Victory Capital Management Inc. Boosts Stake in New Fortress Energy Inc. (NASDAQ:NFE)

Victory Capital Management Inc. increased its position in New Fortress Energy Inc. (NASDAQ:NFE) by 31.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 19,317 shares of the company’s stock after purchasing an additional 4,636 shares during the period. Victory Capital Management Inc.’s holdings in New Fortress Energy were worth $292,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. KBC Group NV lifted its holdings in shares of New Fortress Energy by 116.9% in the 3rd quarter. KBC Group NV now owns 3,436 shares of the company’s stock valued at $31,000 after purchasing an additional 1,852 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of New Fortress Energy by 2,156.0% in the 4th quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock valued at $32,000 after purchasing an additional 1,962 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of New Fortress Energy by 148.5% in the 4th quarter. GAMMA Investing LLC now owns 3,966 shares of the company’s stock valued at $60,000 after purchasing an additional 2,370 shares during the last quarter. US Bancorp DE lifted its holdings in shares of New Fortress Energy by 31.5% in the 4th quarter. US Bancorp DE now owns 4,696 shares of the company’s stock valued at $71,000 after purchasing an additional 1,126 shares during the last quarter. Finally, Captrust Financial Advisors purchased a new stake in shares of New Fortress Energy in the 3rd quarter valued at about $101,000. 58.61% of the stock is owned by hedge funds and other institutional investors.

New Fortress Energy Stock Up 7.9 %

NFE opened at $11.17 on Friday. The business has a 50 day moving average price of $12.29 and a two-hundred day moving average price of $11.35. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06. The company has a market cap of $3.06 billion, a PE ratio of 12.27 and a beta of 1.58. New Fortress Energy Inc. has a 52 week low of $7.58 and a 52 week high of $30.80.

New Fortress Energy (NASDAQ:NFE) last released its earnings results on Monday, March 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.07. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%. The company had revenue of $679.00 million for the quarter, compared to analysts’ expectations of $613.24 million. As a group, research analysts anticipate that New Fortress Energy Inc. will post 0.36 EPS for the current year.

Insiders Place Their Bets

In other New Fortress Energy news, CFO Christopher S. Guinta bought 5,000 shares of the company’s stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $8.57 per share, for a total transaction of $42,850.00. Following the transaction, the chief financial officer now owns 206,653 shares of the company’s stock, valued at approximately $1,771,016.21. This trade represents a 2.48 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 37.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on NFE shares. Morgan Stanley reduced their target price on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft set a $8.00 price objective on New Fortress Energy in a research note on Wednesday, March 12th. Finally, Stifel Nicolaus reduced their price objective on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $15.00.

New Fortress Energy Company 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.