Vanguard Group Inc. Acquires 2,560,242 Shares of New Fortress Energy LLC $NFE

Key Points

• Vanguard Group Inc. increased its holdings in New Fortress Energy LLC by 22.6% in Q1, now owning approximately 5.07% of the company, valued at $115.3 million.
• Several institutional investors, including American Assets Investment Management and US Bancorp, have significantly raised their stakes in New Fortress Energy during the same quarter.
• As of now, New Fortress Energy has an average stock rating of "Hold" with a consensus price target of $7.88, despite recent downgrades from various analysts.

Vanguard Group Inc. increased its stake in shares of New Fortress Energy LLC (NASDAQ:NFE - Free Report) by 22.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,879,490 shares of the company's stock after buying an additional 2,560,242 shares during the quarter. Vanguard Group Inc. owned about 5.07% of New Fortress Energy worth $115,339,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Kailix Advisors LLC grew its stake in New Fortress Energy by 28.9% during the 1st quarter. Kailix Advisors LLC now owns 1,908,791 shares of the company's stock worth $15,862,000 after purchasing an additional 428,470 shares in the last quarter. American Assets Investment Management LLC grew its holdings in New Fortress Energy by 888.8% during the 1st quarter. American Assets Investment Management LLC now owns 1,859,106 shares of the company's stock valued at $15,449,000 after buying an additional 1,671,094 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of New Fortress Energy by 32.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,470,832 shares of the company's stock worth $22,239,000 after purchasing an additional 359,421 shares during the period. First Trust Advisors LP lifted its stake in shares of New Fortress Energy by 275.7% during the 4th quarter. First Trust Advisors LP now owns 1,315,926 shares of the company's stock worth $19,897,000 after purchasing an additional 965,669 shares during the period. Finally, Voya Investment Management LLC lifted its stake in shares of New Fortress Energy by 6,417.1% during the 4th quarter. Voya Investment Management LLC now owns 1,307,455 shares of the company's stock worth $19,769,000 after purchasing an additional 1,287,393 shares during the period. Hedge funds and other institutional investors own 58.61% of the company's stock.

New Fortress Energy Stock Down 2.9%

NFE stock traded down $0.08 during trading hours on Tuesday, reaching $2.54. 4,715,061 shares of the stock were exchanged, compared to its average volume of 9,052,059. The company has a market cap of $695.09 million, a price-to-earnings ratio of -1.13 and a beta of 1.08. The firm's 50-day moving average is $3.13 and its 200-day moving average 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. New Fortress Energy LLC has a 12 month low of $2.01 and a 12 month high of $16.66.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NFE. BTIG Research cut New Fortress Energy from a "buy" rating to a "neutral" rating in a research note on Thursday, June 26th. Compass Point started coverage on New Fortress Energy in a report on Tuesday, July 1st. They set a "buy" rating and a $8.50 target price for the company. Zacks Research upgraded New Fortress Energy to a "hold" rating in a research report on Monday, August 11th. Morgan Stanley set a $4.00 price objective on New Fortress Energy and gave the stock an "equal weight" rating in a research note on Tuesday, May 27th. Finally, Johnson Rice lowered New Fortress Energy from a "buy" rating to a "hold" rating and reduced their target price for the company from $7.00 to $4.00 in a report on Wednesday, August 13th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price 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.