New Fortress Energy (NASDAQ:NFE) Shares Gap Up on Analyst Upgrade

Shares of New Fortress Energy Inc. (NASDAQ:NFE - Get Free Report) gapped up before the market opened on Monday after Stifel Nicolaus raised their price target on the stock from $16.00 to $17.00. The stock had previously closed at $11.96, but opened at $12.60. Stifel Nicolaus currently has a buy rating on the stock. New Fortress Energy shares last traded at $13.18, with a volume of 1,907,201 shares.

Other equities analysts have also issued research reports about the stock. Morgan Stanley lowered shares of New Fortress Energy from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $35.00 to $15.00 in a research report on Thursday, October 3rd. 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 note on Friday, September 13th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of New Fortress Energy from a "sell" rating to a "hold" rating and set a $11.00 target price for the company in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $15.40.

Insider Activity

In other New Fortress Energy news, CEO Wesley R. Edens bought 5,793,742 shares of New Fortress Energy stock in a transaction that occurred on Tuesday, October 1st. The stock was purchased at an average cost of $8.63 per share, for a total transaction 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 approximately $308,280,126.45. This represents a 19.36 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 37.10% of the company's stock.

Institutional Investors Weigh In On New Fortress Energy

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Primecap Management Co. CA lifted its stake in New Fortress Energy by 43.7% during the third quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company's stock valued at $104,827,000 after buying an additional 3,505,975 shares in the last quarter. American Assets Capital Advisers LLC lifted its position in shares of New Fortress Energy by 105.7% in the 3rd quarter. American Assets Capital Advisers LLC now owns 1,555,767 shares of the company's stock valued at $14,968,000 after acquiring an additional 799,280 shares in the last quarter. William Blair Investment Management LLC lifted its position in shares of New Fortress Energy by 7.1% in the 2nd quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company's stock valued at $209,896,000 after acquiring an additional 633,170 shares in the last quarter. HITE Hedge Asset Management LLC boosted its stake 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 worth $70,163,000 after purchasing an additional 619,621 shares during the period. Finally, Encompass Capital Advisors LLC grew its position in 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 in the last quarter. Institutional investors and hedge funds own 58.61% of the company's stock.

New Fortress Energy Stock Performance

The firm's 50 day simple moving average is $10.13 and its 200-day simple moving average is $13.86. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 16.00 and a beta of 1.60. 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 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.