New Fortress Energy (NASDAQ:NFE) Shares Gap Up Following Analyst Upgrade

Shares of New Fortress Energy Inc. (NASDAQ:NFE) gapped up prior to trading on Monday after Stifel Nicolaus raised their price target on the stock from $16.00 to $17.00. The stock had previously closed at $11.96, but opened at $12.60. Stifel Nicolaus currently has a buy rating on the stock. New Fortress Energy shares last traded at $13.18, with a volume of 1,907,201 shares.

NFE has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft raised New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price target for the company in a research note on Wednesday, December 4th. Morgan Stanley cut shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $35.00 to $15.00 in a research report on Thursday, October 3rd. Finally, BTIG Research lowered their price objective on shares of 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. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $15.40.

Insider Transactions at New Fortress Energy

In other news, CEO Wesley R. Edens purchased 5,793,742 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were bought at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the acquisition, the chief executive officer now owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. This trade represents a 19.36 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 37.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Primecap Management Co. CA grew its holdings in shares of New Fortress Energy by 43.7% in the third quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock worth $104,827,000 after purchasing an additional 3,505,975 shares during the last quarter. William Blair Investment Management LLC raised its stake in shares of New Fortress Energy by 7.1% during the second quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock valued at $209,896,000 after acquiring an additional 633,170 shares in the last quarter. Encompass Capital Advisors LLC boosted its holdings in shares of New Fortress Energy by 9.0% in the second quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock valued at $105,445,000 after purchasing an additional 395,740 shares during the period. HITE Hedge Asset Management LLC grew its stake in New Fortress Energy by 24.1% in the second quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock worth $70,163,000 after purchasing an additional 619,621 shares in the last quarter. Finally, Kailix Advisors LLC increased its holdings in New Fortress Energy by 11.9% during the 2nd quarter. Kailix Advisors LLC now owns 2,203,824 shares of the company’s stock worth $50,622,000 after purchasing an additional 234,371 shares during the period. Institutional investors own 58.61% of the company’s stock.

New Fortress Energy Trading Up 10.2 %

The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The stock has a 50-day simple moving average of $10.03 and a two-hundred day simple moving average of $13.92. The firm has a market capitalization of $3.31 billion, a P/E ratio of 14.48 and a beta of 1.60.

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.