New Fortress Energy (NASDAQ:NFE) Trading 7.1% Higher – Here’s Why

New Fortress Energy Inc. (NASDAQ:NFE)’s stock price rose 7.1% during trading on Wednesday . The company traded as high as $11.43 and last traded at $11.30. Approximately 4,867,759 shares were traded during mid-day trading, an increase of 58% from the average daily volume of 3,071,866 shares. The stock had previously closed at $10.55.

Wall Street Analysts Forecast Growth

NFE has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft upgraded shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price objective for the company in a research note on Wednesday. Morgan Stanley lowered shares of 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 research report on Thursday, October 3rd. Stifel Nicolaus cut their target price on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, BTIG Research lowered their price target on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $20.33.

New Fortress Energy Trading Up 7.6 %

The company has a market capitalization of $2.85 billion, a P/E ratio of 12.54 and a beta of 1.60. The stock’s 50 day moving average is $9.26 and its 200-day moving average is $15.11. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35.

Insiders Place Their Bets

In other New Fortress Energy news, CEO Wesley R. Edens purchased 5,793,742 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were acquired at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the transaction, the chief executive officer now owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. The trade was a 19.36 % increase in their ownership of the stock. The acquisition 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

Several institutional investors have recently bought and sold shares of the stock. Primecap Management Co. CA grew its position in shares of New Fortress Energy by 43.7% in the 3rd quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock worth $104,827,000 after buying an additional 3,505,975 shares during the last quarter. William Blair Investment Management LLC raised its position in New Fortress Energy by 7.1% during the second quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock worth $209,896,000 after acquiring an additional 633,170 shares during the period. Encompass Capital Advisors LLC raised its position in shares of New Fortress Energy by 9.0% in the second quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock valued at $105,445,000 after buying an additional 395,740 shares during the last quarter. HITE Hedge Asset Management LLC grew its holdings in shares of New Fortress Energy by 24.1% in the second 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 during the period. Finally, M&G Plc boosted its stake in New Fortress Energy by 52.6% during the second 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 period. 58.61% of the stock is owned by hedge funds and other institutional investors.

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.