Brandywine Global Investment Management LLC purchased a new position in shares of New Fortress Energy Inc. (NASDAQ:NFE - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,297,492 shares of the company's stock, valued at approximately $19,618,000. Brandywine Global Investment Management LLC owned approximately 0.52% of New Fortress Energy at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of NFE. Pictet Asset Management Holding SA acquired a new position in shares of New Fortress Energy during the 4th quarter worth approximately $354,000. Norges Bank acquired a new position in New Fortress Energy during the fourth quarter worth $10,135,000. JPMorgan Chase & Co. lifted its holdings in New Fortress Energy by 2.0% during the fourth quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company's stock valued at $730,000 after purchasing an additional 935 shares in the last quarter. Cruiser Capital Advisors LLC acquired a new stake in shares of New Fortress Energy in the fourth quarter valued at about $3,552,000. Finally, Vanguard Group Inc. increased its stake in shares of New Fortress Energy by 31.8% during the fourth quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company's stock worth $171,147,000 after purchasing an additional 2,728,191 shares in the last quarter. Hedge funds and other institutional investors own 58.61% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on NFE shares. Deutsche Bank Aktiengesellschaft set a $8.00 price objective on New Fortress Energy in a report on Wednesday, March 12th. Morgan Stanley dropped their price target on New Fortress Energy from $15.00 to $14.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. Finally, Stifel Nicolaus decreased their price objective on New Fortress Energy from $23.00 to $19.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $15.00.
Get Our Latest Report on NFE
New Fortress Energy Trading Down 20.8 %
Shares of NFE stock traded down $1.43 on Friday, hitting $5.46. 20,779,146 shares of the stock traded hands, compared to its average volume of 4,444,826. New Fortress Energy Inc. has a twelve month low of $4.94 and a twelve month high of $30.19. The stock has a market capitalization of $1.49 billion, a PE ratio of 6.00 and a beta of 1.52. The firm's 50-day moving average price is $11.00 and its two-hundred day moving average price is $11.20. 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 (NASDAQ:NFE - Get Free Report) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.07. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. The business had revenue of $679.00 million during the quarter, compared to the consensus estimate of $613.24 million. As a group, analysts anticipate that New Fortress Energy Inc. will post 0.36 EPS for the current year.
Insiders Place Their Bets
In related news, CFO Christopher S. Guinta purchased 5,000 shares of New Fortress Energy stock in a transaction dated Thursday, March 13th. The shares were acquired at an average cost of $8.57 per share, with a total value of $42,850.00. Following the purchase, the chief financial officer now owns 206,653 shares of the company's stock, valued at approximately $1,771,016.21. The trade was a 2.48 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 37.10% of the stock is owned by insiders.
New Fortress Energy Company Profile
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Free Report)
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.
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