Insider Buying: New Fortress Energy Inc. (NASDAQ:NFE) CEO Buys 5,793,742 Shares of Stock

New Fortress Energy Inc. (NASDAQ:NFE) CEO Wesley R. Edens acquired 5,793,742 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was bought at an average cost 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. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

New Fortress Energy Stock Performance

Shares of NFE stock traded up $0.09 on Thursday, hitting $9.03. 12,279,486 shares of the stock were exchanged, compared to its average volume of 2,587,968. 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 firm has a market capitalization of $1.85 billion, a PE ratio of 4.04 and a beta of 1.52. New Fortress Energy Inc. has a one year low of $8.20 and a one year high of $40.04. The firm’s 50 day moving average is $13.02 and its two-hundred day moving average is $21.08.

New Fortress Energy (NASDAQ:NFE) last issued its earnings results on Friday, August 9th. The company reported ($0.41) EPS 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 the consensus estimate of $465.52 million. New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The firm’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.58 EPS. Sell-side analysts expect that New Fortress Energy Inc. will post 0.54 earnings per share for the current fiscal year.

New Fortress Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.43%. New Fortress Energy’s dividend payout ratio is 18.18%.

Hedge Funds Weigh In On New Fortress Energy

A number of large investors have recently bought and sold shares of the stock. American National Bank bought a new stake in shares of New Fortress Energy during the second quarter valued at approximately $26,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of New Fortress Energy by 563.6% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,387 shares of the company’s stock valued at $42,000 after purchasing an additional 1,178 shares in the last quarter. Quarry LP boosted its position in shares of New Fortress Energy by 125.7% during the second quarter. Quarry LP now owns 2,250 shares of the company’s stock valued at $49,000 after purchasing an additional 1,253 shares in the last quarter. ORG Partners LLC boosted its position in shares of New Fortress Energy by 987.8% during the second quarter. ORG Partners LLC now owns 3,753 shares of the company’s stock valued at $77,000 after purchasing an additional 3,408 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in New Fortress Energy in the first quarter worth $95,000. 58.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on NFE shares. Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating and issued a $7.60 price objective (down from $21.00) on shares of New Fortress Energy in a research note on Tuesday. Barclays dropped their price target on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Morgan Stanley lowered New Fortress Energy from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $35.00 to $15.00 in a research note on Thursday. Stifel Nicolaus dropped their price target on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, BTIG Research dropped their price target on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $19.77.

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.