HITE Hedge Asset Management LLC Has $16.89 Million Stake in New Fortress Energy Inc. (NASDAQ:NFE)

HITE Hedge Asset Management LLC decreased its position in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 41.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,857,493 shares of the company’s stock after selling 1,334,636 shares during the period. New Fortress Energy comprises 1.9% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 19th biggest position. HITE Hedge Asset Management LLC owned about 0.91% of New Fortress Energy worth $16,885,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Holocene Advisors LP increased its stake in New Fortress Energy by 107.2% in the third quarter. Holocene Advisors LP now owns 389,698 shares of the company’s stock valued at $3,542,000 after acquiring an additional 201,649 shares during the last quarter. Captrust Financial Advisors bought a new stake in New Fortress Energy during the 3rd quarter worth approximately $101,000. Capstone Investment Advisors LLC grew its holdings in shares of New Fortress Energy by 138.0% during the 3rd quarter. Capstone Investment Advisors LLC now owns 26,551 shares of the company’s stock valued at $241,000 after purchasing an additional 15,395 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of New Fortress Energy by 77.5% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 221,477 shares of the company’s stock worth $2,013,000 after purchasing an additional 96,728 shares during the period. Finally, Nicolet Advisory Services LLC bought a new stake in New Fortress Energy during the 3rd quarter valued at about $104,000. Institutional investors and hedge funds own 58.61% of the company’s stock.

Insider Activity

In related news, CEO Wesley R. Edens purchased 5,793,742 shares of the stock in a transaction dated Tuesday, October 1st. The stock was bought at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the acquisition, the chief executive officer now owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. This represents a 19.36 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 37.10% of the stock is currently owned by corporate insiders.

New Fortress Energy Price Performance

New Fortress Energy stock opened at $10.32 on Tuesday. 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 stock has a market capitalization of $2.59 billion, a PE ratio of 11.34 and a beta of 1.60. New Fortress Energy Inc. has a 12 month low of $7.82 and a 12 month high of $40.04. The business has a 50 day simple moving average of $9.25 and a 200-day simple moving average of $15.23.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on NFE shares. Morgan Stanley cut shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $35.00 to $15.00 in a research report on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating and issued a $7.60 price objective (down previously from $21.00) on shares of New Fortress Energy in a research note on Tuesday, October 1st. Barclays reduced their target price on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. BTIG Research cut their target price on 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. Finally, Stifel Nicolaus decreased their target price on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, New Fortress Energy currently has a consensus rating of “Hold” and a consensus price target of $19.77.

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.