New Fortress Energy Inc. (NASDAQ:NFE) Shares Purchased by Quest Partners LLC

Quest Partners LLC boosted its holdings in New Fortress Energy Inc. (NASDAQ:NFE) by 209.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 35,421 shares of the company’s stock after buying an additional 23,993 shares during the period. Quest Partners LLC’s holdings in New Fortress Energy were worth $322,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in NFE. Primecap Management Co. CA boosted its stake in New Fortress Energy by 73.9% in the 2nd quarter. Primecap Management Co. CA now owns 8,026,130 shares of the company’s stock worth $176,414,000 after buying an additional 3,410,630 shares during the last quarter. M&G Plc boosted its stake in New Fortress Energy by 52.6% in the 2nd quarter. M&G Plc now owns 2,537,712 shares of the company’s stock worth $55,830,000 after buying an additional 874,210 shares during the last quarter. American Assets Capital Advisers LLC lifted its stake in shares of New Fortress Energy by 105.7% in the 3rd quarter. American Assets Capital Advisers LLC now owns 1,555,767 shares of the company’s stock valued at $14,968,000 after purchasing an additional 799,280 shares in the last quarter. William Blair Investment Management LLC lifted its stake in shares of New Fortress Energy by 7.1% in the 2nd quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock valued at $209,896,000 after purchasing an additional 633,170 shares in the last quarter. Finally, HITE Hedge Asset Management LLC lifted its stake in shares of New Fortress Energy by 24.1% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock valued at $70,163,000 after purchasing an additional 619,621 shares in the last quarter. 58.61% of the stock is owned by institutional investors and hedge funds.

New Fortress Energy Stock Performance

Shares of NASDAQ:NFE opened at $9.71 on Tuesday. The company has a market cap of $2.44 billion, a P/E ratio of 10.71 and a beta of 1.53. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38. New Fortress Energy Inc. has a one year low of $7.82 and a one year high of $40.04. The business’s 50-day simple moving average is $9.30 and its 200 day simple moving average is $15.94.

Insiders Place Their Bets

In other New Fortress Energy news, CEO Wesley R. Edens acquired 5,793,742 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were bought at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the acquisition, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. This trade represents a 19.36 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 37.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NFE. Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating and issued a $7.60 price objective (down from $21.00) on shares of New Fortress Energy in a research note on Tuesday, October 1st. BTIG Research reduced their price objective on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Morgan Stanley lowered New Fortress Energy from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $35.00 to $15.00 in a research note on Thursday, October 3rd. Barclays reduced their price objective on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Finally, Stifel Nicolaus dropped their target price on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $19.77.

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.