American Assets Investment Management LLC Acquires 57,479 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

American Assets Investment Management LLC boosted its stake in New Fortress Energy Inc. (NASDAQ:NFE) by 101.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 114,065 shares of the company’s stock after acquiring an additional 57,479 shares during the period. American Assets Investment Management LLC owned 0.06% of New Fortress Energy worth $1,037,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in NFE. Primecap Management Co. CA grew its stake in New Fortress Energy by 73.9% in the second quarter. Primecap Management Co. CA now owns 8,026,130 shares of the company’s stock worth $176,414,000 after purchasing an additional 3,410,630 shares during the period. M&G Plc bought a new stake in shares of New Fortress Energy during the 1st quarter valued at $51,569,000. American Assets Capital Advisers LLC grew its position in shares of New Fortress Energy by 105.7% in the 3rd quarter. American Assets Capital Advisers LLC now owns 1,555,767 shares of the company’s stock worth $14,968,000 after buying an additional 799,280 shares during the period. William Blair Investment Management LLC increased its stake in shares of New Fortress Energy by 7.1% in the 2nd quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock worth $209,896,000 after acquiring an additional 633,170 shares in the last quarter. Finally, HITE Hedge Asset Management LLC lifted its position in New Fortress Energy by 24.1% during 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 period. 58.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NFE has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft restated a “sell” rating and issued a $7.60 price objective (down previously from $21.00) on shares of New Fortress Energy in a report on Tuesday, October 1st. Stifel Nicolaus cut their target price 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. BTIG Research cut their price objective on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a report on Friday, September 13th. Barclays reduced 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 research report on Monday, August 5th. Finally, Morgan Stanley lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $35.00 to $15.00 in a research report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, New Fortress Energy currently has a consensus rating of “Hold” and an average price target of $19.77.

Insider Transactions at New Fortress Energy

In related news, CEO Wesley R. Edens acquired 5,793,742 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was acquired at an average cost of $8.63 per share, with a total value of $49,999,993.46. Following the acquisition, the chief executive officer now directly owns 35,721,915 shares in the company, valued at $308,280,126.45. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 37.10% of the company’s stock.

New Fortress Energy Price Performance

Shares of NASDAQ NFE traded down $0.65 during midday trading on Tuesday, reaching $9.16. The stock had a trading volume of 1,550,549 shares, compared to its average volume of 2,938,489. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 10.07 and a beta of 1.53. New Fortress Energy Inc. has a 12-month low of $7.82 and a 12-month high of $40.04. The stock has a 50-day moving average of $9.68 and a 200-day moving average of $17.15. The company has a debt-to-equity ratio of 4.38, a quick ratio of 0.63 and a current ratio of 0.72.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings results 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). The business 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 15.46% and a net margin of 7.84%. The company’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.58 EPS. As a group, research analysts anticipate that New Fortress Energy Inc. will post 0.52 EPS for the current fiscal year.

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.