New Fortress Energy Inc. (NASDAQ:NFE) – Investment analysts at Capital One Financial reduced their Q3 2024 earnings forecast for New Fortress Energy to $0.11 per share, down from $0.12. The overall estimate for the company’s earnings this year stands at $0.54 per share.
In its last earnings report on August 9, New Fortress Energy posted a loss of $0.41 per share, falling short of expectations of $0.09 by $0.50. The company’s revenue was $428 million, below the projected $465.52 million, with a year-over-year revenue drop of 23.7%.
Other reports have seen price targets for New Fortress Energy lowered significantly, with Stifel Nicolaus reducing their target from $40 to $17. Barclays lowered theirs from $27 to $19. Currently, the stock has a “Hold” rating with an average target price of $19.77.
Stock Performance
New Fortress Energy shares opened at $9.03. The stock’s lowest and highest prices over the past year were $8.20 and $40.04, respectively. The company has a market cap of $1.85 billion and a P/E ratio of 4.04.
Hedge Fund Activity
Several hedge funds have adjusted their stakes in New Fortress Energy, with Electron Capital increasing its investment by 9.4%. Currently, 58.61% of the stock is held by institutional investors.
Insider Activity
CEO Wesley R. Edens purchased 5.8 million shares at $8.63 each, totaling about $50 million. This brings his total ownership to over 35.7 million shares.
Dividend Announcement
New Fortress Energy announced a quarterly dividend of $0.10 per share, paid on September 27. The stock now has a dividend yield of 4.43%.
About New Fortress Energy
New Fortress Energy Inc. is a gas-to-power energy infrastructure company, offering services worldwide through its Terminals and Infrastructure, and Ships segments.
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