New Fortress Energy Inc. (NASDAQ:NFE) Stake Cut by Verition Fund Management LLC

Verition Fund Management LLC reduced its holdings in New Fortress Energy Inc. (NASDAQ:NFE) by 50.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,021 shares of the company’s stock after selling 24,979 shares during the period. Verition Fund Management LLC’s holdings in New Fortress Energy were worth $227,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Captrust Financial Advisors purchased a new stake in shares of New Fortress Energy during the 3rd quarter worth about $101,000. Capstone Investment Advisors LLC raised its stake in shares of New Fortress Energy by 138.0% during the 3rd quarter. Capstone Investment Advisors LLC now owns 26,551 shares of the company’s stock worth $241,000 after purchasing an additional 15,395 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of New Fortress Energy by 77.5% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 221,477 shares of the company’s stock worth $2,013,000 after purchasing an additional 96,728 shares in the last quarter. Nicolet Advisory Services LLC purchased a new stake in shares of New Fortress Energy during the 3rd quarter worth about $104,000. Finally, Primecap Management Co. CA raised its stake in shares of New Fortress Energy by 43.7% during the 3rd 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 in the last quarter. 58.61% of the stock is owned by hedge funds and other institutional investors.

New Fortress Energy Stock Performance

NFE opened at $12.80 on Monday. The firm has a market capitalization of $3.22 billion, a P/E ratio of 14.07 and a beta of 1.60. The stock’s 50 day moving average price is $9.78 and its two-hundred day moving average price is $14.37. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06. New Fortress Energy Inc. has a 12-month low of $7.82 and a 12-month high of $39.26.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. 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. BTIG Research lowered their price objective 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, Morgan Stanley lowered New Fortress Energy from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $35.00 to $15.00 in a report on Thursday, October 3rd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.33.

Insider Buying and Selling at New Fortress Energy

In other news, CEO Wesley R. Edens acquired 5,793,742 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were bought at an average price of $8.63 per share, with a total value 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 $308,280,126.45. This trade represents a 19.36 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 37.10% of the company’s stock.

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.