New Fortress Energy Inc [NFE] stock Downgrade by BofA Securities analyst, price target now $31

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New Fortress Energy Inc [NASDAQ: NFE] stock went on an upward path that rose over 16.61% on Wednesday, amounting to a one-week price increase of more than 5.53%. The company report on November 8, 2023 at 6:00 AM that New Fortress Energy Announces Third Quarter 2023 Results.

New Fortress Energy Inc. (Nasdaq: NFE) (“NFE” or the “Company”) today reported its financial results for the third quarter of 2023.

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Over the last 12 months, NFE stock dropped by -45.08%. The one-year New Fortress Energy Inc stock forecast points to a potential upside of 28.54. The average equity rating for NFE stock is currently 1.73, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $6.61 billion, with 208.80 million shares outstanding and 104.92 million shares in the current float. Compared to the average trading volume of 1.49M shares, NFE stock reached a trading volume of 5029295 in the most recent trading day, which is why market watchdogs consider the stock to be active.

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Guru’s Opinion on New Fortress Energy Inc [NFE]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NFE shares is $45.10 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NFE stock is a recommendation set at 1.73. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

BofA Securities have made an estimate for New Fortress Energy Inc shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on June 08, 2023.

The Average True Range (ATR) for New Fortress Energy Inc is set at 1.52, with the Price to Sales ratio for NFE stock in the period of the last 12 months amounting to 2.73. The Price to Book ratio for the last quarter was 4.70, with the Price to Cash per share for the same quarter was set at 1.00.

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NFE Stock Performance Analysis:

New Fortress Energy Inc [NFE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.53. With this latest performance, NFE shares dropped by -0.77% in over the last four-week period, additionally plugging by 5.57% over the last 6 months – not to mention a drop of -45.08% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NFE stock in for the last two-week period is set at 55.53, with the RSI for the last a single of trading hit 59.10, and the three-weeks RSI is set at 54.12 for New Fortress Energy Inc [NFE]. The present Moving Average for the last 50 days of trading for this stock 31.34, while it was recorded at 29.62 for the last single week of trading, and 30.77 for the last 200 days.

Insight into New Fortress Energy Inc Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and New Fortress Energy Inc [NFE] shares currently have an operating margin of +34.20 and a Gross Margin at +44.16. New Fortress Energy Inc’s Net Margin is presently recorded at +8.21.

Return on Total Capital for NFE is now 12.99, given the latest momentum, and Return on Invested Capital for the company is 3.28. Return on Equity for this stock inclined to 12.62, with Return on Assets sitting at 2.67. When it comes to the capital structure of this company, New Fortress Energy Inc [NFE] has a Total Debt to Total Equity ratio set at 379.32. Additionally, NFE Total Debt to Total Capital is recorded at 79.14, with Total Debt to Total Assets ending up at 63.50. Long-Term Debt to Equity for the company is recorded at 370.52, with the Long-Term Debt to Total Capital now at 77.30.

Reflecting on the efficiency of the workforce at the company, New Fortress Energy Inc [NFE] managed to generate an average of $337,052 per employee. Receivables Turnover for the company is 8.95 with a Total Asset Turnover recorded at a value of 0.32.New Fortress Energy Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.28 and a Current Ratio set at 0.34.

New Fortress Energy Inc [NFE] Institutonal Ownership Details

The top three institutional holders of NFE stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2579%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $201.66 billion in NFE stocks shares; and BERKSHIRE HATHAWAY INC, currently with $177.59 billion in NFE stock with ownership which is approximately 5.7994%.

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