William Blair Investment Management LLC Sells 14,452,536 Shares of New Fortress Energy LLC $NFE

Key Points

• William Blair Investment Management LLC drastically reduced its stake in New Fortress Energy LLC by 99.6%, selling 14,452,536 shares during the 2nd quarter and holding only 56,090 shares worth $186,000 thereafter.
• Other institutional investors, such as IFP Advisors Inc and Apollon Wealth Management LLC, have made significant changes to their positions in New Fortress Energy, with IFP Advisors increasing their holdings by 166.3%.
• The stock of New Fortress Energy is currently rated as a "Hold" by analysts, with an average price target of $7.88 despite recent downgrades from several brokerages.

William Blair Investment Management LLC cut its holdings in shares of New Fortress Energy LLC (NASDAQ:NFE - Free Report) by 99.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,090 shares of the company's stock after selling 14,452,536 shares during the quarter. William Blair Investment Management LLC's holdings in New Fortress Energy were worth $186,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. IFP Advisors Inc raised its holdings in shares of New Fortress Energy by 166.3% in the 2nd 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 during the period. Apollon Wealth Management LLC bought a new stake in shares of New Fortress Energy in the 2nd quarter valued at about $33,000. Hardin Capital Partners LLC raised its holdings in shares of New Fortress Energy by 50.0% in the 2nd quarter. Hardin Capital Partners LLC now owns 15,000 shares of the company's stock valued at $54,000 after purchasing an additional 5,000 shares during the period. Baader Bank Aktiengesellschaft bought a new stake in shares of New Fortress Energy in the 2nd quarter valued at about $56,000. Finally, US Bancorp DE raised its holdings in shares of New Fortress Energy by 81.7% in the 1st quarter. US Bancorp DE now owns 8,534 shares of the company's stock valued at $71,000 after purchasing an additional 3,838 shares during the period. 58.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NFE. Capital One Financial reaffirmed an "underweight" rating on shares of New Fortress Energy in a report on Monday, September 8th. BTIG Research cut shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a report on Thursday, June 26th. New Street Research set a $8.50 price target on shares of New Fortress Energy in a report on Monday, June 30th. Zacks Research cut shares of New Fortress Energy from a "hold" rating to a "strong sell" rating in a report on Monday, October 6th. Finally, Johnson Rice cut shares of New Fortress Energy from a "buy" rating to a "hold" rating and lowered their price target for the company from $7.00 to $4.00 in a report on Wednesday, August 13th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, New Fortress Energy currently has a consensus rating of "Hold" and an average target price of $7.88.

New Fortress Energy Stock Up 2.6%

New Fortress Energy stock opened at $1.97 on Tuesday. The stock has a market cap of $560.56 million, a P/E ratio of -0.51 and a beta of 1.26. The company has a quick ratio of 0.64, a current ratio of 0.67 and a debt-to-equity ratio of 5.77. New Fortress Energy LLC has a twelve month low of $1.26 and a twelve month high of $16.66. The company's 50-day moving average price is $2.18 and its two-hundred day moving average price is $3.37.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last announced its earnings results on Wednesday, June 18th. The company reported $0.13 earnings per share (EPS) for the quarter. New Fortress Energy had a negative net margin of 48.94% and a negative return on equity of 22.72%. The firm had revenue of $679.00 million for the quarter. As a group, analysts expect that New Fortress Energy LLC will post 0.36 EPS 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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