Treasurer of the State of North Carolina Raises Stake in New Fortress Energy Inc. (NASDAQ:NFE)

Treasurer of the State of North Carolina increased its stake in New Fortress Energy Inc. (NASDAQ:NFE) by 23.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 35,106 shares of the company’s stock after acquiring an additional 6,660 shares during the quarter. Treasurer of the State of North Carolina’s holdings in New Fortress Energy were worth $531,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in New Fortress Energy by 2.0% during the 4th quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company’s stock valued at $730,000 after acquiring an additional 935 shares in the last quarter. US Bancorp DE increased its stake in shares of 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. Allworth Financial LP increased its stake in shares of New Fortress Energy by 2,156.0% during the 4th quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock worth $32,000 after purchasing an additional 1,962 shares in the last quarter. GAMMA Investing LLC lifted its stake in New Fortress Energy by 148.5% in the 4th quarter. GAMMA Investing LLC now owns 3,966 shares of the company’s stock valued at $60,000 after buying an additional 2,370 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in New Fortress Energy by 21.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 16,438 shares of the company’s stock valued at $249,000 after buying an additional 2,951 shares in the last quarter. 58.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NFE has been the subject of a number of analyst reports. Morgan Stanley cut their price target on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Citigroup reduced their target price on shares of New Fortress Energy from $34.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Stifel Nicolaus lowered their price target on shares of New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft set a $8.00 price objective on shares of New Fortress Energy in a research report on Wednesday, March 12th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.83.

Insider Buying and Selling at New Fortress Energy

In other news, CFO Christopher S. Guinta purchased 5,000 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was bought at an average cost of $8.57 per share, for a total transaction of $42,850.00. Following the completion of the purchase, the chief financial officer now directly owns 206,653 shares of the company’s stock, valued at $1,771,016.21. The trade was a 2.48 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 37.10% of the stock is owned by company insiders.

New Fortress Energy Stock Up 2.7 %

Shares of NASDAQ:NFE opened at $5.69 on Friday. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 6.25 and a beta of 1.52. The stock’s 50-day moving average price is $9.04 and its two-hundred day moving average price is $10.85. New Fortress Energy Inc. has a 12-month low of $4.72 and a 12-month high of $29.11.

New Fortress Energy (NASDAQ:NFE) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $679.00 million for the quarter, compared to analyst estimates of $613.24 million. On average, research analysts forecast that New Fortress Energy Inc. 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.