Public Employees Retirement System of Ohio Cuts Stock Holdings in New Fortress Energy Inc. (NASDAQ:NFE)

Public Employees Retirement System of Ohio lowered its stake in New Fortress Energy Inc. (NASDAQ:NFE) by 4.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,647 shares of the company’s stock after selling 1,178 shares during the period. Public Employees Retirement System of Ohio’s holdings in New Fortress Energy were worth $215,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of NFE. X Square Capital LLC boosted its position in New Fortress Energy by 0.6% during the 2nd quarter. X Square Capital LLC now owns 137,396 shares of the company’s stock valued at $3,020,000 after buying an additional 781 shares during the period. Commonwealth Equity Services LLC raised its stake in shares of New Fortress Energy by 4.8% during the second quarter. Commonwealth Equity Services LLC now owns 21,719 shares of the company’s stock valued at $477,000 after acquiring an additional 999 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of New Fortress Energy by 4.9% during the second quarter. The Manufacturers Life Insurance Company now owns 21,784 shares of the company’s stock worth $479,000 after purchasing an additional 1,024 shares during the period. Victory Capital Management Inc. grew its stake in shares of New Fortress Energy by 7.7% in the second quarter. Victory Capital Management Inc. now owns 14,933 shares of the company’s stock worth $328,000 after purchasing an additional 1,062 shares during the last quarter. Finally, Quarry LP increased its holdings in New Fortress Energy by 125.7% during the 2nd quarter. Quarry LP now owns 2,250 shares of the company’s stock valued at $49,000 after purchasing an additional 1,253 shares during the period. Institutional investors own 58.61% of the company’s stock.

New Fortress Energy Price Performance

NFE opened at $11.96 on Friday. 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 company has a market cap of $3.01 billion, a price-to-earnings ratio of 13.14 and a beta of 1.60. The stock has a fifty day simple moving average of $10.03 and a two-hundred day simple moving average of $13.99. New Fortress Energy Inc. has a 12-month low of $7.82 and a 12-month high of $39.26.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Morgan Stanley lowered New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $35.00 to $15.00 in a research report on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft upgraded shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price target on the stock in a report on Wednesday, December 4th. Finally, BTIG Research decreased their price objective on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a report on Friday, September 13th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, New Fortress Energy presently has a consensus rating of “Hold” and a consensus price target of $15.40.

Insider Buying and Selling

In related news, CEO Wesley R. Edens acquired 5,793,742 shares of the stock in a transaction on Tuesday, October 1st. The stock was acquired at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the purchase, the chief executive officer now owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. This represents a 19.36 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 37.10% of the stock is owned by company insiders.

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.