Primecap Management Co. CA Has $104.83 Million Holdings in New Fortress Energy Inc. (NASDAQ:NFE)

Primecap Management Co. CA raised its position in New Fortress Energy Inc. (NASDAQ:NFE) 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 purchasing an additional 3,505,975 shares during the quarter. Primecap Management Co. CA owned 5.62% of New Fortress Energy worth $104,827,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vontobel Holding Ltd. acquired a new position in New Fortress Energy during the third quarter worth $511,000. Pinnacle Associates Ltd. bought a new stake in New Fortress Energy during the 3rd quarter worth about $890,000. American Assets Investment Management LLC boosted its stake in shares of New Fortress Energy by 101.6% during the 3rd quarter. American Assets Investment Management LLC now owns 114,065 shares of the company’s stock worth $1,037,000 after buying an additional 57,479 shares during the last quarter. M&G Plc grew its holdings in shares of New Fortress Energy by 52.6% in the 2nd quarter. M&G Plc now owns 2,537,712 shares of the company’s stock valued at $55,830,000 after acquiring an additional 874,210 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of New Fortress Energy in the second quarter valued at about $2,855,000. 58.61% of the stock is currently owned by institutional investors.

New Fortress Energy Price Performance

Shares of NFE opened at $9.50 on Friday. The company’s 50-day moving average is $9.37 and its 200-day moving average is $16.24. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The firm has a market capitalization of $1.95 billion, a PE ratio of 10.09 and a beta of 1.53. New Fortress Energy Inc. has a fifty-two week low of $7.82 and a fifty-two week high of $40.04.

Insider Activity at New Fortress Energy

In other New Fortress Energy news, CEO Wesley R. Edens bought 5,793,742 shares of New Fortress Energy stock in a transaction dated Tuesday, October 1st. The stock was bought at an average price 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 owns 35,721,915 shares in the company, valued at $308,280,126.45. The trade was a 19.36 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 37.10% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages recently commented on NFE. BTIG Research reduced their price target on 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. Morgan Stanley downgraded shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $35.00 to $15.00 in a report on Thursday, October 3rd. Barclays cut their price target on shares of New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft restated a “sell” rating and set a $7.60 price objective (down from $21.00) on shares of New Fortress Energy in a research note on Tuesday, October 1st. Finally, Stifel Nicolaus cut their target price 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, New Fortress Energy has a consensus rating of “Hold” and an average 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.