Ethic Inc. Acquires 38,368 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

Ethic Inc. lifted its position in New Fortress Energy Inc. (NASDAQ:NFE - Free Report) by 232.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,871 shares of the company's stock after acquiring an additional 38,368 shares during the period. Ethic Inc.'s holdings in New Fortress Energy were worth $830,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Allworth Financial LP boosted its holdings in shares of New Fortress Energy by 2,156.0% in the fourth quarter. Allworth Financial LP now owns 2,053 shares of the company's stock valued at $32,000 after buying an additional 1,962 shares during the period. Quarry LP acquired a new position in New Fortress Energy in the 4th quarter worth $64,000. US Bancorp DE increased its holdings in New Fortress Energy by 31.5% during the 4th quarter. US Bancorp DE now owns 4,696 shares of the company's stock worth $71,000 after purchasing an additional 1,126 shares in the last quarter. Ancora Advisors LLC acquired a new stake in shares of New Fortress Energy in the 4th quarter valued at about $91,000. Finally, KBC Group NV grew its holdings in shares of New Fortress Energy by 121.1% during the fourth quarter. KBC Group NV now owns 7,596 shares of the company's stock worth $115,000 after buying an additional 4,160 shares in the last quarter. Institutional investors own 58.61% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Morgan Stanley decreased 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. Stifel Nicolaus decreased their price objective on New Fortress Energy from $16.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Citigroup cut their price target 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. Deutsche Bank Aktiengesellschaft set a $8.00 price objective on New Fortress Energy in a research report on Wednesday, March 12th. Finally, BTIG Research set a $8.00 target price on New Fortress Energy and gave the company a "buy" rating in a research report on Thursday. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $11.83.

Insiders Place Their Bets

In other news, CFO Christopher S. Guinta purchased 5,000 shares of the business's stock in a transaction dated Thursday, March 13th. The shares were purchased at an average cost of $8.57 per share, with a total value of $42,850.00. Following the completion of the purchase, the chief financial officer now owns 206,653 shares of the company's stock, valued at $1,771,016.21. This trade represents a 2.48% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders own 29.40% of the company's stock.

New Fortress Energy Price Performance

NASDAQ:NFE traded up $0.01 during trading hours on Tuesday, hitting $3.30. The company's stock had a trading volume of 4,988,098 shares, compared to its average volume of 5,699,538. New Fortress Energy Inc. has a twelve month low of $2.26 and a twelve month high of $27.65. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The stock has a fifty day simple moving average of $6.86 and a 200-day simple moving average of $10.36. The company has a market capitalization of $902.08 million, a P/E ratio of 3.60 and a beta of 1.45.

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

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.