Insider Buying: New Fortress Energy Inc. (NASDAQ:NFE) CEO Purchases $49,999,993.46 in Stock

New Fortress Energy Inc. (NASDAQ:NFE) CEO Wesley R. Edens purchased 5,793,742 shares of the stock in a transaction dated Tuesday, October 1st. The shares were acquired at an average price of $8.63 per share, with a total value of $49,999,993.46. Following the transaction, the chief executive officer now owns 35,721,915 shares in the company, valued at $308,280,126.45. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

New Fortress Energy Stock Performance

NASDAQ NFE opened at $10.09 on Friday. New Fortress Energy Inc. has a 52-week low of $8.20 and a 52-week high of $40.04. The stock has a market cap of $2.07 billion, a PE ratio of 4.59 and a beta of 1.51. The firm has a 50-day moving average of $12.60 and a 200-day moving average of $20.79. The company has a debt-to-equity ratio of 4.38, a quick ratio of 0.63 and a current ratio of 0.72.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The business had revenue of $428.00 million for the quarter, compared to the consensus estimate of $465.52 million. During the same period in the prior year, the business posted $0.58 earnings per share. New Fortress Energy’s revenue was down 23.7% compared to the same quarter last year. On average, sell-side analysts anticipate that New Fortress Energy Inc. will post 0.54 EPS for the current year.

New Fortress Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend was Friday, September 13th. New Fortress Energy’s payout ratio is presently 18.18%.

Analyst Ratings Changes

Several equities research analysts have weighed in on NFE shares. Barclays cut their target price on shares of New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. BTIG Research dropped their target price on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Deutsche Bank Aktiengesellschaft reissued 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. Morgan Stanley cut New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $35.00 to $15.00 in a research note on Thursday. Finally, Stifel Nicolaus lowered their price objective on shares of 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 research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, New Fortress Energy has an average rating of “Hold” and an average price target of $19.77.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. American National Bank acquired a new position in New Fortress Energy during the second quarter worth about $26,000. Benjamin F. Edwards & Company Inc. grew its position in New Fortress Energy by 563.6% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,387 shares of the company’s stock worth $42,000 after acquiring an additional 1,178 shares during the last quarter. Quarry LP increased its stake in shares of New Fortress Energy by 125.7% in the second quarter. Quarry LP now owns 2,250 shares of the company’s stock valued at $49,000 after buying an additional 1,253 shares during the period. ORG Partners LLC increased its stake in shares of New Fortress Energy by 987.8% in the second quarter. ORG Partners LLC now owns 3,753 shares of the company’s stock valued at $77,000 after buying an additional 3,408 shares during the period. Finally, Meeder Asset Management Inc. bought a new position in shares of New Fortress Energy during the first quarter valued at $95,000. 58.61% of the stock is owned by 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.