Wesley R. Edens Buys 5,793,742 Shares of New Fortress Energy Inc. (NASDAQ:NFE) Stock

New Fortress Energy Inc. (NASDAQ:NFE) CEO Wesley R. Edens purchased 5,793,742 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was bought at an average cost of $8.63 per share, with a total value of $49,999,993.46. Following the completion of the transaction, the chief executive officer now directly owns 35,721,915 shares in the company, valued at $308,280,126.45. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

New Fortress Energy Trading Up 11.7 %

NASDAQ:NFE opened at $10.09 on Friday. New Fortress Energy Inc. has a 12 month low of $8.20 and a 12 month high of $40.04. The company has a current ratio of 0.72, a quick ratio of 0.63 and a debt-to-equity ratio of 4.38. The firm’s 50 day moving average is $12.60 and its 200 day moving average is $20.85. The stock has a market capitalization of $2.07 billion, a PE ratio of 4.59 and a beta of 1.52.

New Fortress Energy (NASDAQ:NFE) last issued its earnings results on Friday, August 9th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.50). The firm had revenue of $428.00 million during the quarter, compared to the consensus estimate of $465.52 million. New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The business’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.58 earnings per share. Sell-side analysts expect that New Fortress Energy Inc. will post 0.54 earnings per share for the current year.

New Fortress Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $0.10 per share. The ex-dividend date was Friday, September 13th. This represents a $0.40 dividend on an annualized basis and a yield of 3.96%. New Fortress Energy’s dividend payout ratio is presently 18.18%.

Analyst Upgrades and Downgrades

NFE has been the subject of several analyst reports. 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 report on Monday, August 12th. BTIG Research dropped their target price on shares of 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. Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating and issued a $7.60 target price (down from $21.00) on shares of New Fortress Energy in a report on Tuesday. Barclays dropped their price target on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Finally, Morgan Stanley downgraded New Fortress Energy from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $35.00 to $15.00 in a research note on Thursday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.77.

Hedge Funds Weigh In On New Fortress Energy

Several large investors have recently modified their holdings of the business. American National Bank purchased a new position in shares of New Fortress Energy in the second quarter valued at $26,000. Benjamin F. Edwards & Company Inc. increased its position in shares of New Fortress Energy by 563.6% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,387 shares of the company’s stock valued at $42,000 after buying an additional 1,178 shares during the period. Quarry LP lifted its holdings in shares of New Fortress Energy by 125.7% in the second quarter. Quarry LP now owns 2,250 shares of the company’s stock worth $49,000 after buying an additional 1,253 shares in the last quarter. ORG Partners LLC boosted its position in shares of New Fortress Energy by 987.8% in the second quarter. ORG Partners LLC now owns 3,753 shares of the company’s stock valued at $77,000 after acquiring an additional 3,408 shares during the period. Finally, Meeder Asset Management Inc. purchased a new position in New Fortress Energy during the first quarter valued at approximately $95,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.

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.