New Fortress Energy Inc. (NASDAQ:NFE) Stake Decreased by M&G Plc

M&G Plc cut its holdings in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 0.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,523,341 shares of the company’s stock after selling 14,371 shares during the period. M&G Plc’s holdings in New Fortress Energy were worth $22,710,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Crestwood Advisors Group LLC boosted its position in New Fortress Energy by 27.4% during the 3rd quarter. Crestwood Advisors Group LLC now owns 108,031 shares of the company’s stock worth $982,000 after acquiring an additional 23,225 shares during the period. US Bancorp DE lifted 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 worth $32,000 after purchasing an additional 2,767 shares during the period. Pinnacle Associates Ltd. bought a new position in New Fortress Energy in the 3rd quarter valued at about $890,000. X Square Capital LLC grew its position in New Fortress Energy by 34.5% in the 3rd quarter. X Square Capital LLC now owns 184,746 shares of the company’s stock valued at $1,679,000 after buying an additional 47,350 shares in the last quarter. Finally, Signaturefd LLC increased its stake in New Fortress Energy by 409.1% during the 3rd quarter. Signaturefd LLC now owns 4,124 shares of the company’s stock valued at $37,000 after buying an additional 3,314 shares during the period. 58.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NFE has been the subject of a number of research analyst reports. Stifel Nicolaus reduced their price target on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Morgan Stanley lowered New Fortress Energy from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $35.00 to $15.00 in a research note on Thursday, October 3rd. Barclays lowered their price target on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft restated a “sell” rating and issued a $7.60 price objective (down previously from $21.00) on shares of New Fortress Energy in a report on Tuesday, October 1st. Finally, BTIG Research lowered their target price on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, New Fortress Energy presently has an average rating of “Hold” and a consensus target price of $19.77.

Insiders Place Their Bets

In other 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 cost of $8.63 per share, with a total value 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 approximately $308,280,126.45. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 37.10% of the company’s stock.

New Fortress Energy Stock Performance

NFE opened at $9.46 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.72 and a debt-to-equity ratio of 4.38. The firm has a market cap of $1.94 billion, a PE ratio of 8.02 and a beta of 1.53. The business has a fifty day simple moving average of $9.75 and a 200-day simple moving average of $17.43. New Fortress Energy Inc. has a fifty-two week low of $7.82 and a fifty-two week high of $40.04.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). The company had revenue of $428.00 million during the quarter, compared to analysts’ expectations of $465.52 million. New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The company’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.58 EPS. As a group, equities analysts predict that New Fortress Energy Inc. will post 0.52 EPS for the current fiscal year.

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.