Pinnacle Associates Ltd. Acquires New Position in New Fortress Energy Inc. (NASDAQ:NFE)

Pinnacle Associates Ltd. bought a new stake in New Fortress Energy Inc. (NASDAQ:NFE - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 97,895 shares of the company's stock, valued at approximately $890,000.

A number of other large investors have also recently bought and sold shares of the stock. Primecap Management Co. CA boosted its stake in shares of New Fortress Energy by 73.9% during the 2nd quarter. Primecap Management Co. CA now owns 8,026,130 shares of the company's stock worth $176,414,000 after purchasing an additional 3,410,630 shares during the last quarter. William Blair Investment Management LLC boosted its position in New Fortress Energy by 31.0% during the first quarter. William Blair Investment Management LLC now owns 8,916,242 shares of the company's stock worth $272,748,000 after acquiring an additional 2,111,360 shares during the last quarter. M&G Plc purchased a new stake in New Fortress Energy in the 1st quarter worth approximately $51,569,000. HITE Hedge Asset Management LLC raised its holdings in New Fortress Energy by 24.1% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company's stock valued at $70,163,000 after acquiring an additional 619,621 shares during the last quarter. Finally, Encompass Capital Advisors LLC lifted its stake in shares of New Fortress Energy by 9.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company's stock worth $105,445,000 after purchasing an additional 395,740 shares during the period. Institutional investors and hedge funds own 58.61% of the company's stock.

Insider Activity

In other news, CEO Wesley R. Edens purchased 5,793,742 shares of the company's stock in a transaction that occurred on Tuesday, October 1st. The shares were purchased at an average price of $8.63 per share, with a total value of $49,999,993.46. Following the purchase, the chief executive officer now directly owns 35,721,915 shares of the company's stock, valued at approximately $308,280,126.45. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 37.10% of the company's stock.

New Fortress Energy Stock Down 4.9 %

Shares of NASDAQ:NFE traded down $0.41 during midday trading on Friday, hitting $8.00. 7,753,522 shares of the company's stock traded hands, compared to its average volume of 4,812,428. The firm's fifty day moving average price is $10.03 and its two-hundred day moving average price is $17.82. The company has a debt-to-equity ratio of 4.38, a quick ratio of 0.63 and a current ratio of 0.72. New Fortress Energy Inc. has a twelve month low of $7.82 and a twelve month high of $40.04. The company has a market cap of $1.64 billion, a PE ratio of 6.78 and a beta of 1.53.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.41) 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 company had revenue of $428.00 million for the quarter, compared to analyst estimates of $465.52 million. During the same quarter in the prior year, the firm earned $0.58 EPS. The company's revenue for the quarter was down 23.7% compared to the same quarter last year. On average, equities research analysts anticipate that New Fortress Energy Inc. will post 0.52 EPS for the current fiscal year.

New Fortress Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 5.00%. The ex-dividend date was Friday, September 13th. New Fortress Energy's dividend payout ratio (DPR) is 33.90%.

Analyst Ratings Changes

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

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.