Northern Trust Corp Boosts Stake in New Fortress Energy Inc. (NASDAQ:NFE)

Northern Trust Corp grew its position in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 66.0% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 524,244 shares of the company’s stock after acquiring an additional 208,497 shares during the period. Northern Trust Corp owned about 0.21% of New Fortress Energy worth $7,927,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in shares of New Fortress Energy by 2.0% in the 4th quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company’s stock worth $730,000 after buying an additional 935 shares during the last quarter. US Bancorp DE grew its stake in shares of New Fortress Energy by 31.5% in the 4th quarter. US Bancorp DE now owns 4,696 shares of the company’s stock worth $71,000 after buying an additional 1,126 shares during the last quarter. Allworth Financial LP grew its stake in shares of New Fortress Energy by 2,156.0% in the 4th quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock worth $32,000 after buying an additional 1,962 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of New Fortress Energy by 21.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 16,438 shares of the company’s stock worth $249,000 after buying an additional 2,951 shares during the last quarter. Finally, Pinnacle Holdings LLC grew its stake in shares of New Fortress Energy by 3.7% in the 4th quarter. Pinnacle Holdings LLC now owns 109,139 shares of the company’s stock worth $1,650,000 after buying an additional 3,934 shares during the last quarter. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Performance

NFE stock opened at $2.66 on Monday. The stock’s 50 day simple moving average is $6.97 and its 200 day simple moving average is $10.39. The stock has a market capitalization of $728.23 million, a PE ratio of 2.92 and a beta of 1.45. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. New Fortress Energy Inc. has a 12-month low of $2.26 and a 12-month high of $27.65.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings results on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.07. The firm had revenue of $679.00 million for the quarter, compared to analysts’ expectations of $613.24 million. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%. As a group, research analysts forecast that New Fortress Energy Inc. will post 0.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on NFE shares. Stifel Nicolaus cut their price target on New Fortress Energy from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Deutsche Bank Aktiengesellschaft set a $8.00 price objective on New Fortress Energy in a research report on Wednesday, March 12th. Citigroup lowered their price objective on New Fortress Energy from $34.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, April 9th. Finally, Morgan Stanley lowered their price objective on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, New Fortress Energy has an average rating of “Moderate Buy” and an average price target of $13.00.

Insider Activity

In other news, CFO Christopher S. Guinta purchased 5,000 shares of the stock in a transaction dated Thursday, March 13th. The shares were purchased at an average cost of $8.57 per share, with a total value of $42,850.00. Following the acquisition, the chief financial officer now directly owns 206,653 shares of the company’s stock, valued at $1,771,016.21. This represents a 2.48% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 29.40% of the company’s stock.

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.