stock.

About New Fortress Energy

(Get Free Report)

New Fortress Energy Inc operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide. The company operates in two segments, Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment engages in the natural gas procurement and liquefaction; and shipping, logistics, facilities and conversion, or development of natural gas-fired power generation.

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