New Fortress Energy LLC (NASDAQ:NFE) Shares Acquired by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers increased its stake in New Fortress Energy by 88%, acquiring a total of 245,565 shares valued at approximately $2.04 million.
• New Fortress Energy's stock has declined by 11.1%, currently trading at $2.72, with a 12-month range between $2.01 and $16.66.
• Analyst ratings for the stock are mixed, with a consensus of "Moderate Buy" and an average price target of $8.43.

Cetera Investment Advisers lifted its position in shares of New Fortress Energy LLC (NASDAQ:NFE - Free Report) by 88.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 245,565 shares of the company's stock after purchasing an additional 114,915 shares during the period. Cetera Investment Advisers owned about 0.09% of New Fortress Energy worth $2,041,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Quarry LP purchased a new stake in New Fortress Energy in the fourth quarter valued at $64,000. CWM LLC lifted its position in New Fortress Energy by 46.9% in the first quarter. CWM LLC now owns 9,065 shares of the company's stock valued at $75,000 after acquiring an additional 2,895 shares during the last quarter. Hardin Capital Partners LLC purchased a new stake in New Fortress Energy in the first quarter valued at $83,000. Forum Financial Management LP purchased a new stake in New Fortress Energy in the first quarter valued at $87,000. Finally, Ancora Advisors LLC purchased a new stake in New Fortress Energy in the fourth quarter valued at $91,000. 58.61% of the stock is owned by hedge funds and other institutional investors.

New Fortress Energy Stock Down 11.1%

NASDAQ NFE traded down $0.34 during trading hours on Friday, hitting $2.72. 9,452,192 shares of the stock were exchanged, compared to its average volume of 10,301,882. New Fortress Energy LLC has a 12-month low of $2.01 and a 12-month high of $16.66. The stock has a 50-day moving average of $3.23 and a 200 day moving average of $6.60. The company has a current ratio of 1.00, a quick ratio of 0.95 and a debt-to-equity ratio of 4.77.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NFE. BTIG Research cut shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a research report on Thursday, June 26th. Compass Point initiated coverage on shares of New Fortress Energy in a research report on Tuesday, July 1st. They issued a "buy" rating and a $8.50 price target for the company. Stifel Nicolaus reduced their target price on shares of New Fortress Energy from $16.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. New Street Research set a $8.50 target price on shares of New Fortress Energy in a report on Monday, June 30th. Finally, Morgan Stanley set a $4.00 target price on shares of New Fortress Energy and gave the company an "equal weight" rating in a report on Tuesday, May 27th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, New Fortress Energy presently has a consensus rating of "Moderate Buy" and an average price target 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.