New Fortress Energy Inc. (NASDAQ:NFE) Shares Purchased by Pingora Partners LLC

Pingora Partners LLC raised its holdings in New Fortress Energy Inc. (NASDAQ:NFE) by 581.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 80,775 shares of the company’s stock after acquiring an additional 68,925 shares during the quarter. Pingora Partners LLC’s holdings in New Fortress Energy were worth $734,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Primecap Management Co. CA lifted its position in shares of New Fortress Energy by 43.7% in the 3rd quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock valued at $104,827,000 after acquiring an additional 3,505,975 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in shares of 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 in the last quarter. Encompass Capital Advisors LLC boosted its position in shares of New Fortress Energy by 9.0% in the second quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock worth $105,445,000 after buying an additional 395,740 shares during the period. HITE Hedge Asset Management LLC grew its holdings in shares of New Fortress Energy by 24.1% during 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 buying an additional 619,621 shares in the last quarter. Finally, M&G Plc raised its position in 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 buying an additional 874,210 shares during the period. Institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Performance

NFE stock opened at $10.55 on Wednesday. The firm has a 50 day moving average of $9.26 and a two-hundred day moving average of $15.11. New Fortress Energy Inc. has a 12 month low of $7.82 and a 12 month high of $40.04. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of 11.59 and a beta of 1.60. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06.

Insider Buying and Selling

In related news, CEO Wesley R. Edens bought 5,793,742 shares of New Fortress Energy stock in a transaction that occurred on Tuesday, October 1st. The stock was purchased at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the acquisition, the chief executive officer now owns 35,721,915 shares in the company, valued at $308,280,126.45. This trade represents a 19.36 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 37.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft upgraded New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price objective for the company in a research report on Wednesday. Stifel Nicolaus lowered their price objective on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. BTIG Research cut their target price on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Finally, Morgan Stanley cut shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $35.00 to $15.00 in a report on Thursday, October 3rd. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, New Fortress Energy presently has a consensus rating of “Hold” and an average target price of $20.33.

New Fortress Energy 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.