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NEW FORTRESS ENERGY INC.

(NFE)
  Report
Delayed Nasdaq  -  04:00:00 2023-01-30 pm EST
37.25 USD   -2.41%
01/27Citigroup Adjusts New Fortress Energy's Price Target to $48 From $56, Keeps Buy Rating
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01/26Golar LNG Partners LP Series A Preferred Cash Distribution
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01/26NFE Subsidiary Genera Awarded Contract to Manage Puerto Rico's Power Generation System
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New Fortress Energy underperforms, but claims pole position for LNG

11/08/2022 | 12:36pm EST

A slight miss on third quarter earnings on Tuesday did little to curb the ambitions of New York-based New Fortress Energy, which said it was leading the way in global supplies of liquefied natural gas.

New Fortress Energy reported third quarter revenue of $732 million, about 1.3% lower than the estimate from Zacks Equity Research. Zacks finds that New Fortress beat the consensus estimate on quarterly revenues only once during the last four quarters.

The company nevertheless was undeterred. It expects to meet its goal for the year for earnings before interest, taxes, depreciation and amortization, or EBITDA -- a measure of cash profits from company operations -- of $1.1 billion for 2020.

By next year, it estimates EBIDTA to pass the $2 billion mark on the back of the deployment of a floating liquefied natural gas terminal and improved operating margins. New Fortress Energy adds that its work on a so-called Fast LNG program, which utilizes modular technology to lower costs and quicken the pace of deployment, makes it a world leader in LNG.

"Our Fast LNG units represent more than half of the world's expected incremental LNG supply in 2023-2024, which we expect will be utilized in the near term to address Europe's energy security issues," the company stated.

U.S. LNG developments are particularly useful for a European economy looking for alternatives to piped gas from Russia. Western powers accuse the Kremlin of using its vast pool of natural resources as a weapon, accusations that only resonated more after Russian military forces invaded Ukraine.

A separate report published Tuesday by a group affiliated with the Texas Independent Producers & Royalty Owners Association, or TIPRO, found 74% of total exports of U.S.-sourced LNG went to Europe during the first half of the year, compared with around 34% during the same period last year.

"Texas energy -- from our wells in West Texas to our ports along the Gulf of Mexico -- enabled America to meet European gas needs in a time of crisis," TIPRO President Ed Longanecker said.

Federal data show the amount of natural gas delivered to LNG export terminals averaged 11.9 billion cubic feet per day, a 3.5% increase from week-ago levels. Between Oct. 27 and Nov. 4, there were 21 vessels laden with LNG that left U.S. export terminals.

Total LNG deliveries to Europe are overwhelming the bloc's capacity to return that to the gaseous form for pipeline injection, leading to a line of vessels waiting to unload.

Copyright 2022 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent., source US Top News

All news about NEW FORTRESS ENERGY INC.
01/27Citigroup Adjusts New Fortress Energy's Price Target to $48 From $56, Keeps Buy Rating
MT
01/26Golar LNG Partners LP Series A Preferred Cash Distribution
BU
01/26NFE Subsidiary Genera Awarded Contract to Manage Puerto Rico's Power Generation System
AQ
01/25Sector Update: Energy Stocks Pare Decline but Can't Reach Positive Ground
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01/25Sector Update: Energy Stocks Mostly Underwater Wednesday Afternoon
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01/25Puerto Rico selects company to privatize power generation
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01/25NFE Subsidiary Genera Awarded Contract to Manage Puerto Rico's Power Generation System
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01/04U.S. poised to regain crown as world's top LNG exporter
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01/03Insider Sell: New Fortress Energy
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Analyst Recommendations on NEW FORTRESS ENERGY INC.
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Financials (USD)
Sales 2022 2 533 M - -
Net income 2022 405 M - -
Net Debt 2022 3 481 M - -
P/E ratio 2022 27,9x
Yield 2022 1,15%
Capitalization 7 777 M 7 777 M -
EV / Sales 2022 4,44x
EV / Sales 2023 2,15x
Nbr of Employees 671
Free-Float 46,7%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 37,25 $
Average target price 68,56 $
Spread / Average Target 84,0%
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Managers and Directors
Wesley Robert Edens Chairman & Chief Executive Officer
Christopher S. Guinta Chief Financial Officer
John Joseph Mack Independent Director
Desmond Iain Catterall Independent Director
David J. Grain Independent Director
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