New Fortress Energy Inc. (NASDAQ:NFE – Get Free Report) CEO Wesley R. Edens purchased 5,793,742 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was bought at an average cost of $8.63 per share, with a total value of $49,999,993.46. Following the completion of the transaction, the chief executive officer now directly owns 35,721,915 shares in the company, valued at $308,280,126.45. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
New Fortress Energy Trading Up 11.7 %
NASDAQ:NFE opened at $10.09 on Friday. New Fortress Energy Inc. has a 12 month low of $8.20 and a 12 month high of $40.04. The company has a current ratio of 0.72, a quick ratio of 0.63 and a debt-to-equity ratio of 4.38. The firm’s 50 day moving average is $12.60 and its 200 day moving average is $20.85. 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 (NASDAQ:NFE – Get Free Report) last issued its earnings results on Friday, August 9th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.50). The firm had revenue of $428.00 million during the quarter, compared to the consensus estimate of $465.52 million. New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The business’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.58 earnings per share. Sell-side analysts expect that New Fortress Energy Inc. will post 0.54 earnings per share for the current year.
New Fortress Energy Announces Dividend
Analyst Upgrades and Downgrades
NFE has been the subject of several analyst reports. Stifel Nicolaus lowered their target price on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a report on Monday, August 12th. BTIG Research dropped their target price on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating and issued a $7.60 target price (down from $21.00) on shares of New Fortress Energy in a report on Tuesday. Barclays dropped their price target on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Finally, Morgan Stanley downgraded New Fortress Energy from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $35.00 to $15.00 in a research note on Thursday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.77.
View Our Latest Stock Analysis on NFE
Hedge Funds Weigh In On New Fortress Energy
Several large investors have recently modified their holdings of the business. American National Bank purchased a new position in shares of New Fortress Energy in the second quarter valued at $26,000. Benjamin F. Edwards & Company Inc. increased its position in shares of New Fortress Energy by 563.6% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,387 shares of the company’s stock valued at $42,000 after buying an additional 1,178 shares during the period. Quarry LP lifted its holdings in shares of New Fortress Energy by 125.7% in the second quarter. Quarry LP now owns 2,250 shares of the company’s stock worth $49,000 after buying an additional 1,253 shares in the last quarter. ORG Partners LLC boosted its position in shares of New Fortress Energy by 987.8% in the second quarter. ORG Partners LLC now owns 3,753 shares of the company’s stock valued at $77,000 after acquiring an additional 3,408 shares during the period. Finally, Meeder Asset Management Inc. purchased a new position in New Fortress Energy during the first quarter valued at approximately $95,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.
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.
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