Primecap Management Co. CA grew its stake in New Fortress Energy Inc. (NASDAQ:NFE - Free Report) by 13.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,096,998 shares of the company's stock after buying an additional 1,564,893 shares during the period. Primecap Management Co. CA owned 5.21% of New Fortress Energy worth $198,027,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of NFE. William Blair Investment Management LLC boosted its stake in New Fortress Energy by 40.8% in the fourth quarter. William Blair Investment Management LLC now owns 15,567,055 shares of the company's stock valued at $235,374,000 after acquiring an additional 4,509,177 shares in the last quarter. King Luther Capital Management Corp acquired a new stake in shares of New Fortress Energy in the 4th quarter valued at about $15,120,000. American Assets Capital Advisers LLC boosted its position in shares of New Fortress Energy by 56.2% in the 4th quarter. American Assets Capital Advisers LLC now owns 2,430,812 shares of the company's stock valued at $36,754,000 after purchasing an additional 875,045 shares during the period. Kailix Advisors LLC grew its stake in New Fortress Energy by 73.9% during the 4th quarter. Kailix Advisors LLC now owns 1,480,321 shares of the company's stock worth $22,382,000 after buying an additional 628,882 shares during the last quarter. Finally, Catalyst Capital Advisors LLC purchased a new stake in New Fortress Energy in the fourth quarter valued at approximately $8,316,000. 58.61% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts recently commented on the stock. Morgan Stanley reduced their price target on shares of New Fortress Energy from $15.00 to $14.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft set a $8.00 target price on shares of New Fortress Energy in a report on Wednesday, March 12th. Finally, Stifel Nicolaus lowered their price target on New Fortress Energy from $23.00 to $19.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $15.00.
Read Our Latest Stock Analysis on NFE
New Fortress Energy Stock Performance
Shares of NFE stock traded up $0.82 during mid-day trading on Friday, hitting $11.17. The stock had a trading volume of 8,487,761 shares, compared to its average volume of 4,036,812. New Fortress Energy Inc. has a fifty-two week low of $7.58 and a fifty-two week high of $31.14. 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 company's 50-day simple moving average is $12.36 and its 200-day simple moving average is $11.36. The firm has a market cap of $3.06 billion, a PE ratio of 12.27 and a beta of 1.58.
New Fortress Energy (NASDAQ:NFE - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.07. The company had revenue of $679.00 million for the quarter, compared to analyst estimates of $613.24 million. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%. Sell-side analysts anticipate that New Fortress Energy Inc. will post 0.36 earnings per share for the current year.
Insider Buying and Selling
In related news, CFO Christopher S. Guinta bought 5,000 shares of the stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $8.57 per share, for a total transaction of $42,850.00. Following the completion of the transaction, the chief financial officer now owns 206,653 shares of the company's stock, valued at $1,771,016.21. This represents a 2.48 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 37.10% of the stock is currently owned by corporate insiders.
New Fortress Energy Profile
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Free Report)
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.
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