Brokerages Set New Fortress Energy Inc. (NASDAQ:NFE) Price Target at $19.77

Shares of New Fortress Energy Inc. (NASDAQ:NFE) have earned a consensus rating of “Hold” from the six brokerages that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $19.77.

A number of equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft reiterated a “sell” rating and set a $7.60 price target (down from $21.00) on shares of New Fortress Energy in a report on Tuesday, October 1st. Stifel Nicolaus lowered their target price on shares of 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. Barclays reduced their price target on shares of New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Morgan Stanley cut shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $35.00 to $15.00 in a research report on Thursday, October 3rd. Finally, BTIG Research cut their target price on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, September 13th.

Insider Activity

In other news, CEO Wesley R. Edens purchased 5,793,742 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were 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 represents a 19.36 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 37.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NFE. Primecap Management Co. CA boosted its position in New Fortress Energy by 43.7% during the third quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock worth $104,827,000 after acquiring an additional 3,505,975 shares during the last quarter. M&G Plc raised its stake in shares of New Fortress Energy by 52.6% during the second 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 during the period. American Assets Capital Advisers LLC lifted its holdings in New Fortress Energy by 105.7% in the 3rd quarter. American Assets Capital Advisers LLC now owns 1,555,767 shares of the company’s stock worth $14,968,000 after buying an additional 799,280 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in New Fortress Energy by 7.1% in the second quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock valued at $209,896,000 after purchasing an additional 633,170 shares during the last quarter. Finally, HITE Hedge Asset Management LLC boosted its holdings in New Fortress Energy by 24.1% in the second quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock valued at $70,163,000 after purchasing an additional 619,621 shares during the last quarter. Institutional investors and hedge funds own 58.61% of the company’s stock.

New Fortress Energy Stock Up 1.8 %

NASDAQ NFE opened at $10.67 on Wednesday. The business’s fifty day simple moving average is $9.24 and its 200-day simple moving average is $15.51. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06. The firm has a market cap of $2.68 billion, a PE ratio of 11.73 and a beta of 1.53. New Fortress Energy has a 52 week low of $7.82 and a 52 week high of $40.04.

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.