Invesco Ltd. Raises Stake in New Fortress Energy LLC $NFE

Key Points

• Invesco Ltd. increased its stake in New Fortress Energy LLC by 5.5%, acquiring an additional 180,824 shares, bringing its total ownership to about 1.27% of the company valued at approximately $28.8 million.
• As of its latest filing, institutional investors collectively own 58.61% of New Fortress Energy, indicating significant confidence from major financial players in its stability and potential.
• New Fortress Energy's stock has faced analyst downgrades, with BTIG Research recently changing its rating from "buy" to "neutral," and current price targets ranging from $4.00 to $8.50.

Invesco Ltd. raised its stake in shares of New Fortress Energy LLC (NASDAQ:NFE - Free Report) by 5.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,465,478 shares of the company's stock after acquiring an additional 180,824 shares during the period. Invesco Ltd. owned approximately 1.27% of New Fortress Energy worth $28,798,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in NFE. JPMorgan Chase & Co. increased its position in shares of New Fortress Energy by 2.0% during the fourth quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company's stock valued at $730,000 after acquiring an additional 935 shares during the last quarter. Envestnet Asset Management Inc. purchased a new position in shares of New Fortress Energy in the fourth quarter valued at approximately $155,000. Russell Investments Group Ltd. boosted its stake in shares of New Fortress Energy by 8,438.5% in the fourth quarter. Russell Investments Group Ltd. now owns 40,814 shares of the company's stock valued at $617,000 after purchasing an additional 40,336 shares during the period. Legal & General Group Plc boosted its stake in shares of New Fortress Energy by 32.5% in the fourth quarter. Legal & General Group Plc now owns 108,470 shares of the company's stock valued at $1,640,000 after purchasing an additional 26,602 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of New Fortress Energy in the fourth quarter valued at approximately $787,000. 58.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on NFE. Morgan Stanley set a $4.00 price objective on shares of New Fortress Energy and gave the company an "equal weight" rating in a research note on Tuesday, May 27th. Compass Point started coverage on shares of New Fortress Energy in a research note on Tuesday, July 1st. They issued a "buy" rating and a $8.50 price target for the company. BTIG Research downgraded shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a research note on Thursday, June 26th. Johnson Rice downgraded shares of New Fortress Energy from a "buy" rating to a "hold" rating and decreased their price target for the stock from $7.00 to $4.00 in a research note on Wednesday, August 13th. Finally, Zacks Research raised shares of New Fortress Energy to a "hold" rating in a report on Monday, August 11th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $7.88.

New Fortress Energy Price Performance

Shares of NASDAQ NFE traded down $0.03 during trading on Monday, hitting $2.61. 5,829,283 shares of the company were exchanged, compared to its average volume of 8,708,638. The company has a market cap of $715.66 million, a price-to-earnings ratio of -1.16 and a beta of 1.08. New Fortress Energy LLC has a 1 year low of $2.01 and a 1 year high of $16.66. The firm's fifty day moving average price is $3.13 and its 200 day moving average price is $5.62. The company has a debt-to-equity ratio of 4.77, a current ratio of 1.00 and a quick ratio of 0.95.

About New Fortress Energy

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.