Geode Capital Management LLC Purchases 660,119 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

Geode Capital Management LLC boosted its position in New Fortress Energy Inc. (NASDAQ:NFE) by 62.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,718,521 shares of the company’s stock after purchasing an additional 660,119 shares during the period. Geode Capital Management LLC owned approximately 0.68% of New Fortress Energy worth $25,993,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. William Blair Investment Management LLC raised its holdings in shares of New Fortress Energy by 40.8% in the 4th quarter. William Blair Investment Management LLC now owns 15,567,055 shares of the company’s stock valued at $235,374,000 after purchasing an additional 4,509,177 shares in the last quarter. Vanguard Group Inc. increased its holdings in New Fortress Energy by 31.8% during the fourth quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company’s stock valued at $171,147,000 after buying an additional 2,728,191 shares during the period. Primecap Management Co. CA raised its stake in New Fortress Energy by 13.6% in the fourth quarter. Primecap Management Co. CA now owns 13,096,998 shares of the company’s stock worth $198,027,000 after buying an additional 1,564,893 shares in the last quarter. Brandywine Global Investment Management LLC purchased a new stake in New Fortress Energy during the fourth quarter worth $19,618,000. Finally, King Luther Capital Management Corp bought a new stake in New Fortress Energy during the 4th quarter valued at $15,120,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.

Insider Buying and Selling at New Fortress Energy

In other New Fortress Energy news, CFO Christopher S. Guinta purchased 5,000 shares of the stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $8.57 per share, for a total transaction of $42,850.00. Following the completion of the transaction, the chief financial officer now owns 206,653 shares of the company’s stock, valued at $1,771,016.21. This trade represents a 2.48 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 37.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

NFE has been the topic of a number of recent analyst reports. Stifel Nicolaus lowered their price target on shares of New Fortress Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Citigroup cut 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 report on Wednesday, April 9th. Morgan Stanley decreased their price objective 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. Finally, Deutsche Bank Aktiengesellschaft set a $8.00 target price on New Fortress Energy in a research note on Wednesday, March 12th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, New Fortress Energy presently has a consensus rating of “Moderate Buy” and an average price target of $13.83.

New Fortress Energy Price Performance

NASDAQ:NFE opened at $5.69 on Friday. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 6.25 and a beta of 1.52. New Fortress Energy Inc. has a one year low of $4.72 and a one year high of $29.11. The firm’s fifty day moving average is $9.17 and its two-hundred day moving average is $10.88. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings data on Monday, March 3rd. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. The business had revenue of $679.00 million for the quarter, compared to analysts’ expectations of $613.24 million. Research analysts expect that New Fortress Energy Inc. will post 0.36 EPS for the current year.

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.