JMP Securities Trims New Fortress Energy (NFE) Target Price to $19.00

New Fortress Energy (NASDAQ:NFE) had its price target dropped by stock analysts at JMP Securities from $20.00 to $19.00 in a note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price target would indicate a potential upside of 63.09% from the stock’s previous close.

Several other research firms have also issued reports on NFE. Wolfe Research assumed coverage on New Fortress Energy in a report on Thursday, February 21st. They set an “outperform” rating and a $20.00 target price on the stock. Morgan Stanley initiated coverage on New Fortress Energy in a research note on Monday, February 25th. They issued an “overweight” rating and a $19.00 price objective on the stock. Evercore ISI initiated coverage on New Fortress Energy in a research note on Monday, February 25th. They issued an “outperform” rating and a $23.00 price objective on the stock. Credit Suisse Group initiated coverage on New Fortress Energy in a research note on Monday, February 25th. They issued a “neutral” rating and a $17.00 price objective on the stock. Finally, Barclays initiated coverage on New Fortress Energy in a research note on Monday, February 25th. They issued an “equal weight” rating and a $16.00 price objective on the stock. Two analysts have rated the stock with 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.

NFE opened at $11.65 on Thursday. New Fortress Energy has a 1-year low of $8.90 and a 1-year high of $16.11.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings data on Wednesday, May 15th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.73). Sell-side analysts predict that New Fortress Energy will post -0.43 EPS for the current year.

In other news, Director David J. Grain acquired 4,500 shares of New Fortress Energy stock in a transaction on Monday, April 1st. The stock was purchased at an average price of $11.29 per share, with a total value of $50,805.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Wesley R. Edens acquired 592,100 shares of New Fortress Energy stock in a transaction on Thursday, March 28th. The stock was purchased at an average cost of $9.84 per share, with a total value of $5,826,264.00. The disclosure for this purchase can be found here. Insiders have purchased 1,176,600 shares of company stock valued at $11,590,069 in the last ninety days.

Institutional investors have recently made changes to their positions in the business. Emerald Mutual Fund Advisers Trust bought a new stake in shares of New Fortress Energy during the first quarter valued at approximately $9,129,000. Dean Capital Investments Management LLC bought a new stake in shares of New Fortress Energy during the first quarter valued at approximately $536,000. Federated Investors Inc. PA bought a new stake in shares of New Fortress Energy during the first quarter valued at approximately $13,194,000. Tortoise Index Solutions LLC bought a new stake in shares of New Fortress Energy during the first quarter valued at approximately $257,000. Finally, Goldman Sachs Group Inc. bought a new stake in shares of New Fortress Energy during the first quarter valued at approximately $6,605,000. 1.01% 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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Analyst Recommendations for New Fortress Energy (NASDAQ:NFE)

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