Brokerages Set New Fortress Energy Inc. (NASDAQ:NFE) Target Price at $19.77

Shares of New Fortress Energy Inc. (NASDAQ:NFE - Get Free Report) have received an average rating of "Hold" from the six ratings firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $19.77.

Several analysts recently weighed in on the stock. BTIG Research cut 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 report on Friday, September 13th. Stifel Nicolaus cut their target price on New Fortress Energy from $40.00 to $17.00 and set a "buy" rating on the stock in a research note on Monday, August 12th. Morgan Stanley cut New Fortress Energy from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $35.00 to $15.00 in a research note on Thursday, October 3rd. Barclays reduced their price objective on shares of New Fortress Energy from $27.00 to $19.00 and set an "equal weight" rating for the company in a report on Monday, August 5th. Finally, Deutsche Bank Aktiengesellschaft reissued a "sell" rating and set a $7.60 target price (down previously from $21.00) on shares of New Fortress Energy in a report on Tuesday, October 1st.

Insider Activity at New Fortress Energy

In related news, CEO Wesley R. Edens acquired 5,793,742 shares of the firm's stock in a transaction on Tuesday, October 1st. The shares were bought at an average cost of $8.63 per share, with a total value of $49,999,993.46. Following the completion of the acquisition, the chief executive officer now owns 35,721,915 shares of the company's stock, valued at $308,280,126.45. This trade represents a 19.36 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 37.10% of the company's stock.

Institutional Investors Weigh In On New Fortress Energy

Several large investors have recently made changes to their positions in NFE. Vontobel Holding Ltd. bought a new stake in New Fortress Energy during the 3rd quarter worth about $511,000. Pinnacle Associates Ltd. acquired a new position in New Fortress Energy during the third quarter worth approximately $890,000. American Assets Investment Management LLC raised its stake in New Fortress Energy by 101.6% in the third quarter. American Assets Investment Management LLC now owns 114,065 shares of the company's stock valued at $1,037,000 after buying an additional 57,479 shares during the period. M&G Plc lifted its position in shares of New Fortress Energy by 52.6% in the second quarter. M&G Plc now owns 2,537,712 shares of the company's stock valued at $55,830,000 after buying an additional 874,210 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of New Fortress Energy during the 2nd quarter worth approximately $2,855,000. Institutional investors own 58.61% of the company's stock.

New Fortress Energy Stock Performance

NASDAQ NFE traded up $0.39 during trading hours on Wednesday, hitting $10.43. The company had a trading volume of 4,382,373 shares, compared to its average volume of 3,023,999. New Fortress Energy has a fifty-two week low of $7.82 and a fifty-two week high of $40.04. The firm has a market cap of $2.62 billion, a P/E ratio of 11.03 and a beta of 1.53. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06. The business has a fifty day simple moving average of $9.22 and a 200-day simple moving average of $15.70.

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.