Counterpoint Mutual Funds LLC Makes New Investment in New Fortress Energy LLC $NFE

Key Points

• Counterpoint Mutual Funds LLC has acquired a new position in New Fortress Energy LLC, purchasing 127,437 shares valued at approximately $423,000 during the 2nd quarter.
• Institutional investors hold about 58.61% of New Fortress Energy's stock, with notable increases from firms like Vanguard Group Inc. and American Assets Investment Management LLC in the first quarter.
• New Fortress Energy reported a significant earnings miss, posting earnings per share of ($2.02), below analysts' expectations, alongside a 29.5% decline in quarterly revenue compared to the previous year.

Counterpoint Mutual Funds LLC acquired a new position in New Fortress Energy LLC (NASDAQ:NFE - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 127,437 shares of the company's stock, valued at approximately $423,000.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in New Fortress Energy by 22.6% in the 1st quarter. Vanguard Group Inc. now owns 13,879,490 shares of the company's stock worth $115,339,000 after acquiring an additional 2,560,242 shares in the last quarter. American Assets Investment Management LLC increased its stake in shares of New Fortress Energy by 888.8% in the first quarter. American Assets Investment Management LLC now owns 1,859,106 shares of the company's stock worth $15,449,000 after purchasing an additional 1,671,094 shares in the last quarter. Jump Financial LLC bought a new stake in shares of New Fortress Energy during the 1st quarter valued at $9,492,000. Allianz Asset Management GmbH bought a new stake in shares of New Fortress Energy during the 1st quarter valued at $5,165,000. Finally, Tejara Capital Ltd purchased a new position in shares of New Fortress Energy during the 1st quarter valued at $4,326,000. 58.61% of the stock is currently owned by institutional investors.

New Fortress Energy Price Performance

NFE stock opened at $2.46 on Wednesday. The stock has a market cap of $699.99 million, a PE ratio of -0.64 and a beta of 0.99. New Fortress Energy LLC has a 12 month low of $1.26 and a 12 month high of $16.66. The company has a 50-day moving average price of $2.71 and a 200 day moving average price of $4.36. The company has a current ratio of 0.67, a quick ratio of 0.64 and a debt-to-equity ratio of 5.77.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last posted its quarterly earnings data on Saturday, September 13th. The company reported ($2.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.64) by ($1.38). New Fortress Energy had a negative return on equity of 22.72% and a negative net margin of 48.94%.During the same quarter in the previous year, the business earned ($0.41) earnings per share. The company's quarterly revenue was down 29.5% compared to the same quarter last year. Equities research analysts anticipate that New Fortress Energy LLC will post 0.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NFE. Zacks Research upgraded New Fortress Energy to a "hold" rating in a research note on Monday, August 11th. Compass Point started coverage on New Fortress Energy in a research note on Tuesday, July 1st. They set a "buy" rating and a $8.50 target price on the stock. Morgan Stanley set a $4.00 price target on New Fortress Energy and gave the stock an "equal weight" rating in a research note on Tuesday, May 27th. Johnson Rice cut shares of New Fortress Energy from a "buy" rating to a "hold" rating and reduced their price objective for the company from $7.00 to $4.00 in a research report on Wednesday, August 13th. Finally, New Street Research set a $8.50 target price on shares of New Fortress Energy in a research report on Monday, June 30th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $7.88.

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.

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