Primecap Management Co. CA Buys 3,505,975 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

Primecap Management Co. CA grew its position in shares of New Fortress Energy Inc. (NASDAQ:NFE - Free Report) by 43.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,532,105 shares of the company's stock after buying an additional 3,505,975 shares during the period. Primecap Management Co. CA owned approximately 5.62% of New Fortress Energy worth $104,827,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vontobel Holding Ltd. acquired a new stake in New Fortress Energy during the third quarter worth approximately $511,000. Pinnacle Associates Ltd. bought a new position in shares of New Fortress Energy in the third quarter worth $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 purchasing an additional 57,479 shares in the last quarter. M&G Plc raised its stake in 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 purchasing an additional 874,210 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in New Fortress Energy during the second quarter worth about $2,855,000. Institutional investors and hedge funds own 58.61% of the company's stock.

Insider Buying and Selling

In other news, CEO Wesley R. Edens bought 5,793,742 shares of the firm's stock in a transaction on Tuesday, October 1st. The stock was 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 of the company's stock, valued at $308,280,126.45. This trade represents a 19.36 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 37.10% of the stock is currently owned by insiders.

New Fortress Energy Trading Up 2.5 %

NFE traded up $0.24 during trading on Friday, reaching $9.75. 3,810,229 shares of the company's stock were exchanged, compared to its average volume of 3,005,808. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. New Fortress Energy Inc. has a one year low of $7.82 and a one year high of $40.04. The firm has a fifty day moving average price of $9.34 and a two-hundred day moving average price of $16.20. The stock has a market capitalization of $2.45 billion, a PE ratio of 10.71 and a beta of 1.53.

Wall Street Analysts Forecast Growth

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

New Fortress Energy 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.