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

New Fortress Energy Inc. (NASDAQ:NFE)’s share price 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 changing hands.

Several other equities analysts have also recently commented on the stock. Morgan Stanley cut shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $35.00 to $15.00 in a research report on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft upgraded New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 target price for the company in a research note on Wednesday, December 4th. Finally, BTIG Research decreased their price target on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $15.40.

Insider Activity

In related news, CEO Wesley R. Edens bought 5,793,742 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was acquired at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the purchase, 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 37.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

New Fortress Energy Price Performance

The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The business has a 50 day moving average of $10.13 and a 200 day moving average of $13.86. The company has a market cap of $3.66 billion, a PE ratio of 16.00 and a beta of 1.60.

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.