Citigroup (NYSE:C) has recently reaffirmed its Buy recommendation for New Fortress Energy (NASDAQ:NFE) Inc. on Thursday, maintaining continuous coverage of the energy company. The affirmation comes with an average one-year price target of $46.35, suggesting a potential upside of 43.91% from the recent closing price of $32.21 as of August 31, 2023.
The company's projected annual revenue is expected to reach 3,973 million, marking an increase of 64.26%. Furthermore, the projected non-GAAP EPS for the company is estimated at 5.43. The forecasts for the stock range from a low of $32.32 to a high of $64.05.
On the dividends front, New Fortress Energy declared a regular quarterly dividend of $0.10 per share ($0.40 annualized) on August 7, 2023. Shareholders registered as of Wednesday are set to receive the payment on September 27, 2023. The current dividend yield stands at 1.24%, with the stock trading at $32.21 per share.
Historically, over the past five years, the average dividend yield has been 3.19%, with a standard deviation of yields at 3.84, and a range from a low of 0.67% to a high of 14.82%. Currently, the dividend yield is slightly below the historical average by 0.51 standard deviations.
The company's dividend payout ratio is currently at 1.76, indicating that more than the company's income is being paid out in dividends, which suggests dipping into savings to maintain its dividend payments. Over the last three years, New Fortress Energy has shown an increasing trend in its dividends with a growth rate of 7.50%.
Institutional ownership in New Fortress Energy has seen a slight increase of 0.40% from the previous quarter, with 504 funds or institutions currently holding positions in the company. Total institutional shares have increased by 6.07% over the last quarter to 130,154K shares, and the put/call ratio stands at 1.00, suggesting a bullish outlook.
Notable shareholders include Great Mountain Partners with 12.47% ownership, Fortress Investment Group with 6.54%, and Capital World Investors with 5.26%. William Blair Investment Management increased its stake by 39.81% to hold 2.73% ownership, while SMALLCAP WORLD FUND INC maintains its position with 2.01% ownership.
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