New Fortress Energy Inc. (NASDAQ:NFE) Stake Reduced by Kailix Advisors LLC

Kailix Advisors LLC reduced its position in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 61.4% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 851,439 shares of the company’s stock after selling 1,352,385 shares during the quarter. New Fortress Energy accounts for about 6.5% of Kailix Advisors LLC’s investment portfolio, making the stock its 6th biggest holding. Kailix Advisors LLC owned 0.42% of New Fortress Energy worth $7,740,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. nVerses Capital LLC bought a new position in shares of New Fortress Energy during the third quarter valued at $25,000. American National Bank bought a new position in New Fortress Energy during the 2nd quarter valued at about $26,000. US Bancorp DE lifted its stake in New Fortress Energy by 344.6% during the 3rd quarter. US Bancorp DE now owns 3,570 shares of the company’s stock valued at $32,000 after acquiring an additional 2,767 shares during the period. Signaturefd LLC boosted its holdings in shares of New Fortress Energy by 409.1% during the 3rd quarter. Signaturefd LLC now owns 4,124 shares of the company’s stock valued at $37,000 after acquiring an additional 3,314 shares during the last quarter. Finally, Quarry LP grew its stake in shares of New Fortress Energy by 125.7% in the second quarter. Quarry LP now owns 2,250 shares of the company’s stock worth $49,000 after acquiring an additional 1,253 shares during the period. 58.61% of the stock is owned by hedge funds and other institutional investors.

New Fortress Energy Stock Performance

NASDAQ:NFE opened at $9.04 on Friday. The company has a debt-to-equity ratio of 4.38, a quick ratio of 0.63 and a current ratio of 0.72. The stock has a 50-day simple moving average of $9.68 and a two-hundred day simple moving average of $17.23. The firm has a market capitalization of $1.85 billion, a PE ratio of 7.66 and a beta of 1.53. New Fortress Energy Inc. has a 52-week low of $7.82 and a 52-week high of $40.04.

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

Insider Buying and Selling at New Fortress Energy

In other news, CEO Wesley R. Edens bought 5,793,742 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was bought at an average price of $8.63 per share, with a total value of $49,999,993.46. Following the acquisition, the chief executive officer now owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 37.10% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Barclays dropped their target price on shares of 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. 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. Morgan Stanley cut New Fortress Energy from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $35.00 to $15.00 in a research report on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft reissued a “sell” rating and issued a $7.60 target price (down from $21.00) on shares of New Fortress Energy in a research report on Tuesday, October 1st. Finally, Stifel Nicolaus reduced their price target on shares of 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, New Fortress Energy currently has a consensus rating of “Hold” and an average target price 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.