American Assets Investment Management LLC Purchases 1,671,094 Shares of New Fortress Energy LLC (NASDAQ:NFE)

Key Points

• American Assets Investment Management LLC significantly increased its holdings in New Fortress Energy, acquiring an additional 1,671,094 shares and lifting its ownership by 888.8% in the first quarter.
• Despite interest from institutional investors, including Quarry LP and US Bancorp DE, analysts have mixed opinions on New Fortress Energy, with price targets ranging from $4.00 to $34.00.
• As of its latest share price of $2.99, New Fortress Energy has a market cap of $819.86 million and a 52-week range between $2.01 and $17.21.

American Assets Investment Management LLC raised its position in shares of New Fortress Energy LLC (NASDAQ:NFE - Free Report) by 888.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,859,106 shares of the company's stock after purchasing an additional 1,671,094 shares during the period. New Fortress Energy makes up approximately 1.1% of American Assets Investment Management LLC's holdings, making the stock its 19th largest holding. American Assets Investment Management LLC owned approximately 0.68% of New Fortress Energy worth $15,449,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in NFE. Capital World Investors grew its stake in shares of New Fortress Energy by 87.9% during the fourth quarter. Capital World Investors now owns 19,925,022 shares of the company's stock valued at $301,266,000 after buying an additional 9,319,985 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of New Fortress Energy by 31.8% during the fourth quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company's stock valued at $171,147,000 after buying an additional 2,728,191 shares during the last quarter. Hood River Capital Management LLC bought a new position in shares of New Fortress Energy during the fourth quarter valued at about $155,023,000. Kailix Advisors LLC grew its stake in shares of New Fortress Energy by 28.9% during the first quarter. Kailix Advisors LLC now owns 1,908,791 shares of the company's stock valued at $15,862,000 after buying an additional 428,470 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of New Fortress Energy by 62.4% during the fourth quarter. Geode Capital Management LLC now owns 1,718,521 shares of the company's stock valued at $25,993,000 after buying an additional 660,119 shares during the last quarter. Hedge funds and other institutional investors own 58.61% of the company's stock.

New Fortress Energy Trading Down 11.1%

Shares of NASDAQ NFE traded down $0.34 during trading hours on Friday, hitting $2.72. The company's stock had a trading volume of 9,452,192 shares, compared to its average volume of 10,301,882. The company has a debt-to-equity ratio of 4.77, a quick ratio of 0.95 and a current ratio of 1.00. The stock has a market cap of $745.82 million, a price-to-earnings ratio of -1.21 and a beta of 1.08. New Fortress Energy LLC has a 12 month low of $2.01 and a 12 month high of $16.66. The business has a 50-day simple moving average of $3.23 and a 200-day simple moving average of $6.67.

Wall Street Analyst Weigh In

NFE has been the topic of a number of recent research reports. Morgan Stanley set a $4.00 price objective on New Fortress Energy and gave the company an "equal weight" rating in a research note on Tuesday, May 27th. New Street Research set a $8.50 price objective on New Fortress Energy in a research note on Monday, June 30th. Compass Point initiated coverage on New Fortress Energy in a research note on Tuesday, July 1st. They set a "buy" rating and a $8.50 price objective on the stock. Stifel Nicolaus reduced their price objective on New Fortress Energy from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, BTIG Research cut New Fortress Energy from a "buy" rating to a "neutral" rating in a research note on Thursday, June 26th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $8.43.

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.