Primecap Management Co. CA grew its stake in New Fortress Energy Inc. (NASDAQ:NFE – Free Report) by 73.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,026,130 shares of the company’s stock after acquiring an additional 3,410,630 shares during the quarter. Primecap Management Co. CA’s holdings in New Fortress Energy were worth $176,414,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in NFE. Moors & Cabot Inc. purchased a new position in New Fortress Energy in the second quarter valued at about $308,000. Dimensional Fund Advisors LP grew its position in shares of New Fortress Energy by 5.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,443,476 shares of the company’s stock worth $31,717,000 after buying an additional 75,661 shares during the last quarter. William Blair Investment Management LLC raised its stake in shares of New Fortress Energy by 7.1% during the 2nd quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock worth $209,896,000 after acquiring an additional 633,170 shares in the last quarter. Ullmann Wealth Partners Group LLC lifted its position in New Fortress Energy by 9.0% during the second quarter. Ullmann Wealth Partners Group LLC now owns 28,526 shares of the company’s stock valued at $627,000 after acquiring an additional 2,350 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in New Fortress Energy by 4.0% during the second quarter. American Century Companies Inc. now owns 125,984 shares of the company’s stock valued at $2,769,000 after acquiring an additional 4,791 shares during the last quarter. 58.61% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of brokerages have recently issued reports on NFE. Deutsche Bank Aktiengesellschaft reduced their price target on New Fortress Energy from $26.00 to $21.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. Stifel Nicolaus reduced 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 lowered their price target on 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. Finally, 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. Three 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.com, the company currently has an average rating of “Hold” and an average target price of $23.40.
New Fortress Energy Price Performance
NASDAQ NFE opened at $12.16 on Tuesday. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 5.53 and a beta of 1.53. The company has a debt-to-equity ratio of 4.38, a current ratio of 0.72 and a quick ratio of 0.63. The stock’s fifty day moving average price is $15.99 and its 200 day moving average price is $22.93. New Fortress Energy Inc. has a 1 year low of $9.44 and a 1 year high of $40.04.
New Fortress Energy (NASDAQ:NFE – Get Free Report) last announced its quarterly earnings data 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). New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The firm had revenue of $428.00 million during the quarter, compared to analyst estimates of $465.52 million. During the same period in the prior year, the company posted $0.58 earnings per share. The firm’s revenue for the quarter was down 23.7% on a year-over-year basis. As a group, equities research analysts forecast that New Fortress Energy Inc. will post 0.58 earnings per share for the current year.
New Fortress Energy Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Friday, September 13th. New Fortress Energy’s dividend payout ratio is presently 18.18%.
New Fortress Energy Company 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.
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