Encompass Capital Advisors LLC Buys 395,740 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

Encompass Capital Advisors LLC increased its stake in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 9.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,797,308 shares of the company’s stock after purchasing an additional 395,740 shares during the quarter. New Fortress Energy makes up approximately 5.5% of Encompass Capital Advisors LLC’s holdings, making the stock its 2nd largest holding. Encompass Capital Advisors LLC owned 2.34% of New Fortress Energy worth $105,445,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. HITE Hedge Asset Management LLC raised its holdings in New Fortress Energy by 24.1% in 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 acquiring an additional 619,621 shares during the last quarter. Marshall Wace LLP increased its stake in New Fortress Energy by 293.0% in the second quarter. Marshall Wace LLP now owns 110,034 shares of the company’s stock valued at $2,419,000 after purchasing an additional 82,034 shares during the last quarter. Bank of Montreal Can lifted its position in New Fortress Energy by 20.1% during the second quarter. Bank of Montreal Can now owns 81,843 shares of the company’s stock worth $1,807,000 after buying an additional 13,706 shares during the period. Gabelli Funds LLC boosted its stake in New Fortress Energy by 229.8% in the 2nd quarter. Gabelli Funds LLC now owns 77,500 shares of the company’s stock worth $1,703,000 after buying an additional 54,000 shares during the last quarter. Finally, Symmetry Investments LP grew its holdings in New Fortress Energy by 174.0% in the 2nd quarter. Symmetry Investments LP now owns 97,089 shares of the company’s stock valued at $2,134,000 after buying an additional 61,656 shares during the period. 58.61% of the stock is currently owned by hedge funds and other institutional investors.

New Fortress Energy Stock Down 4.5 %

Shares of New Fortress Energy stock opened at $9.55 on Thursday. New Fortress Energy Inc. has a twelve month low of $9.17 and a twelve month high of $40.04. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 4.34 and a beta of 1.53. The company has a current ratio of 0.72, a quick ratio of 0.63 and a debt-to-equity ratio of 4.38. The company has a fifty day moving average price of $14.45 and a 200 day moving average price of $21.87.

New Fortress Energy (NASDAQ:NFE) last issued its earnings results on Friday, August 9th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.50). The company had revenue of $428.00 million during the quarter, compared to analysts’ expectations of $465.52 million. New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. New Fortress Energy’s quarterly revenue was down 23.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.58 EPS. Equities research analysts forecast that New Fortress Energy Inc. will post 0.54 earnings per share for the current fiscal year.

New Fortress Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 4.19%. The ex-dividend date is Friday, September 13th. New Fortress Energy’s dividend payout ratio (DPR) is 18.18%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. BTIG Research decreased their target price on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Deutsche Bank Aktiengesellschaft dropped their price objective on New Fortress Energy from $26.00 to $21.00 and set a “hold” rating for the company in a report on Monday, August 12th. Barclays reduced their target price on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Finally, Stifel Nicolaus lowered their price target on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $23.40.

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.