New Fortress Energy Inc. (NASDAQ:NFE) Shares Sold by M&G Plc

M&G Plc lessened its stake in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 0.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,523,341 shares of the company’s stock after selling 14,371 shares during the quarter. M&G Plc owned 1.23% of New Fortress Energy worth $22,710,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Crestwood Advisors Group LLC lifted its position in shares of New Fortress Energy by 27.4% during the third quarter. Crestwood Advisors Group LLC now owns 108,031 shares of the company’s stock worth $982,000 after purchasing an additional 23,225 shares in the last quarter. US Bancorp DE increased its stake in New Fortress Energy by 344.6% during the 3rd quarter. US Bancorp DE now owns 3,570 shares of the company’s stock worth $32,000 after buying an additional 2,767 shares during the period. Pinnacle Associates Ltd. acquired a new position in New Fortress Energy in the 3rd quarter worth $890,000. X Square Capital LLC boosted its position in New Fortress Energy by 34.5% in the 3rd quarter. X Square Capital LLC now owns 184,746 shares of the company’s stock valued at $1,679,000 after buying an additional 47,350 shares during the last quarter. Finally, Signaturefd LLC grew its stake in shares of New Fortress Energy by 409.1% during the third quarter. Signaturefd LLC now owns 4,124 shares of the company’s stock valued at $37,000 after acquiring an additional 3,314 shares in the last quarter. Hedge funds and other institutional investors own 58.61% of the company’s stock.

Insider Buying and Selling

In related news, CEO Wesley R. Edens bought 5,793,742 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was bought at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the purchase, the chief executive officer now directly owns 35,721,915 shares in the company, valued at approximately $308,280,126.45. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 37.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NFE has been the subject of a number of analyst reports. Stifel Nicolaus reduced their price target on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a report on Monday, August 12th. Barclays reduced their target price on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Morgan Stanley lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $35.00 to $15.00 in a research note on Thursday, October 3rd. BTIG Research reduced their price objective on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Finally, Deutsche Bank Aktiengesellschaft reissued a “sell” rating and issued a $7.60 target price (down previously from $21.00) on shares of New Fortress Energy in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $19.77.

New Fortress Energy Stock Performance

Shares of NFE opened at $9.46 on Friday. The stock has a market capitalization of $1.94 billion, a PE ratio of 8.02 and a beta of 1.53. The business’s fifty day moving average price is $9.75 and its 200 day moving average price is $17.43. The company has a debt-to-equity ratio of 4.38, a current ratio of 0.72 and a quick ratio of 0.63. New Fortress Energy Inc. has a 12-month low of $7.82 and a 12-month high of $40.04.

New Fortress Energy (NASDAQ:NFE) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The business had revenue of $428.00 million during the quarter, compared to the consensus estimate of $465.52 million. During the same quarter in the previous year, the business posted $0.58 earnings per share. The company’s quarterly revenue was down 23.7% compared to the same quarter last year. Equities research analysts forecast that New Fortress Energy Inc. will post 0.52 EPS for the current year.

New Fortress Energy Profile

New Fortress Energy Inc operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide. The company operates in two segments, Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment engages in the natural gas procurement and liquefaction; and shipping, logistics, facilities and conversion, or development of natural gas-fired power generation.