X Square Capital LLC Increases Position in New Fortress Energy Inc. (NASDAQ:NFE)

X Square Capital LLC raised its position in New Fortress Energy Inc. (NASDAQ:NFE) by 34.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 184,746 shares of the company’s stock after purchasing an additional 47,350 shares during the quarter. X Square Capital LLC owned 0.09% of New Fortress Energy worth $1,679,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NFE. Primecap Management Co. CA raised its position in New Fortress Energy by 73.9% in the second quarter. Primecap Management Co. CA now owns 8,026,130 shares of the company’s stock valued at $176,414,000 after purchasing an additional 3,410,630 shares during the period. William Blair Investment Management LLC increased its position in shares of New Fortress Energy by 31.0% during the first quarter. William Blair Investment Management LLC now owns 8,916,242 shares of the company’s stock worth $272,748,000 after acquiring an additional 2,111,360 shares during the period. M&G Plc purchased a new stake in shares of New Fortress Energy during the first quarter worth $51,569,000. HITE Hedge Asset Management LLC increased its position in shares of New Fortress Energy by 24.1% during the second quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock worth $70,163,000 after acquiring an additional 619,621 shares during the period. Finally, Encompass Capital Advisors LLC increased its position in shares of New Fortress Energy by 9.0% during the second quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock worth $105,445,000 after acquiring an additional 395,740 shares during the period. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Performance

Shares of NFE stock opened at $8.32 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.63 and a debt-to-equity ratio of 4.38. The firm has a fifty day moving average price of $10.66 and a 200 day moving average price of $18.88. The company has a market cap of $1.71 billion, a P/E ratio of 3.78 and a beta of 1.51. New Fortress Energy Inc. has a 12 month low of $8.20 and a 12 month high of $40.04.

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

New Fortress Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.10 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.40 annualized dividend and a yield of 4.81%. New Fortress Energy’s dividend payout ratio is presently 18.18%.

Insider Buying and Selling at New Fortress Energy

In related news, CEO Wesley R. Edens acquired 5,793,742 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was bought at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the purchase, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 37.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NFE. BTIG Research cut their price objective on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Morgan Stanley lowered New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $35.00 to $15.00 in a research report on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating and set a $7.60 price objective (down previously from $21.00) on shares of New Fortress Energy in a research report on Tuesday, October 1st. Barclays cut their price objective 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. Finally, Stifel Nicolaus lowered 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 assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, New Fortress Energy has an average rating of “Hold” and an average target price 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.