New Fortress Energy Inc. (NASDAQ:NFE) Shares Sold by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC trimmed its stake in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 41.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,857,493 shares of the company’s stock after selling 1,334,636 shares during the quarter. New Fortress Energy accounts for 1.9% of HITE Hedge Asset Management LLC’s holdings, making the stock its 19th largest holding. HITE Hedge Asset Management LLC owned about 0.91% of New Fortress Energy worth $16,885,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the company. nVerses Capital LLC bought a new position in shares of New Fortress Energy in the third quarter valued at $25,000. American National Bank acquired a new position in New Fortress Energy in the second quarter valued at approximately $26,000. KBC Group NV increased its position in shares of New Fortress Energy by 116.9% during the third quarter. KBC Group NV now owns 3,436 shares of the company’s stock worth $31,000 after acquiring an additional 1,852 shares in the last quarter. US Bancorp DE grew 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 acquiring an additional 2,767 shares during the period. Finally, Signaturefd LLC grew its position in shares of New Fortress Energy by 409.1% during the 3rd quarter. Signaturefd LLC now owns 4,124 shares of the company’s stock worth $37,000 after purchasing an additional 3,314 shares in the last quarter. 58.61% of the stock is owned by hedge funds and other institutional investors.

New Fortress Energy Price Performance

Shares of NASDAQ:NFE opened at $10.32 on Tuesday. The business’s 50 day moving average is $9.25 and its 200-day moving average is $15.23. 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 firm 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 1-year low of $7.82 and a 1-year high of $40.04.

Insider Transactions at New Fortress Energy

In other New Fortress Energy news, CEO Wesley R. Edens acquired 5,793,742 shares of New Fortress Energy stock in a transaction on Tuesday, October 1st. The stock was purchased at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the purchase, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. This trade represents a 19.36 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 37.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on NFE. BTIG Research reduced their target price 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. Morgan Stanley cut New Fortress Energy from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $35.00 to $15.00 in a research report on Thursday, October 3rd. Barclays cut their price target on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft reiterated a “sell” rating and issued a $7.60 target price (down previously from $21.00) on shares of New Fortress Energy in a research report on Tuesday, October 1st. Finally, Stifel Nicolaus cut their price objective on 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, New Fortress Energy presently 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.