Northern Trust Corp Grows Position in New Fortress Energy Inc. (NASDAQ:NFE)

Northern Trust Corp boosted its holdings in shares of New Fortress Energy Inc. (NASDAQ:NFE - Free Report) by 66.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 524,244 shares of the company's stock after acquiring an additional 208,497 shares during the period. Northern Trust Corp owned 0.21% of New Fortress Energy worth $7,927,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Hood River Capital Management LLC bought a new stake in New Fortress Energy during the 4th quarter valued at about $155,023,000. Capital World Investors increased its stake in New Fortress Energy by 87.9% during the 4th quarter. Capital World Investors now owns 19,925,022 shares of the company's stock valued at $301,266,000 after purchasing an additional 9,319,985 shares in the last quarter. William Blair Investment Management LLC increased its stake in New Fortress Energy by 40.8% during the 4th quarter. William Blair Investment Management LLC now owns 15,567,055 shares of the company's stock valued at $235,374,000 after purchasing an additional 4,509,177 shares in the last quarter. Vanguard Group Inc. increased its stake in New Fortress Energy by 31.8% during the 4th quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company's stock valued at $171,147,000 after purchasing an additional 2,728,191 shares in the last quarter. Finally, Primecap Management Co. CA increased its stake in New Fortress Energy by 13.6% during the 4th quarter. Primecap Management Co. CA now owns 13,096,998 shares of the company's stock valued at $198,027,000 after purchasing an additional 1,564,893 shares in the last quarter. 58.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at New Fortress Energy

In other news, CFO Christopher S. Guinta purchased 5,000 shares of the stock in a transaction on Thursday, March 13th. The shares were acquired at an average price of $8.57 per share, with a total value of $42,850.00. Following the completion of the acquisition, the chief financial officer now directly owns 206,653 shares of the company's stock, valued at $1,771,016.21. This trade represents a 2.48% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 29.40% of the company's stock.

New Fortress Energy Stock Performance

Shares of NFE stock traded down $0.03 during trading hours on Friday, reaching $2.78. The company had a trading volume of 6,162,232 shares, compared to its average volume of 5,903,966. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38. The firm has a market cap of $761.09 million, a PE ratio of 3.05 and a beta of 1.45. The business has a fifty day moving average price of $6.33 and a 200-day moving average price of $10.18. New Fortress Energy Inc. has a one year low of $2.26 and a one year high of $26.22.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last posted its quarterly earnings data on Monday, March 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.07. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. The company had revenue of $679.00 million for the quarter, compared to the consensus estimate of $613.24 million. Sell-side analysts predict that New Fortress Energy Inc. will post 0.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NFE shares. Citigroup reduced their price objective on shares of New Fortress Energy from $34.00 to $8.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Morgan Stanley reduced their price target on shares of New Fortress Energy from $15.00 to $14.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft set a $8.00 price target on shares of New Fortress Energy in a research note on Wednesday, March 12th. BTIG Research set a $8.00 price target on shares of New Fortress Energy and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, Stifel Nicolaus reduced their price target on shares of New Fortress Energy from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $11.83.

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.