abrdn plc Decreases Stock Holdings in New Fortress Energy Inc. (NASDAQ:NFE)

abrdn plc reduced its position in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 1.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 185,478 shares of the company’s stock after selling 2,116 shares during the period. abrdn plc owned about 0.09% of New Fortress Energy worth $6,998,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in New Fortress Energy by 41.4% in the third quarter. Vanguard Group Inc. now owns 8,481,836 shares of the company’s stock valued at $278,035,000 after acquiring an additional 2,482,627 shares during the last quarter. William Blair Investment Management LLC lifted its position in New Fortress Energy by 12.0% in the third quarter. William Blair Investment Management LLC now owns 6,275,847 shares of the company’s stock valued at $205,722,000 after acquiring an additional 674,685 shares during the last quarter. Federated Hermes Inc. lifted its position in New Fortress Energy by 10.8% in the third quarter. Federated Hermes Inc. now owns 4,401,700 shares of the company’s stock valued at $144,288,000 after acquiring an additional 427,300 shares during the last quarter. Invesco Ltd. lifted its position in New Fortress Energy by 1.4% in the third quarter. Invesco Ltd. now owns 3,427,576 shares of the company’s stock valued at $112,356,000 after acquiring an additional 46,584 shares during the last quarter. Finally, Electron Capital Partners LLC lifted its position in New Fortress Energy by 208.4% in the third quarter. Electron Capital Partners LLC now owns 1,208,505 shares of the company’s stock valued at $39,615,000 after acquiring an additional 816,643 shares during 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 $27.11 on Friday. The company has a 50-day simple moving average of $30.51 and a 200-day simple moving average of $33.20. New Fortress Energy Inc. has a one year low of $25.06 and a one year high of $40.04. The company has a debt-to-equity ratio of 3.66, a quick ratio of 0.51 and a current ratio of 0.57. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of 10.23 and a beta of 1.53.

New Fortress Energy (NASDAQ:NFE) last announced its earnings results on Thursday, February 29th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.08. New Fortress Energy had a net margin of 22.70% and a return on equity of 36.16%. The business had revenue of $758.60 million during the quarter, compared to analysts’ expectations of $647.54 million. During the same period in the prior year, the company earned $0.87 earnings per share. The business’s revenue was up 38.8% compared to the same quarter last year. On average, analysts predict that New Fortress Energy Inc. will post 3.73 EPS for the current year.

New Fortress Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th were issued a $0.10 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.48%. New Fortress Energy’s payout ratio is 15.09%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $35.00 price target (down from $40.00) on shares of New Fortress Energy in a research report on Monday, March 4th. Stifel Nicolaus reduced their price target on shares of New Fortress Energy from $49.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, New Fortress Energy currently has a consensus rating of “Hold” and an average target price of $39.29.

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.