These Analysts Slash Their Forecasts On New Fortress Energy Following Q2 Results
Portfolio Pulse from Avi Kapoor
New Fortress Energy Inc. (NASDAQ:NFE) reported disappointing Q2 results, with losses of 41 cents per share and sales of $428.01 million, both missing analyst estimates. The company's Adjusted EBITDA was significantly below expectations due to delays in their FLNG 1 project. Analysts have subsequently slashed their price targets for NFE.
August 12, 2024 | 5:34 pm
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New Fortress Energy reported worse-than-expected Q2 results, with losses of 41 cents per share and sales of $428.01 million, missing analyst estimates. The company's Adjusted EBITDA was significantly below expectations due to delays in their FLNG 1 project. Analysts have cut their price targets significantly.
The significant miss on both earnings and sales, coupled with the large shortfall in Adjusted EBITDA due to project delays, has led analysts to drastically cut their price targets. This is likely to negatively impact the stock price in the short term.
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