Investors Purchase Large Volume of Call Options on New Fortress Energy (NASDAQ:NFE)

New Fortress Energy LLC (NASDAQ:NFE) saw some unusual options trading on Friday. Stock investors purchased 51,229 call options on the stock. This represents an increase of 179% compared to the typical daily volume of 18,336 call options.

Institutional Investors Weigh In On New Fortress Energy

Several hedge funds have recently made changes to their positions in NFE. IFP Advisors Inc raised its position in New Fortress Energy by 166.3% during the second quarter. IFP Advisors Inc now owns 9,072 shares of the company’s stock valued at $30,000 after buying an additional 5,665 shares during the period. Apollon Wealth Management LLC acquired a new position in shares of New Fortress Energy in the 2nd quarter valued at about $33,000. MQS Management LLC purchased a new stake in shares of New Fortress Energy in the second quarter worth approximately $33,000. Osaic Holdings Inc. boosted its holdings in shares of New Fortress Energy by 244.7% during the second quarter. Osaic Holdings Inc. now owns 11,566 shares of the company’s stock worth $39,000 after purchasing an additional 8,211 shares during the period. Finally, Savant Capital LLC purchased a new position in New Fortress Energy during the third quarter valued at approximately $28,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Performance

Shares of NASDAQ NFE opened at $1.74 on Friday. The stock’s fifty day simple moving average is $1.27 and its 200 day simple moving average is $1.99. The stock has a market capitalization of $495.12 million, a price-to-earnings ratio of -0.45 and a beta of 1.05. The company has a quick ratio of 0.15, a current ratio of 0.17 and a debt-to-equity ratio of 2.08. New Fortress Energy has a 52-week low of $0.98 and a 52-week high of $16.50.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings results on Thursday, January 1st. The company reported ($1.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.40). New Fortress Energy had a negative return on equity of 43.91% and a negative net margin of 72.92%.The company had revenue of $327.37 million during the quarter, compared to analysts’ expectations of $716.89 million. During the same period in the prior year, the business posted $0.03 EPS. The company’s revenue for the quarter was down 42.3% compared to the same quarter last year. As a group, sell-side analysts forecast that New Fortress Energy will post 0.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NFE shares. Zacks Research cut New Fortress Energy from a “hold” rating to a “strong sell” rating in a research note on Monday, October 6th. Weiss Ratings reissued a “sell (d)” rating on shares of New Fortress Energy in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, New Fortress Energy currently has a consensus rating of “Hold” and a consensus price target of $7.88.

New Fortress Energy Company Profile

New Fortress Energy is an integrated global energy infrastructure company focused on the development, construction and operation of natural gas-to-power projects and liquefied natural gas (LNG) terminals. The company sources LNG and delivers it via a network of floating storage and regasification units (FSRUs), onshore regasification terminals, and small-scale LNG carriers. By providing reliable natural gas supply solutions, New Fortress Energy aims to displace higher-carbon fuels in power generation, industrial and marine sectors.

The company’s core activities include the design, development and operation of FSRUs and onshore regasification terminals that convert cryogenic LNG back to gas for delivery into domestic transmission networks.