Nuveen Asset Management LLC Reduces Holdings in New Fortress Energy Inc. (NASDAQ:NFE)

Nuveen Asset Management LLC reduced its position in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 16.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 162,029 shares of the company’s stock after selling 31,436 shares during the period. Nuveen Asset Management LLC owned about 0.06% of New Fortress Energy worth $2,450,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in New Fortress Energy by 2.0% during the 4th quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company’s stock worth $730,000 after acquiring an additional 935 shares in the last quarter. US Bancorp DE boosted its stake in New Fortress Energy by 31.5% in the fourth quarter. US Bancorp DE now owns 4,696 shares of the company’s stock valued at $71,000 after acquiring an additional 1,126 shares during the period. Allworth Financial LP grew its holdings in shares of New Fortress Energy by 2,156.0% during the fourth quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock valued at $32,000 after purchasing an additional 1,962 shares during the last quarter. Deutsche Bank AG raised its position in shares of New Fortress Energy by 3.0% during the 4th quarter. Deutsche Bank AG now owns 85,206 shares of the company’s stock worth $1,288,000 after purchasing an additional 2,463 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings 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 purchasing an additional 2,951 shares during the last quarter. 58.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Christopher S. Guinta bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average price of $8.57 per share, with a total value of $42,850.00. Following the completion of the purchase, 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 position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 29.40% of the stock is owned by corporate insiders.

New Fortress Energy Stock Performance

NFE stock opened at $2.55 on Tuesday. The company has a 50-day simple moving average of $5.31 and a 200 day simple moving average of $9.91. The company has a market capitalization of $698.12 million, a P/E ratio of 2.80 and a beta of 1.45. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06. New Fortress Energy Inc. has a fifty-two week low of $2.26 and a fifty-two week high of $26.22.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. The company had revenue of $679.00 million during the quarter, compared to analyst estimates of $613.24 million. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. Sell-side analysts predict that New Fortress Energy Inc. will post 0.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. BTIG Research set a $8.00 price objective on New Fortress Energy and gave the stock a “buy” rating in a research note on Thursday, May 15th. Deutsche Bank Aktiengesellschaft set a $8.00 price target on shares of New Fortress Energy in a research report on Wednesday, March 12th. Morgan Stanley set a $4.00 price objective on shares of New Fortress Energy and gave the company an “equal weight” rating in a research report on Tuesday, May 27th. Stifel Nicolaus reduced their target price on shares of New Fortress Energy from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, Citigroup dropped their price target on shares of New Fortress Energy from $34.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.17.

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.