CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Makes New Investment in New Fortress Energy Inc. (NASDAQ:NFE)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new stake in New Fortress Energy Inc. (NASDAQ:NFE) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 150,000 shares of the company’s stock, valued at approximately $2,268,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.06% of New Fortress Energy at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of NFE. nVerses Capital LLC acquired a new position in New Fortress Energy in the third quarter valued at $25,000. KBC Group NV lifted its holdings in shares of New Fortress Energy by 116.9% in the 3rd quarter. KBC Group NV now owns 3,436 shares of the company’s stock valued at $31,000 after purchasing an additional 1,852 shares during the last quarter. US Bancorp DE boosted its position in shares of New Fortress Energy by 344.6% in the 3rd quarter. US Bancorp DE now owns 3,570 shares of the company’s stock valued at $32,000 after purchasing an additional 2,767 shares during the period. Signaturefd LLC boosted its position in shares of New Fortress Energy by 409.1% in the 3rd quarter. Signaturefd LLC now owns 4,124 shares of the company’s stock valued at $37,000 after purchasing an additional 3,314 shares during the period. Finally, Quarry LP grew its stake in New Fortress Energy by 125.7% during the 2nd quarter. Quarry LP now owns 2,250 shares of the company’s stock worth $49,000 after buying an additional 1,253 shares during the last quarter. 58.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Stifel Nicolaus boosted their price objective on New Fortress Energy from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. Deutsche Bank Aktiengesellschaft upgraded shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price target for the company in a research note on Wednesday, December 4th. Finally, Morgan Stanley lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $35.00 to $15.00 in a research note on Thursday, October 3rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, New Fortress Energy currently has a consensus rating of “Hold” and a consensus price target of $15.40.

New Fortress Energy Stock Performance

NASDAQ:NFE opened at $15.36 on Friday. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The firm has a market cap of $3.86 billion, a price-to-earnings ratio of 16.88 and a beta of 1.50. The firm’s fifty day moving average price is $13.13 and its 200 day moving average price is $12.93. New Fortress Energy Inc. has a 1-year low of $7.82 and a 1-year high of $35.58.

New Fortress Energy 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.