UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Stake in New Fortress Energy Inc. (NASDAQ:NFE)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 3.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 140,667 shares of the company’s stock after selling 4,927 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.07% of New Fortress Energy worth $1,279,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. X Square Capital LLC lifted its position in shares of New Fortress Energy by 0.6% during the 2nd quarter. X Square Capital LLC now owns 137,396 shares of the company’s stock valued at $3,020,000 after buying an additional 781 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in New Fortress Energy by 4.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 21,719 shares of the company’s stock valued at $477,000 after acquiring an additional 999 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in New Fortress Energy by 4.9% during the second quarter. The Manufacturers Life Insurance Company now owns 21,784 shares of the company’s stock valued at $479,000 after purchasing an additional 1,024 shares during the last quarter. Victory Capital Management Inc. boosted its position in New Fortress Energy by 7.7% during the second quarter. Victory Capital Management Inc. now owns 14,933 shares of the company’s stock worth $328,000 after purchasing an additional 1,062 shares during the period. Finally, American National Bank bought a new position in New Fortress Energy during the second quarter worth about $26,000. Institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Up 0.5 %

Shares of NASDAQ:NFE opened at $11.94 on Wednesday. The firm has a fifty day moving average price of $9.83 and a two-hundred day moving average price of $14.28. The company has a market cap of $3.00 billion, a price-to-earnings ratio of 13.25 and a beta of 1.60. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. New Fortress Energy Inc. has a one year low of $7.82 and a one year high of $39.26.

Analyst Ratings Changes

NFE has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft upgraded shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price target on the stock 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 lowered their target price for the company from $35.00 to $15.00 in a report on Thursday, October 3rd. Finally, BTIG Research cut their price target on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a report on Friday, September 13th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $20.33.

Insider Buying and Selling

In related news, CEO Wesley R. Edens bought 5,793,742 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was acquired at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the transaction, the chief executive officer now directly owns 35,721,915 shares in the company, valued at $308,280,126.45. This trade represents a 19.36 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 37.10% of the stock is currently owned by company insiders.

About New Fortress Energy

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.