CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys Shares of 150,000 New Fortress Energy Inc. (NASDAQ:NFE)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in New Fortress Energy Inc. (NASDAQ:NFE - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 150,000 shares of the company's stock, valued at approximately $2,268,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.06% of New Fortress Energy as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in NFE. The Manufacturers Life Insurance Company lifted its position in New Fortress Energy by 4.9% during the second quarter. The Manufacturers Life Insurance Company now owns 21,784 shares of the company's stock worth $479,000 after purchasing an additional 1,024 shares during the period. Quarry LP raised its position in shares of New Fortress Energy by 125.7% in the 2nd quarter. Quarry LP now owns 2,250 shares of the company's stock valued at $49,000 after buying an additional 1,253 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of New Fortress Energy by 118.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,031 shares of the company's stock worth $67,000 after acquiring an additional 1,644 shares during the period. KBC Group NV boosted its position in shares of New Fortress Energy by 116.9% during the 3rd quarter. KBC Group NV now owns 3,436 shares of the company's stock worth $31,000 after acquiring an additional 1,852 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in New Fortress Energy by 148.5% in the fourth quarter. GAMMA Investing LLC now owns 3,966 shares of the company's stock valued at $60,000 after acquiring an additional 2,370 shares during the last quarter. 58.61% of the stock is owned by institutional investors.

New Fortress Energy Price Performance

NFE stock traded down $0.56 during midday trading on Friday, reaching $15.36. 2,741,193 shares of the stock were exchanged, compared to its average volume of 3,880,275. New Fortress Energy Inc. has a 52 week low of $7.82 and a 52 week high of $35.58. The company has a fifty day moving average price of $13.13 and a 200 day moving average price of $12.93. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The stock has a market capitalization of $3.86 billion, a PE ratio of 16.88 and a beta of 1.50.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Stifel Nicolaus raised their target price on New Fortress Energy from $16.00 to $17.00 and gave the company a "buy" rating in a report on Monday, December 23rd. Deutsche Bank Aktiengesellschaft upgraded 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, Morgan Stanley cut shares of New Fortress Energy from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $35.00 to $15.00 in a report on Thursday, October 3rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $15.40.

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.