Capital World Investors Buys 9,319,985 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

Capital World Investors lifted its position in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 87.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,925,022 shares of the company’s stock after acquiring an additional 9,319,985 shares during the period. Capital World Investors owned approximately 7.92% of New Fortress Energy worth $301,266,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. William Blair Investment Management LLC lifted 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 acquiring an additional 4,509,177 shares during the period. Primecap Management Co. CA lifted its position in New Fortress Energy by 13.6% during the fourth 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 during the period. Vanguard Group Inc. boosted its holdings in New Fortress Energy by 31.8% in the fourth quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company’s stock worth $171,147,000 after purchasing an additional 2,728,191 shares during the last quarter. American Assets Capital Advisers LLC grew its position in New Fortress Energy by 56.2% in the 4th quarter. American Assets Capital Advisers LLC now owns 2,430,812 shares of the company’s stock worth $36,754,000 after purchasing an additional 875,045 shares during the period. Finally, Geode Capital Management LLC raised its stake in New Fortress Energy by 62.4% during the 4th quarter. Geode Capital Management LLC now owns 1,718,521 shares of the company’s stock valued at $25,993,000 after buying an additional 660,119 shares during the last quarter. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Up 2.7 %

NASDAQ NFE opened at $5.69 on Monday. New Fortress Energy Inc. has a 52 week low of $4.72 and a 52 week high of $29.11. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06. The company has a market capitalization of $1.56 billion, a P/E ratio of 6.25 and a beta of 1.52. The stock’s 50-day moving average price is $9.04 and its 200-day moving average price is $10.88.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.07. The business 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, equities research analysts predict that New Fortress Energy Inc. will post 0.36 earnings per share for the current year.

Insiders Place Their Bets

In other New Fortress Energy news, CFO Christopher S. Guinta purchased 5,000 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $8.57 per share, for a total transaction of $42,850.00. Following the purchase, 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 37.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

New Fortress Energy Company 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.