Geode Capital Management LLC Purchases 1,522,324 Shares of New Fortress Energy LLC $NFE

Key Points

• Geode Capital increased its stake in New Fortress Energy by 71.2%, buying 1,522,324 shares to hold 3,661,857 shares (about 1.34% of the company) valued at roughly $12.16 million.
• Shares are under pressure—the stock opened at $1.24 (down 5.3%), with a 1‑year range of $0.98–$16.66, a market cap of $352.8M, high leverage (debt/equity 2.08) and a negative net margin (-72.92%).
• Analysts are mixed with several recent downgrades (Zacks to "strong sell", Johnson Rice cutting its target to $4); the consensus rating is a Hold with a $7.88 target.

Geode Capital Management LLC increased its position in shares of New Fortress Energy LLC (NASDAQ:NFE - Free Report) by 71.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,661,857 shares of the company's stock after acquiring an additional 1,522,324 shares during the period. Geode Capital Management LLC owned about 1.34% of New Fortress Energy worth $12,159,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of NFE. IFP Advisors Inc boosted its stake in shares of New Fortress Energy by 166.3% during the second quarter. IFP Advisors Inc now owns 9,072 shares of the company's stock valued at $30,000 after purchasing an additional 5,665 shares in the last quarter. Apollon Wealth Management LLC bought a new position in New Fortress Energy in the 2nd quarter valued at approximately $33,000. MQS Management LLC acquired a new stake in New Fortress Energy during the 2nd quarter worth approximately $33,000. Hardin Capital Partners LLC grew its holdings in New Fortress Energy by 50.0% during the 2nd quarter. Hardin Capital Partners LLC now owns 15,000 shares of the company's stock worth $54,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft bought a new stake in New Fortress Energy during the 2nd quarter worth approximately $56,000. Institutional investors and hedge funds own 58.61% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NFE. Zacks Research downgraded shares of New Fortress Energy from a "hold" rating to a "strong sell" rating in a research note on Monday, October 6th. Johnson Rice downgraded New Fortress Energy from a "buy" rating to a "hold" rating and cut their target price for the stock from $7.00 to $4.00 in a report on Wednesday, August 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of New Fortress Energy in a research note on Tuesday, October 14th. Finally, Capital One Financial restated an "underweight" rating on shares of New Fortress Energy in a research report on Monday, September 8th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $7.88.

New Fortress Energy Stock Down 5.3%

Shares of NASDAQ:NFE opened at $1.24 on Wednesday. New Fortress Energy LLC has a 1 year low of $0.98 and a 1 year high of $16.66. The company has a debt-to-equity ratio of 2.08, a current ratio of 0.17 and a quick ratio of 0.15. The business's 50-day moving average is $1.63 and its 200-day moving average is $2.41. The company has a market capitalization of $352.84 million, a price-to-earnings ratio of -0.32 and a beta of 1.11.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last released its earnings results on Wednesday, June 18th. The company reported $0.13 EPS for the quarter. The business had revenue of $679.00 million during the quarter. New Fortress Energy had a negative return on equity of 43.91% and a negative net margin of 72.92%. Equities research analysts predict that New Fortress Energy LLC will post 0.36 earnings per share for the current year.

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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