New Fortress Energy Inc. (NASDAQ:NFE) Shares Bought by Quarry LP

Quarry LP raised its holdings in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 125.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,250 shares of the company’s stock after acquiring an additional 1,253 shares during the quarter. Quarry LP’s holdings in New Fortress Energy were worth $49,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Capital World Investors lifted its stake in New Fortress Energy by 1.5% during the first quarter. Capital World Investors now owns 15,182,319 shares of the company’s stock worth $464,427,000 after purchasing an additional 217,697 shares during the last quarter. William Blair Investment Management LLC lifted its position 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 last quarter. Primecap Management Co. CA boosted its holdings in shares of New Fortress Energy by 73.9% in the 2nd quarter. Primecap Management Co. CA now owns 8,026,130 shares of the company’s stock valued at $176,414,000 after buying an additional 3,410,630 shares in the last quarter. 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 valued at $105,445,000 after buying an additional 395,740 shares during the last quarter. Finally, HITE Hedge Asset Management LLC grew its position in shares of New Fortress Energy by 24.1% in the 2nd 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 last quarter. Hedge funds and other institutional investors own 58.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reissued a “sell” rating and issued a $7.60 price target (down from $21.00) on shares of New Fortress Energy in a research report on Tuesday. Morgan Stanley cut New Fortress Energy from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $35.00 to $15.00 in a research report on Thursday. BTIG Research dropped 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. Barclays reduced their price objective on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Finally, Stifel Nicolaus lowered their target price on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $19.77.

Insider Activity

In other New Fortress Energy news, CEO Wesley R. Edens bought 5,793,742 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were bought 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 owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 37.10% of the company’s stock.

New Fortress Energy Stock Performance

Shares of NFE stock opened at $10.09 on Friday. The stock’s 50-day moving average price is $12.60 and its 200 day moving average price is $20.85. The company has a quick ratio of 0.63, a current ratio of 0.72 and a debt-to-equity ratio of 4.38. The stock has a market capitalization of $2.07 billion, a PE ratio of 4.59 and a beta of 1.52. New Fortress Energy Inc. has a 52-week low of $8.20 and a 52-week high of $40.04.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.50). New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The company had revenue of $428.00 million for the quarter, compared to analysts’ expectations of $465.52 million. During the same quarter last year, the company earned $0.58 EPS. New Fortress Energy’s revenue for the quarter was down 23.7% compared to the same quarter last year. As a group, equities research analysts forecast that New Fortress Energy Inc. will post 0.54 EPS for the current year.

New Fortress Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.96%. The ex-dividend date was Friday, September 13th. New Fortress Energy’s payout ratio is 18.18%.

New Fortress Energy 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.