New Fortress Energy (NASDAQ:NFE) Shares Gap Up After Analyst Upgrade

New Fortress Energy Inc. (NASDAQ:NFEGet Free Report)’s stock price gapped up prior to trading on Monday after Stifel Nicolaus raised their price target on the stock from $16.00 to $17.00. The stock had previously closed at $11.96, but opened at $12.60. Stifel Nicolaus currently has a buy rating on the stock. New Fortress Energy shares last traded at $13.18, with a volume of 1,907,201 shares traded.

Several other brokerages have also commented on NFE. BTIG Research lowered their price objective on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Deutsche Bank Aktiengesellschaft upgraded shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price objective on the stock in a report on Wednesday, December 4th. Finally, Morgan Stanley lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and lowered their target price for the company 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 company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $15.40.

Get Our Latest Analysis on New Fortress Energy

Insiders Place Their Bets

In other New Fortress Energy news, CEO Wesley R. Edens purchased 5,793,742 shares of the stock in a transaction dated Tuesday, October 1st. The shares were purchased at an average cost of $8.63 per share, with a total value of $49,999,993.46. Following the completion of the acquisition, the chief executive officer now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 37.10% of the company’s stock.

Hedge Funds Weigh In On New Fortress Energy

Hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its position 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 valued at $10,288,000 after purchasing an additional 45,924 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of New Fortress Energy by 4.8% during 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 purchased a new position in shares of New Fortress Energy in the 2nd quarter worth $268,000. Kailix Advisors LLC grew its holdings in shares of New Fortress Energy by 11.9% in the second quarter. Kailix Advisors LLC now owns 2,203,824 shares of the company’s stock worth $50,622,000 after acquiring an additional 234,371 shares during the period. Finally, Victory Capital Management Inc. increased its position in New Fortress Energy by 7.7% during the second quarter. Victory Capital Management Inc. now owns 14,933 shares of the company’s stock valued at $328,000 after acquiring an additional 1,062 shares during the last quarter. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Performance

The business has a fifty day simple moving average of $10.13 and a two-hundred day simple moving average of $13.86. The company has a market cap of $3.66 billion, a P/E ratio of 16.00 and a beta of 1.60. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06.

New Fortress Energy Company Profile

(Get Free Report)

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.

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