New Fortress Energy Inc. (NASDAQ:NFE) is HITE Hedge Asset Management LLC’s 2nd Largest Position

HITE Hedge Asset Management LLC raised its stake in New Fortress Energy Inc. (NASDAQ:NFE) by 24.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,192,129 shares of the company’s stock after purchasing an additional 619,621 shares during the quarter. New Fortress Energy comprises about 6.7% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 2nd biggest position. HITE Hedge Asset Management LLC owned 1.56% of New Fortress Energy worth $70,163,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. American National Bank purchased a new stake in New Fortress Energy during the 2nd quarter worth $26,000. Benjamin F. Edwards & Company Inc. lifted its stake in shares of New Fortress Energy by 563.6% in 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. ORG Partners LLC boosted its holdings in New Fortress Energy by 987.8% in the second quarter. ORG Partners LLC now owns 3,753 shares of the company’s stock valued at $77,000 after purchasing an additional 3,408 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in New Fortress Energy during the 1st quarter valued at approximately $95,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in New Fortress Energy during the 4th quarter worth approximately $119,000. Institutional investors and hedge funds own 58.61% of the company’s stock.

New Fortress Energy Stock Up 1.0 %

Shares of NASDAQ:NFE opened at $10.00 on Wednesday. New Fortress Energy Inc. has a 1-year low of $9.17 and a 1-year high of $40.04. The company’s fifty day moving average is $14.75 and its two-hundred day moving average is $21.96. 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 has a market capitalization of $2.05 billion, a price-to-earnings ratio of 4.54 and a beta of 1.53.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.50). The business 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%. New Fortress Energy’s revenue was down 23.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.58 EPS. Equities analysts anticipate that New Fortress Energy Inc. will post 0.54 EPS for the current year.

New Fortress Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, September 13th. This represents a $0.40 dividend on an annualized basis and a yield of 4.00%. New Fortress Energy’s payout ratio is currently 18.18%.

Analysts Set New Price Targets

NFE has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft decreased their price target on shares of New Fortress Energy from $26.00 to $21.00 and set a “hold” rating for the company in a research report on Monday, August 12th. BTIG Research dropped their target price 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. Stifel Nicolaus reduced their price target on shares of 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. Finally, Barclays lowered their price objective 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. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $23.40.

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.