Primecap Management Co. CA Boosts Stake in New Fortress Energy Inc. (NASDAQ:NFE)

Primecap Management Co. CA raised its position in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 13.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,096,998 shares of the company’s stock after acquiring an additional 1,564,893 shares during the period. Primecap Management Co. CA owned approximately 5.21% of New Fortress Energy worth $198,027,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. KBC Group NV boosted its position in shares of New Fortress Energy by 116.9% in the third quarter. KBC Group NV now owns 3,436 shares of the company’s stock worth $31,000 after buying an additional 1,852 shares during the period. US Bancorp DE boosted its holdings in New Fortress Energy by 344.6% in the third quarter. US Bancorp DE now owns 3,570 shares of the company’s stock valued at $32,000 after purchasing an additional 2,767 shares during the last quarter. Allworth Financial LP boosted its holdings in New Fortress Energy by 2,156.0% in 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. GAMMA Investing LLC boosted its holdings in New Fortress Energy by 148.5% in the fourth quarter. GAMMA Investing LLC now owns 3,966 shares of the company’s stock valued at $60,000 after purchasing an additional 2,370 shares during the last quarter. Finally, Captrust Financial Advisors purchased a new position in New Fortress Energy in the third quarter valued at about $101,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Up 7.9 %

Shares of New Fortress Energy stock opened at $9.99 on Tuesday. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The business’s 50 day simple moving average is $12.62 and its 200-day simple moving average is $11.39. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 10.98 and a beta of 1.58. New Fortress Energy Inc. has a twelve month low of $7.58 and a twelve month high of $31.89.

New Fortress Energy (NASDAQ:NFE) last announced 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 business 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%. Equities research analysts forecast that New Fortress Energy Inc. will post 0.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on NFE shares. Stifel Nicolaus reduced their price target on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft raised New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price target for the company in a report on Wednesday, December 4th. Finally, Morgan Stanley reduced their price target on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.60.

Insider Activity at New Fortress Energy

In other New Fortress Energy news, CFO Christopher S. Guinta bought 5,000 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average cost of $8.57 per share, for a total transaction of $42,850.00. Following the transaction, the chief financial officer now directly owns 206,653 shares in the company, valued at $1,771,016.21. The trade was a 2.48 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 37.10% of the stock is owned by insiders.

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.