HITE Hedge Asset Management LLC Sells 1,334,636 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

HITE Hedge Asset Management LLC decreased its holdings in shares of New Fortress Energy Inc. (NASDAQ:NFE - Free Report) by 41.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,857,493 shares of the company's stock after selling 1,334,636 shares during the quarter. New Fortress Energy comprises approximately 1.9% of HITE Hedge Asset Management LLC's holdings, making the stock its 19th largest position. HITE Hedge Asset Management LLC owned about 0.91% of New Fortress Energy worth $16,885,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Primecap Management Co. CA raised its stake in shares of New Fortress Energy by 43.7% in the third 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 in the last quarter. William Blair Investment Management LLC lifted its holdings in shares of New Fortress Energy by 7.1% during the 2nd quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company's stock worth $209,896,000 after acquiring an additional 633,170 shares during the period. Encompass Capital Advisors LLC boosted its position 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 valued at $105,445,000 after acquiring an additional 395,740 shares in the last quarter. M&G Plc boosted its position in shares of New Fortress Energy by 52.6% during the 2nd quarter. M&G Plc now owns 2,537,712 shares of the company's stock valued at $55,830,000 after acquiring an additional 874,210 shares in the last quarter. Finally, Kailix Advisors LLC increased its stake in New Fortress Energy by 11.9% in the second quarter. Kailix Advisors LLC now owns 2,203,824 shares of the company's stock valued at $50,622,000 after acquiring an additional 234,371 shares during the period. Institutional investors and hedge funds own 58.61% of the company's stock.

Analyst Ratings Changes

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

Insider Activity

In other news, CEO Wesley R. Edens bought 5,793,742 shares of the company's stock in a transaction that occurred on Tuesday, October 1st. The shares were acquired at an average price of $8.63 per share, with a total value of $49,999,993.46. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 37.10% of the stock is currently owned by company insiders.

New Fortress Energy Trading Up 2.2 %

New Fortress Energy stock traded up $0.23 during mid-day trading on Tuesday, hitting $10.55. 4,640,834 shares of the company's stock were exchanged, compared to its average volume of 3,065,178. New Fortress Energy Inc. has a fifty-two week low of $7.82 and a fifty-two week high of $40.04. 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 firm has a market capitalization of $2.65 billion, a P/E ratio of 11.59 and a beta of 1.60. The company's 50 day simple moving average is $9.25 and its 200-day simple moving average is $15.23.

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.