State Street Corp Increases Position in New Fortress Energy Inc. (NASDAQ:NFE)

State Street Corp boosted its stake in shares of New Fortress Energy Inc. (NASDAQ:NFE - Free Report) by 4.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,205,046 shares of the company's stock after purchasing an additional 56,153 shares during the quarter. State Street Corp owned about 0.59% of New Fortress Energy worth $10,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Quarry LP grew its holdings in New Fortress Energy by 125.7% in the second quarter. Quarry LP now owns 2,250 shares of the company's stock worth $49,000 after purchasing an additional 1,253 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of New Fortress Energy in the 3rd quarter worth $25,000. Benjamin F. Edwards & Company Inc. grew its stake in New Fortress Energy by 118.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,031 shares of the company's stock worth $67,000 after buying an additional 1,644 shares during the last quarter. KBC Group NV increased its position in New Fortress Energy by 116.9% during the 3rd quarter. KBC Group NV now owns 3,436 shares of the company's stock valued at $31,000 after buying an additional 1,852 shares in the last quarter. Finally, US Bancorp DE increased its position in New Fortress Energy by 344.6% during the 3rd quarter. US Bancorp DE now owns 3,570 shares of the company's stock valued at $32,000 after buying an additional 2,767 shares in the last quarter. Institutional investors own 58.61% of the company's stock.

New Fortress Energy Stock Performance

Shares of NFE traded down $0.06 during trading hours on Friday, hitting $14.45. The stock had a trading volume of 3,247,731 shares, compared to its average volume of 3,258,444. The firm has a 50-day moving average price of $10.44 and a 200 day moving average price of $13.81. New Fortress Energy Inc. has a fifty-two week low of $7.82 and a fifty-two week high of $39.05. The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of 15.88 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.

Analysts Set New Price Targets

NFE has been the topic of a number of research analyst reports. BTIG Research dropped their price target on 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. Deutsche Bank Aktiengesellschaft raised shares of New Fortress Energy from a "sell" rating to a "hold" rating and set a $11.00 target price on the stock in a research report on Wednesday, December 4th. Morgan Stanley lowered shares of New Fortress Energy from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $35.00 to $15.00 in a research note on Thursday, October 3rd. Finally, Stifel Nicolaus lifted their price objective on shares of New Fortress Energy from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Monday. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $15.40.

Insiders Place Their Bets

In related news, CEO Wesley R. Edens bought 5,793,742 shares of the company's stock in a transaction dated Tuesday, October 1st. The shares were acquired at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the transaction, the chief executive officer now directly owns 35,721,915 shares in the company, valued at $308,280,126.45. This trade represents a 19.36 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 37.10% of the stock is currently owned by company insiders.

About New Fortress Energy

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.