New Fortress Energy (NASDAQ:NFE) Shares Gap Up After Analyst Upgrade

Shares of New Fortress Energy Inc. (NASDAQ:NFE) gapped up prior to trading on Monday after Stifel Nicolaus raised their price target on the stock from $16.00 to $17.00. The stock had previously closed at $11.96, but opened at $12.60. Stifel Nicolaus currently has a buy rating on the stock. New Fortress Energy shares last traded at $13.18, with a volume of 1,907,201 shares.

A number of other research analysts have also recently commented on NFE. Deutsche Bank Aktiengesellschaft upgraded New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price target on the stock in a research note on Wednesday, December 4th. BTIG Research decreased their target price 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. Finally, Morgan Stanley lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $35.00 to $15.00 in a research note on Thursday, October 3rd. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, New Fortress Energy has a consensus rating of “Hold” and an average price target of $15.40.

Insider Activity

In other news, CEO Wesley R. Edens bought 5,793,742 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was purchased 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 in the company, valued at approximately $308,280,126.45. This trade represents a 19.36 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 37.10% of the company’s stock.

Institutional Trading of New Fortress Energy

A number of institutional investors have recently bought and sold shares of the business. Quarry LP increased its holdings in shares of New Fortress Energy by 125.7% in the 2nd quarter. Quarry LP now owns 2,250 shares of the company’s stock valued at $49,000 after acquiring an additional 1,253 shares during the last quarter. nVerses Capital LLC purchased a new position in New Fortress Energy in the third quarter valued at approximately $25,000. Benjamin F. Edwards & Company Inc. raised its holdings in New Fortress Energy by 118.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 3,031 shares of the company’s stock worth $67,000 after purchasing an additional 1,644 shares in the last quarter. KBC Group NV lifted its position in shares of New Fortress Energy by 116.9% during the 3rd quarter. KBC Group NV now owns 3,436 shares of the company’s stock worth $31,000 after buying an additional 1,852 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in shares of New Fortress Energy by 344.6% in the 3rd quarter. US Bancorp DE now owns 3,570 shares of the company’s stock valued at $32,000 after buying an additional 2,767 shares in the last quarter. 58.61% of the stock is owned by hedge funds and other institutional investors.

New Fortress Energy Price Performance

The stock’s 50-day moving average is $10.13 and its 200 day moving average is $13.86. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38. The stock has a market capitalization of $3.64 billion, a PE ratio of 15.92 and a beta of 1.60.

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.