Rhumbline Advisers Sells 3,630 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

Rhumbline Advisers reduced its stake in New Fortress Energy Inc. (NASDAQ:NFE) by 4.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 83,990 shares of the company’s stock after selling 3,630 shares during the period. Rhumbline Advisers’ holdings in New Fortress Energy were worth $1,846,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. American National Bank bought a new position in New Fortress Energy during the second quarter worth about $26,000. Benjamin F. Edwards & Company Inc. lifted its holdings in New Fortress Energy by 563.6% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,387 shares of the company’s stock worth $42,000 after acquiring an additional 1,178 shares in the last quarter. Meeder Asset Management Inc. bought a new position in New Fortress Energy during the first quarter worth about $95,000. Kapitalo Investimentos Ltda bought a new position in New Fortress Energy during the fourth quarter worth about $119,000. Finally, ORG Partners LLC lifted its holdings in New Fortress Energy by 987.8% during the second quarter. ORG Partners LLC now owns 3,753 shares of the company’s stock worth $77,000 after acquiring an additional 3,408 shares in the last quarter. 58.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on NFE shares. Barclays reduced their target price on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Stifel Nicolaus cut their price target on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, August 12th. BTIG Research cut their price target 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. Finally, Deutsche Bank Aktiengesellschaft cut their price target on New Fortress Energy from $26.00 to $21.00 and set a “hold” rating on the stock in a report on Monday, August 12th. 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.com, the company presently has an average rating of “Hold” and an average price target of $23.40.

New Fortress Energy Price Performance

NASDAQ:NFE opened at $9.49 on Friday. The company has a debt-to-equity ratio of 4.38, a quick ratio of 0.63 and a current ratio of 0.72. The stock’s 50-day simple moving average is $15.22 and its 200 day simple moving average is $22.44. The company has a market cap of $1.95 billion, a P/E ratio of 4.31 and a beta of 1.53. New Fortress Energy Inc. has a 52-week low of $9.39 and a 52-week high of $40.04.

New Fortress Energy (NASDAQ:NFE) last released its earnings results on Friday, August 9th. The company reported ($0.41) earnings per share (EPS) 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 analyst estimates of $465.52 million. New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. New Fortress Energy’s revenue was down 23.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.58 EPS. As a group, sell-side analysts forecast that New Fortress Energy Inc. will post 0.58 EPS for the current fiscal year.

New Fortress Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date is Friday, September 13th. New Fortress Energy’s dividend payout ratio is currently 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.