These Analysts Slash Their Forecasts On New Fortress Energy Following Q2 Results

Author: Avi Kapoor | August 12, 2024 01:34pm

New Fortress Energy Inc. (NASDAQ:NFE) reported worse-than-expected second-quarter financial results on Friday.

New Fortress Energy reported quarterly losses of 41 cents per share which missed the analyst consensus estimate of 7 cents per share. The company reported quarterly sales of $428.01 million which missed the analyst consensus estimate of $509.24 million, according to data from Benzinga Pro.

"Our Adjusted EBITDA in the second quarter of $120 million was well below our expectation of $275 million. This was largely the result of delays in placing our FLNG 1 project into service, which was originally expected to occur at the beginning of the second quarter. As detailed in our earnings presentation, the cost of this delay is approximately $150 million per quarter in lost operating margin, which represents the vast majority of the Adjusted EBITDA shortfall for the quarter," Wes Edens, Chairman and CEO of New Fortress Energy said.

New Fortress Energy shares gained 8.8% to trade at $14.14 on Monday.

These analysts made changes to their price targets on New Fortress Energy following earnings announcement.

• Stifel analyst Benjamin Nolan maintained New Fortress Energy with a Buy rating, while cutting the price target from $40 to $17.
• Deutsche Bank analyst Chris Robertson maintained the stock with a Hold and lowered the price target from $26 to $2.

Considering buying NFE stock? Here’s what analysts think:

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Posted In: NFE