New Fortress Energy (NASDAQ:NFE) Trading 6.1% Higher – Here’s Why

New Fortress Energy Inc. (NASDAQ:NFE) traded up 6.1% during trading on Thursday . The stock traded as high as $15.78 and last traded at $15.82. 1,398,996 shares were traded during mid-day trading, a decline of 67% from the average session volume of 4,177,240 shares. The stock had previously closed at $14.91.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Morgan Stanley lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $35.00 to $15.00 in a research note on Thursday, October 3rd. Stifel Nicolaus increased their price target on New Fortress Energy from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, December 23rd. Finally, 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, December 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.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.40.

New Fortress Energy Stock Up 6.8 %

The firm’s 50 day simple moving average is $12.20 and its 200 day simple moving average is $13.09. The company has a market cap of $4.00 billion, a price-to-earnings ratio of 17.49 and a beta of 1.50. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06.

Institutional Trading of New Fortress Energy

Large investors have recently added to or reduced their stakes in the business. Primecap Management Co. CA grew its stake in shares of New Fortress Energy by 43.7% in the third quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock worth $104,827,000 after purchasing an additional 3,505,975 shares in the last quarter. Encompass Capital Advisors LLC grew its position in New Fortress Energy by 9.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock valued at $105,445,000 after buying an additional 395,740 shares in the last quarter. HITE Hedge Asset Management LLC increased its stake in New Fortress Energy by 24.1% during the 2nd 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 during the period. American Assets Capital Advisers LLC raised its position in shares of New Fortress Energy by 105.7% during the 3rd quarter. American Assets Capital Advisers LLC now owns 1,555,767 shares of the company’s stock worth $14,968,000 after buying an additional 799,280 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of New Fortress Energy by 5.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,443,476 shares of the company’s stock worth $31,717,000 after acquiring an additional 75,661 shares during the period. 58.61% of the stock is currently owned by institutional investors and hedge funds.

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.