Quest Partners LLC Boosts Stock Position in New Fortress Energy Inc. (NASDAQ:NFE)

Quest Partners LLC boosted its holdings in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 209.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 35,421 shares of the company’s stock after purchasing an additional 23,993 shares during the quarter. Quest Partners LLC’s holdings in New Fortress Energy were worth $322,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of NFE. William Blair Investment Management LLC increased its holdings 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 acquiring an additional 633,170 shares during the last quarter. Primecap Management Co. CA increased its holdings in shares of 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 valued at $176,414,000 after acquiring an additional 3,410,630 shares during the last quarter. Encompass Capital Advisors LLC increased its holdings in shares of New Fortress Energy by 9.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock valued at $105,445,000 after acquiring an additional 395,740 shares during the last quarter. HITE Hedge Asset Management LLC increased its holdings 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 acquiring an additional 619,621 shares during the last quarter. Finally, M&G Plc increased its holdings in shares of New Fortress Energy by 52.6% in the 2nd quarter. M&G Plc now owns 2,537,712 shares of the company’s stock valued at $55,830,000 after acquiring an additional 874,210 shares during the last quarter. 58.61% of the stock is currently owned by hedge funds and other institutional investors.

New Fortress Energy Trading Down 0.4 %

Shares of NFE stock opened at $9.71 on Tuesday. 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 $7.82 and a 1 year high of $40.04. The stock has a fifty day moving average of $9.30 and a two-hundred day moving average of $15.94. The firm has a market capitalization of $2.44 billion, a PE ratio of 10.71 and a beta of 1.53.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Stifel Nicolaus lowered their price target on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a report on Monday, August 12th. 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 report on Thursday, October 3rd. BTIG Research reduced 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 restated a “sell” rating and set a $7.60 price objective (down previously from $21.00) on shares of New Fortress Energy in a research report on Tuesday, October 1st. Finally, Barclays reduced their price objective on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $19.77.

Insiders Place Their Bets

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

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.