Stifel Nicolaus Forecasts Strong Price Appreciation for New Fortress Energy (NASDAQ:NFE) Stock

New Fortress Energy (NASDAQ:NFE) had its price target hoisted by equities researchers at Stifel Nicolaus from $16.00 to $17.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would suggest a potential upside of 17.32% from the company’s previous close.

NFE has been the subject of several other reports. Deutsche Bank Aktiengesellschaft upgraded shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price target for the company in a research report on Wednesday, December 4th. BTIG Research decreased their price objective on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a report on Friday, September 13th. Finally, Morgan Stanley downgraded New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $35.00 to $15.00 in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, New Fortress Energy has a consensus rating of “Hold” and an average price target of $15.40.

New Fortress Energy Stock Performance

NASDAQ:NFE opened at $14.49 on Monday. The stock’s 50-day moving average is $10.13 and its 200-day moving average is $13.86. The stock has a market cap of $3.64 billion, a P/E ratio of 15.92 and a beta of 1.60. New Fortress Energy has a 1-year low of $7.82 and a 1-year high of $39.26. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06.

Insider Buying and Selling

In other New Fortress Energy news, CEO Wesley R. Edens bought 5,793,742 shares of the stock in a transaction on Tuesday, October 1st. The stock was acquired at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the acquisition, the chief executive officer now owns 35,721,915 shares in the company, valued at $308,280,126.45. This trade represents a 19.36 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 37.10% of the stock is owned by insiders.

Institutional Trading of New Fortress Energy

Several large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its stake in New Fortress Energy by 10.9% during the second quarter. Bank of New York Mellon Corp now owns 468,056 shares of the company’s stock worth $10,288,000 after acquiring an additional 45,924 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of New Fortress Energy by 4.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 21,719 shares of the company’s stock valued at $477,000 after buying an additional 999 shares during the period. Versor Investments LP bought a new stake in New Fortress Energy in the 2nd quarter valued at about $268,000. Kailix Advisors LLC raised its stake in New Fortress Energy by 11.9% during the 2nd quarter. Kailix Advisors LLC now owns 2,203,824 shares of the company’s stock worth $50,622,000 after buying an additional 234,371 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in New Fortress Energy by 7.7% in the second quarter. Victory Capital Management Inc. now owns 14,933 shares of the company’s stock worth $328,000 after acquiring an additional 1,062 shares in the last quarter. Institutional investors and hedge funds own 58.61% of the company’s stock.

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.