Evercore ISI analyst Jonathan Chappell maintained a Buy rating on New Fortress Energy LLC (NFE) yesterday and set a price target of $19. The company’s shares closed last Monday at $13.90.
“We continue to push back start times on some facilities, by 3-6 months, as well as the start-up of NFE’s liquefier (4Q21), resulting in lower near-term earnings/cash flow forecasts, but the long-term run rate outlook remains robust, and that assumes only minor conversion of “in discussion” volumes. All told, we continue to take a long-term view on NFE’s operational and financial evolution, and we retain our Outperform rating and 24-month price target of $19. Capital questions answered, with future requirements a good problem to have. We believe the biggest overhang to NFE shares since the IPO in January has been the inability to quickly secure debt financing to cover ambitious capital commitments.”
According to TipRanks.com, Chappell is a 3-star analyst with an average return of 6.9% and a 50.0% success rate. Chappell covers the Services sector, focusing on stocks such as Navigator Holdings, Genco Shipping, and DHT Holdings.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for New Fortress Energy LLC with a $19 average price target.
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Based on New Fortress Energy LLC’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $6.19 million. In comparison, last year the company had a GAAP net loss of $10.91 million.
Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NFE in relation to earlier this year.
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New Fortress Energy LLC engages in the provision of energy infrastructure and development services. It specializes in the fields of power, infrastructure, transportation and liquefied natural gas (LNG). Its LNG production and delivery model includes liquefaction, logistics, shipping and terminals.