New Fortress Energy Inc. (NASDAQ:NFE) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC boosted its position in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 62.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,718,521 shares of the company’s stock after buying an additional 660,119 shares during the period. Geode Capital Management LLC’s holdings in New Fortress Energy were worth $25,993,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in NFE. JPMorgan Chase & Co. raised its holdings in New Fortress Energy by 2.0% in 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 during the last quarter. US Bancorp DE boosted its stake in New Fortress Energy by 31.5% during the fourth quarter. US Bancorp DE now owns 4,696 shares of the company’s stock worth $71,000 after buying an additional 1,126 shares during the last quarter. Allworth Financial LP grew its holdings in New Fortress Energy by 2,156.0% in the 4th quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock valued at $32,000 after buying an additional 1,962 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of New Fortress Energy by 148.5% in the 4th quarter. GAMMA Investing LLC now owns 3,966 shares of the company’s stock worth $60,000 after acquiring an additional 2,370 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of New Fortress Energy by 21.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 16,438 shares of the company’s stock worth $249,000 after acquiring an additional 2,951 shares during the period. Institutional investors and hedge funds own 58.61% of the company’s stock.

New Fortress Energy Stock Up 2.7 %

Shares of NFE opened at $5.69 on Friday. The company’s 50-day simple moving average is $9.17 and its 200-day simple moving average is $10.88. 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 1 year low of $4.72 and a 1 year high of $29.11. The stock has a market capitalization of $1.56 billion, a PE ratio of 6.25 and a beta of 1.52.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.06 by $0.07. The company had revenue of $679.00 million during the quarter, compared to analysts’ expectations of $613.24 million. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. Analysts forecast that New Fortress Energy Inc. will post 0.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NFE has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft set a $8.00 price objective on shares of New Fortress Energy in a research report on Wednesday, March 12th. Citigroup cut their target price on New Fortress Energy from $34.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. Stifel Nicolaus lowered their price target on 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, Morgan Stanley reduced 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 research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $13.83.

Insider Activity

In other New Fortress Energy news, CFO Christopher S. Guinta purchased 5,000 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $8.57 per share, with a total value of $42,850.00. Following the completion of the acquisition, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 37.10% 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.