State Street Corp Has $10.95 Million Stock Position in New Fortress Energy Inc. (NASDAQ:NFE)

State Street Corp raised its position in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 4.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,205,046 shares of the company’s stock after purchasing an additional 56,153 shares during the period. State Street Corp owned 0.59% of New Fortress Energy worth $10,954,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Primecap Management Co. CA lifted its holdings in New Fortress Energy by 43.7% in 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 during the last quarter. American Assets Capital Advisers LLC lifted its stake in shares of New Fortress Energy by 105.7% in the third quarter. American Assets Capital Advisers LLC now owns 1,555,767 shares of the company’s stock worth $14,968,000 after buying an additional 799,280 shares during the last quarter. William Blair Investment Management LLC boosted its holdings in shares of New Fortress Energy by 7.1% during 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. HITE Hedge Asset Management LLC boosted its holdings in shares of New Fortress Energy by 24.1% during the 2nd quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock worth $70,163,000 after buying an additional 619,621 shares during the period. Finally, Encompass Capital Advisors LLC raised its holdings in 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 acquiring an additional 395,740 shares during the period. 58.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on NFE. Stifel Nicolaus raised their price target on New Fortress Energy from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday. Morgan Stanley lowered 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. Deutsche Bank Aktiengesellschaft upgraded New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price target for the company in a report on Wednesday, December 4th. Finally, BTIG Research lowered their price objective on shares of 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 research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $15.40.

Insider Transactions at New Fortress Energy

In related news, CEO Wesley R. Edens bought 5,793,742 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. This represents a 19.36 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 37.10% of the stock is owned by insiders.

New Fortress Energy Price Performance

Shares of NFE stock opened at $14.51 on Friday. New Fortress Energy Inc. has a 12 month low of $7.82 and a 12 month high of $39.05. The company has a market capitalization of $3.65 billion, a P/E ratio of 15.95 and a beta of 1.60. The stock has a 50 day moving average of $10.34 and a two-hundred day moving average of $13.80. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06.

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.