Bank of America Corp DE lowered its stake in shares of New Fortress Energy Inc. (NASDAQ:NFE - Free Report) by 20.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 416,906 shares of the company's stock after selling 104,559 shares during the period. Bank of America Corp DE owned about 0.17% of New Fortress Energy worth $6,304,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. BNP Paribas Financial Markets grew its position in shares of New Fortress Energy by 1,114.2% during the 4th quarter. BNP Paribas Financial Markets now owns 28,072 shares of the company's stock valued at $424,000 after acquiring an additional 25,760 shares during the period. Alyeska Investment Group L.P. acquired a new stake in shares of New Fortress Energy during the 4th quarter valued at about $3,024,000. Ancora Advisors LLC acquired a new stake in shares of New Fortress Energy during the 4th quarter valued at about $91,000. Aristeia Capital L.L.C. acquired a new stake in shares of New Fortress Energy during the 4th quarter valued at about $310,000. Finally, Widmann Financial Services Inc. acquired a new stake in shares of New Fortress Energy during the 4th quarter valued at about $265,000. Hedge funds and other institutional investors own 58.61% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on NFE shares. Deutsche Bank Aktiengesellschaft set a $8.00 target price on New Fortress Energy in a research report on Wednesday, March 12th. Stifel Nicolaus lowered their price objective on New Fortress Energy from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Citigroup lowered their price objective on New Fortress Energy from $34.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. BTIG Research set a $8.00 price objective on New Fortress Energy and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, Morgan Stanley set a $4.00 price objective on New Fortress Energy and gave the stock an "equal weight" rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $10.17.
Get Our Latest Stock Report on New Fortress Energy
New Fortress Energy Price Performance
NFE traded down $0.18 during trading on Friday, reaching $2.47. The company's stock had a trading volume of 9,798,392 shares, compared to its average volume of 6,017,459. 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 firm has a fifty day simple moving average of $5.48 and a two-hundred day simple moving average of $9.95. New Fortress Energy Inc. has a 1 year low of $2.26 and a 1 year high of $26.22. The company has a market cap of $676.22 million, a price-to-earnings ratio of 2.71 and a beta of 1.45.
New Fortress Energy (NASDAQ:NFE - Get Free Report) last released its earnings results on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.07. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. The business had revenue of $679.00 million for the quarter, compared to analyst estimates of $613.24 million. As a group, analysts anticipate that New Fortress Energy Inc. will post 0.36 EPS for the current year.
Insiders Place Their Bets
In other news, CFO Christopher S. Guinta purchased 5,000 shares of New Fortress Energy stock in a transaction dated Thursday, March 13th. The shares were purchased at an average price of $8.57 per share, with a total value of $42,850.00. Following the transaction, the chief financial officer now owns 206,653 shares in the company, valued at $1,771,016.21. This represents a 2.48% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 29.40% of the company's stock.
About New Fortress Energy
(
Free Report)
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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