M&T Bank Corp Acquires New Holdings in New Fortress Energy Inc. (NASDAQ:NFE)

M&T Bank Corp acquired a new position in shares of New Fortress Energy Inc. (NASDAQ:NFE - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 69,135 shares of the company's stock, valued at approximately $628,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Primecap Management Co. CA boosted its holdings in New Fortress Energy by 43.7% in the 3rd quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company's stock valued at $104,827,000 after purchasing an additional 3,505,975 shares during the period. William Blair Investment Management LLC increased its stake in New Fortress Energy by 7.1% during the second quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company's stock valued at $209,896,000 after acquiring an additional 633,170 shares during the period. Encompass Capital Advisors LLC lifted its position in shares of New Fortress Energy by 9.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company's stock worth $105,445,000 after acquiring an additional 395,740 shares during the period. HITE Hedge Asset Management LLC grew its holdings in shares of New Fortress Energy by 24.1% during the 2nd quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company's stock worth $70,163,000 after purchasing an additional 619,621 shares in the last quarter. Finally, Kailix Advisors LLC increased its position in shares of New Fortress Energy by 11.9% during the second quarter. Kailix Advisors LLC now owns 2,203,824 shares of the company's stock valued at $50,622,000 after purchasing an additional 234,371 shares during the period. 58.61% of the stock is currently owned by institutional investors and hedge funds.

New Fortress Energy Price Performance

Shares of NASDAQ NFE traded down $0.40 during midday trading on Wednesday, reaching $11.54. 3,922,077 shares of the company traded hands, compared to its average volume of 3,200,898. The stock's 50-day simple moving average is $9.89 and its 200-day simple moving average is $14.19. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38. New Fortress Energy Inc. has a 12 month low of $7.82 and a 12 month high of $39.26. The firm has a market cap of $2.90 billion, a PE ratio of 12.68 and a beta of 1.60.

Analyst Ratings Changes

Several research analysts recently commented on NFE shares. Morgan Stanley cut New Fortress Energy from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $35.00 to $15.00 in a research report on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft upgraded shares of New Fortress Energy from a "sell" rating to a "hold" rating and set a $11.00 target price on the stock in a research report on Wednesday, December 4th. Finally, BTIG Research dropped their price target on shares of New Fortress Energy from $35.00 to $15.00 and set a "buy" rating for the company in a research report on Friday, September 13th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, New Fortress Energy currently has a consensus rating of "Hold" and an average price target of $20.33.

Insider Buying and Selling at New Fortress Energy

In other New Fortress Energy news, CEO Wesley R. Edens bought 5,793,742 shares of the stock in a transaction dated 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 owns 35,721,915 shares in the company, valued at $308,280,126.45. This represents a 19.36 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 37.10% of the company's stock.

New Fortress Energy Company 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.