Bank of New York Mellon Corp Takes Position in New Fortress Energy LLC $NFE

Key Points

• Bank of New York Mellon acquired 161,437 shares of New Fortress Energy during the second quarter, valued at approximately $59,000. Institutional investors collectively own 58.61% of the company.
• Analyst sentiment remains weak: Weiss Ratings reiterated a “sell” rating, while the two covering analysts collectively give the stock an average “Reduce” rating.
• New Fortress Energy reported a significant quarterly loss of $65.00 per share, missing the $10.50 consensus estimate, while revenue of $312.5 million also fell below expectations.

Bank of New York Mellon Corp acquired a new stake in shares of New Fortress Energy LLC (NASDAQ:NFE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 161,437 shares of the company's stock, valued at approximately $59,000. Bank of New York Mellon Corp owned 0.06% of New Fortress Energy as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Lazard Asset Management LLC increased its position in New Fortress Energy by 1,765.5% during the first quarter. Lazard Asset Management LLC now owns 1,614,029 shares of the company's stock valued at $952,000 after acquiring an additional 1,527,509 shares during the last quarter. Wealthfront Advisers LLC grew its stake in shares of New Fortress Energy by 7.3% during the 1st quarter. Wealthfront Advisers LLC now owns 195,946 shares of the company's stock valued at $116,000 after purchasing an additional 13,343 shares during the period. Lee Danner & Bass Inc. bought a new stake in shares of New Fortress Energy during the 1st quarter valued at about $173,000. Leonteq Securities AG increased its position in shares of New Fortress Energy by 151.7% during the 1st quarter. Leonteq Securities AG now owns 82,447 shares of the company's stock valued at $49,000 after purchasing an additional 49,694 shares during the last quarter. Finally, Apollon Wealth Management LLC purchased a new stake in shares of New Fortress Energy during the 1st quarter valued at about $35,000. Hedge funds and other institutional investors own 58.61% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of New Fortress Energy in a report on Friday, July 17th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Reduce".

New Fortress Energy Price Performance

NASDAQ NFE opened at $13.88 on Tuesday. The company has a current ratio of 0.16, a quick ratio of 0.15 and a debt-to-equity ratio of 3.57. New Fortress Energy LLC has a 12 month low of $11.25 and a 12 month high of $154.00. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of -5.14 and a beta of 1.35. The company's 50 day moving average is $15.68 and its two-hundred day moving average is $27.53.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($65.00) earnings per share for the quarter, missing analysts' consensus estimates of ($10.50) by ($54.50). The firm had revenue of $312.50 million during the quarter, compared to the consensus estimate of $511.60 million. New Fortress Energy had a negative return on equity of 795.34% and a negative net margin of 149.40%. As a group, research analysts anticipate that New Fortress Energy LLC will post -1.19 earnings per share for the current year.

About New Fortress Energy

New Fortress Energy Inc NASDAQ: NFE is an energy infrastructure company that develops, owns and operates natural gas and liquefied natural gas (LNG) facilities. Its activities span the LNG value chain, including natural gas procurement, liquefaction, transportation, storage, regasification and delivery to customers.

The company provides LNG and natural gas through a network of terminals, pipelines, floating storage and regasification units, and related infrastructure. It also develops and operates gas-fired power generation facilities, supplying electricity and fuel to utilities, commercial and industrial customers, and other users seeking alternatives to more carbon-intensive energy sources.

Founded in 2014, New Fortress Energy has developed projects in the United States, the Caribbean and Latin America, including infrastructure serving markets such as Puerto Rico, Jamaica, Mexico and Brazil.

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