New Fortress Energy (NASDAQ:NFE) Upgraded by Deutsche Bank Aktiengesellschaft to “Hold” Rating

New Fortress Energy (NASDAQ:NFE) was upgraded by equities researchers at Deutsche Bank Aktiengesellschaft from a “sell” rating to a “hold” rating in a research report issued on Wednesday, Marketbeat.com reports. The brokerage currently has a $11.00 price objective on the stock. Deutsche Bank Aktiengesellschaft’s price target would indicate a potential downside of 8.03% from the company’s previous close.

Several other research analysts have also commented on NFE. BTIG Research dropped their price target on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Stifel Nicolaus dropped their target price on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a report on Monday, August 12th. Finally, Morgan Stanley lowered New Fortress Energy from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $35.00 to $15.00 in a report on Thursday, October 3rd. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, New Fortress Energy currently has an average rating of “Hold” and a consensus price target of $20.33.

New Fortress Energy Price Performance

NFE stock opened at $11.96 on Wednesday. New Fortress Energy has a 52 week low of $7.82 and a 52 week high of $39.31. The firm has a market capitalization of $3.01 billion, a P/E ratio of 13.14 and a beta of 1.60. The company has a fifty day simple moving average of $9.36 and a two-hundred day simple moving average of $15.06. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06.

Insider Transactions at New Fortress Energy

In related news, CEO Wesley R. Edens purchased 5,793,742 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were purchased at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the acquisition, 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 legal filing with the SEC, which is available at the SEC website. Company insiders own 37.10% of the company’s stock.

Institutional Investors Weigh In On New Fortress Energy

Several large investors have recently added to or reduced their stakes in the stock. Primecap Management Co. CA increased its position in shares of New Fortress Energy by 43.7% during the third quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock worth $104,827,000 after acquiring an additional 3,505,975 shares during the period. William Blair Investment Management LLC increased its holdings in New Fortress Energy by 7.1% during the 2nd quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock worth $209,896,000 after purchasing an additional 633,170 shares during the period. Encompass Capital Advisors LLC raised its position in New Fortress Energy by 9.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock valued at $105,445,000 after purchasing an additional 395,740 shares in the last quarter. HITE Hedge Asset Management LLC lifted its holdings in shares of New Fortress Energy by 24.1% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock worth $70,163,000 after buying an additional 619,621 shares during the period. Finally, M&G Plc grew its position in shares of New Fortress Energy by 52.6% during the 2nd quarter. M&G Plc now owns 2,537,712 shares of the company’s stock worth $55,830,000 after buying an additional 874,210 shares in the last quarter. 58.61% of the stock is owned by hedge funds and other institutional investors.

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.