New Fortress Energy Inc. (NASDAQ:NFE) Short Interest Up 18.9% in June

New Fortress Energy Inc. (NASDAQ:NFE) was the recipient of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 17,650,000 shares, a growth of 18.9% from the May 31st total of 14,850,000 shares. Based on an average daily trading volume, of 1,760,000 shares, the days-to-cover ratio is presently 10.0 days. Approximately 15.3% of the shares of the company are sold short.

Institutional Trading of New Fortress Energy

Several hedge funds have recently modified their holdings of NFE. Citigroup Inc. lifted its holdings in shares of New Fortress Energy by 9.7% in the 3rd quarter. Citigroup Inc. now owns 12,341 shares of the company’s stock valued at $405,000 after buying an additional 1,092 shares during the period. Rhumbline Advisers raised its holdings in New Fortress Energy by 4.2% during the third quarter. Rhumbline Advisers now owns 93,781 shares of the company’s stock worth $3,074,000 after purchasing an additional 3,778 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in New Fortress Energy by 5.0% during the third quarter. PNC Financial Services Group Inc. now owns 6,730 shares of the company’s stock worth $221,000 after purchasing an additional 319 shares during the last quarter. Glenmede Trust Co. NA acquired a new position in New Fortress Energy during the third quarter worth $574,000. Finally, Alps Advisors Inc. acquired a new position in New Fortress Energy during the third quarter worth $352,000. 58.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft dropped their price target on New Fortress Energy from $35.00 to $33.00 and set a “hold” rating on the stock in a research note on Thursday, May 9th. Stifel Nicolaus dropped their price target on New Fortress Energy from $45.00 to $43.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Finally, Barclays dropped their price target on New Fortress Energy from $32.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Monday, May 6th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $39.17.

New Fortress Energy Stock Performance

Shares of NFE stock traded down $0.42 during midday trading on Tuesday, hitting $19.98. The company had a trading volume of 2,803,674 shares, compared to its average volume of 1,596,614. The company’s 50 day simple moving average is $24.46 and its 200 day simple moving average is $29.80. New Fortress Energy has a 52-week low of $19.77 and a 52-week high of $40.04. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of 9.08 and a beta of 1.49. The company has a debt-to-equity ratio of 3.74, a current ratio of 0.66 and a quick ratio of 0.54.

New Fortress Energy (NASDAQ:NFE) last announced its earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. New Fortress Energy had a return on equity of 31.34% and a net margin of 17.90%. The company had revenue of $690.30 million for the quarter, compared to the consensus estimate of $602.41 million. During the same period last year, the business posted $0.90 EPS. The company’s revenue was up 19.2% on a year-over-year basis. Research analysts anticipate that New Fortress Energy will post 1.99 earnings per share for the current fiscal year.

New Fortress Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Saturday, June 15th were issued a $0.10 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.40 annualized dividend and a dividend yield of 2.00%. New Fortress Energy’s dividend payout ratio is currently 18.18%.

New Fortress Energy Company Profile

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.