Pinnacle Associates Ltd. Makes New Investment in New Fortress Energy Inc. (NASDAQ:NFE)

Pinnacle Associates Ltd. bought a new stake in New Fortress Energy Inc. (NASDAQ:NFE) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 97,895 shares of the company’s stock, valued at approximately $890,000.

A number of other large investors also recently made changes to their positions in the company. nVerses Capital LLC bought a new stake in New Fortress Energy in the 3rd quarter valued at about $25,000. American National Bank bought a new stake in shares of New Fortress Energy in the second quarter valued at approximately $26,000. Signaturefd LLC grew its position in New Fortress Energy by 409.1% during the third quarter. Signaturefd LLC now owns 4,124 shares of the company’s stock worth $37,000 after buying an additional 3,314 shares in the last quarter. Quarry LP grew its position in New Fortress Energy by 125.7% during the second quarter. Quarry LP now owns 2,250 shares of the company’s stock worth $49,000 after buying an additional 1,253 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its stake in New Fortress Energy by 118.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,031 shares of the company’s stock worth $67,000 after acquiring an additional 1,644 shares during the period. Institutional investors own 58.61% of the company’s stock.

Insider Activity

In other New Fortress Energy news, CEO Wesley R. Edens acquired 5,793,742 shares of New Fortress Energy stock in a transaction that occurred on Tuesday, October 1st. The shares were bought at an average price of $8.63 per share, with a total value of $49,999,993.46. Following the completion of the purchase, the chief executive officer now directly owns 35,721,915 shares in the company, valued at $308,280,126.45. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 37.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on NFE shares. Deutsche Bank Aktiengesellschaft reissued a “sell” rating and set a $7.60 target price (down from $21.00) on shares of New Fortress Energy in a report on Tuesday, October 1st. Stifel Nicolaus decreased their target price on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Barclays cut their price target on shares of New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Morgan Stanley cut shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $35.00 to $15.00 in a research note on Thursday, October 3rd. Finally, BTIG Research cut their target price on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, September 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, New Fortress Energy presently has a consensus rating of “Hold” and an average price target of $19.77.

New Fortress Energy Price Performance

NFE stock opened at $8.00 on Friday. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 6.78 and a beta of 1.53. The company has a debt-to-equity ratio of 4.38, a current ratio of 0.72 and a quick ratio of 0.63. The company has a 50 day simple moving average of $10.03 and a 200 day simple moving average of $17.89. New Fortress Energy Inc. has a 1 year low of $7.82 and a 1 year high of $40.04.

New Fortress Energy (NASDAQ:NFE) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). The firm had revenue of $428.00 million during the quarter, compared to the consensus estimate of $465.52 million. New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The firm’s revenue was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.58 earnings per share. Research analysts anticipate that New Fortress Energy Inc. will post 0.52 EPS for the current fiscal year.

New Fortress Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend was Friday, September 13th. New Fortress Energy’s dividend payout ratio (DPR) is currently 33.90%.

New Fortress Energy 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.