Moors & Cabot Inc. Takes $308,000 Position in New Fortress Energy Inc. (NASDAQ:NFE)

Moors & Cabot Inc. purchased a new position in shares of New Fortress Energy Inc. (NASDAQ:NFE) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,000 shares of the company’s stock, valued at approximately $308,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in New Fortress Energy by 5.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,443,476 shares of the company’s stock valued at $31,717,000 after acquiring an additional 75,661 shares during the period. William Blair Investment Management LLC lifted its stake in shares of New Fortress Energy by 7.1% in the second quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock valued at $209,896,000 after purchasing an additional 633,170 shares during the period. Ullmann Wealth Partners Group LLC boosted its holdings in New Fortress Energy by 9.0% during the second quarter. Ullmann Wealth Partners Group LLC now owns 28,526 shares of the company’s stock worth $627,000 after buying an additional 2,350 shares in the last quarter. American Century Companies Inc. boosted its holdings in New Fortress Energy by 4.0% during the second quarter. American Century Companies Inc. now owns 125,984 shares of the company’s stock worth $2,769,000 after buying an additional 4,791 shares in the last quarter. Finally, Wellington Shields & Co. LLC grew its position in New Fortress Energy by 41.2% during the second quarter. Wellington Shields & Co. LLC now owns 8,566 shares of the company’s stock worth $188,000 after buying an additional 2,500 shares during the period. Institutional investors and hedge funds own 58.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on NFE. Barclays reduced their price target on shares of New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft decreased their target price on New Fortress Energy from $26.00 to $21.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. BTIG Research dropped their price target on 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. Finally, Stifel Nicolaus cut their price target on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $23.40.

New Fortress Energy Stock Performance

New Fortress Energy stock opened at $9.49 on Friday. New Fortress Energy Inc. has a fifty-two week low of $9.39 and a fifty-two week high of $40.04. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 4.31 and a beta of 1.53. The stock has a fifty day moving average of $15.22 and a two-hundred day moving average of $22.44. The company has a debt-to-equity ratio of 4.38, a quick ratio of 0.63 and a current ratio of 0.72.

New Fortress Energy (NASDAQ:NFE) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). The company had revenue of $428.00 million for the quarter, compared to analysts’ expectations of $465.52 million. New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The company’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.58 EPS. On average, analysts anticipate that New Fortress Energy Inc. will post 0.58 EPS for the current fiscal year.

New Fortress Energy Announces Dividend

The company 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. This represents a $0.40 annualized dividend and a dividend yield of 4.21%. The ex-dividend date of this dividend is Friday, September 13th. New Fortress Energy’s payout ratio is 18.18%.

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.