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

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

Analyst Upgrades and Downgrades

NFE has been the topic of a number of recent analyst reports. Stifel Nicolaus dropped their price objective on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Morgan Stanley downgraded shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $35.00 to $15.00 in a report on Thursday, October 3rd. BTIG Research decreased their price objective 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. Finally, Deutsche Bank Aktiengesellschaft raised shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 target price for the company in a report on Wednesday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $20.33.

New Fortress Energy Stock Performance

The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The stock’s 50 day moving average price is $9.36 and its two-hundred day moving average price is $15.06. The firm has a market capitalization of $3.12 billion, a PE ratio of 13.14 and a beta of 1.60.

Insider Transactions at New Fortress Energy

In other New Fortress Energy news, CEO Wesley R. Edens purchased 5,793,742 shares of the 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 acquisition, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. This represents a 19.36 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 37.10% of the company’s stock.

Institutional Trading of New Fortress Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in shares of New Fortress Energy by 6.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 33,824 shares of the company’s stock worth $1,035,000 after acquiring an additional 2,039 shares in the last quarter. Tidal Investments LLC increased its position in shares of New Fortress Energy by 10.9% during the first quarter. Tidal Investments LLC now owns 10,297 shares of the company’s stock worth $315,000 after acquiring an additional 1,009 shares during the last quarter. Comerica Bank lifted its stake in shares of New Fortress Energy by 1,775.9% in the first quarter. Comerica Bank now owns 27,445 shares of the company’s stock worth $840,000 after acquiring an additional 25,982 shares in the last quarter. SG Americas Securities LLC purchased a new position in New Fortress Energy in the second quarter valued at about $2,855,000. Finally, M&G Plc grew its stake in New Fortress Energy by 52.6% during the 2nd quarter. M&G Plc now owns 2,537,712 shares of the company’s stock valued at $55,830,000 after purchasing an additional 874,210 shares in the last quarter. 58.61% of the stock is currently owned by institutional investors and hedge funds.

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.