William Blair Investment Management LLC boosted its position in shares of New Fortress Energy Inc. (NASDAQ:NFE - Free Report) by 40.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,567,055 shares of the company's stock after purchasing an additional 4,509,177 shares during the period. William Blair Investment Management LLC owned approximately 6.19% of New Fortress Energy worth $235,374,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. US Bancorp DE raised its holdings in New Fortress Energy by 344.6% in the third quarter. US Bancorp DE now owns 3,570 shares of the company's stock valued at $32,000 after acquiring an additional 2,767 shares in the last quarter. KBC Group NV increased its holdings in New Fortress Energy by 116.9% in the third 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 during the last quarter. Quest Partners LLC raised its stake in New Fortress Energy by 209.9% during the third quarter. Quest Partners LLC now owns 35,421 shares of the company's stock valued at $322,000 after buying an additional 23,993 shares in the last quarter. Primecap Management Co. CA lifted its holdings in New Fortress Energy by 43.7% during the 3rd quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company's stock worth $104,827,000 after buying an additional 3,505,975 shares during the last quarter. Finally, Nicolet Advisory Services LLC acquired a new position in shares of New Fortress Energy in the 3rd quarter worth approximately $104,000. Institutional investors and hedge funds own 58.61% of the company's stock.
Insider Activity at New Fortress Energy
In other news, CFO Christopher S. Guinta purchased 5,000 shares of the firm's stock in a transaction on Thursday, March 13th. The stock was purchased at an average cost of $8.57 per share, with a total value of $42,850.00. Following the purchase, the chief financial officer now owns 206,653 shares in the company, valued at $1,771,016.21. This trade represents a 2.48 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 37.10% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on NFE shares. Stifel Nicolaus dropped their price target on New Fortress Energy from $23.00 to $19.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th. Morgan Stanley reduced their price target on shares of New Fortress Energy from $15.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft set a $8.00 price objective on shares of New Fortress Energy in a research report on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $15.00.
Get Our Latest Research Report on New Fortress Energy
New Fortress Energy Stock Performance
New Fortress Energy stock traded up $0.82 during midday trading on Friday, reaching $11.17. 8,487,761 shares of the stock traded hands, compared to its average volume of 4,036,813. The firm has a fifty day moving average price of $12.36 and a two-hundred day moving average price of $11.36. New Fortress Energy Inc. has a fifty-two week low of $7.58 and a fifty-two week high of $31.14. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 12.27 and a beta of 1.58. 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 (NASDAQ:NFE - Get Free Report) last issued its quarterly earnings data on Monday, March 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.07. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%. The business had revenue of $679.00 million during the quarter, compared to analyst estimates of $613.24 million. On average, equities research analysts forecast that New Fortress Energy Inc. will post 0.36 earnings per share for the current year.
About New Fortress Energy
(
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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