State of New Jersey Common Pension Fund D Purchases New Stake in New Fortress Energy Inc. (NASDAQ:NFE)

State of New Jersey Common Pension Fund D purchased a new stake in New Fortress Energy Inc. (NASDAQ:NFEGet Rating) in the 3rd quarter, HoldingsChannel reports. The fund purchased 39,634 shares of the company’s stock, valued at approximately $1,732,000.

Several other hedge funds have also bought and sold shares of NFE. FMR LLC grew its position in New Fortress Energy by 111.7% in the 2nd quarter. FMR LLC now owns 2,372,779 shares of the company’s stock valued at $93,891,000 after purchasing an additional 1,251,862 shares during the period. PointState Capital LP lifted its stake in New Fortress Energy by 153.9% during the 1st quarter. PointState Capital LP now owns 1,195,643 shares of the company’s stock valued at $50,946,000 after acquiring an additional 724,709 shares in the last quarter. Invesco Ltd. lifted its stake in New Fortress Energy by 579.3% during the 1st quarter. Invesco Ltd. now owns 522,106 shares of the company’s stock valued at $22,246,000 after acquiring an additional 445,250 shares in the last quarter. First Trust Advisors LP lifted its stake in New Fortress Energy by 243.1% during the 1st quarter. First Trust Advisors LP now owns 423,619 shares of the company’s stock valued at $18,050,000 after acquiring an additional 300,159 shares in the last quarter. Finally, Capital World Investors lifted its stake in New Fortress Energy by 3.5% during the 1st quarter. Capital World Investors now owns 8,380,111 shares of the company’s stock valued at $357,077,000 after acquiring an additional 285,542 shares in the last quarter. Institutional investors and hedge funds own 50.16% of the company’s stock.

Insider Activity at New Fortress Energy

In related news, Director Katherine Wanner bought 3,370 shares of New Fortress Energy stock in a transaction on Thursday, December 22nd. The stock was acquired at an average price of $41.79 per share, with a total value of $140,832.30. Following the acquisition, the director now directly owns 82,599 shares of the company’s stock, valued at $3,451,812.21. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, major shareholder Energy Transition Holdings Llc sold 6,900,000 shares of the business’s stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $45.56, for a total transaction of $314,364,000.00. Following the completion of the transaction, the insider now owns 25,559,846 shares of the company’s stock, valued at $1,164,506,583.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Katherine Wanner acquired 3,370 shares of the business’s stock in a transaction dated Thursday, December 22nd. The shares were acquired at an average cost of $41.79 per share, with a total value of $140,832.30. Following the acquisition, the director now directly owns 82,599 shares of the company’s stock, valued at approximately $3,451,812.21. The disclosure for this purchase can be found here. 37.70% of the stock is currently owned by company insiders.

New Fortress Energy Trading Up 5.1 %

Shares of New Fortress Energy stock opened at $35.38 on Friday. New Fortress Energy Inc. has a 52-week low of $19.17 and a 52-week high of $63.06. The stock’s 50-day simple moving average is $43.89 and its 200 day simple moving average is $48.18. The stock has a market capitalization of $7.39 billion, a P/E ratio of 26.60 and a beta of 1.66. The company has a debt-to-equity ratio of 2.20, a quick ratio of 1.72 and a current ratio of 1.83.

New Fortress Energy (NASDAQ:NFEGet Rating) last announced its quarterly earnings data on Tuesday, November 8th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.58). New Fortress Energy had a net margin of 11.38% and a return on equity of 33.81%. The firm had revenue of $731.93 million during the quarter, compared to the consensus estimate of $741.10 million. As a group, research analysts anticipate that New Fortress Energy Inc. will post 3.21 EPS for the current year.

New Fortress Energy Increases Dividend

The company also recently disclosed a Special dividend, which was paid on Friday, January 13th. Investors of record on Wednesday, January 4th were paid a $3.00 dividend. This is a boost from New Fortress Energy’s previous Special dividend of $0.10. This represents a yield of 24.55%. The ex-dividend date was Tuesday, January 3rd. New Fortress Energy’s payout ratio is currently 902.26%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Barclays raised their price objective on New Fortress Energy from $48.00 to $53.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 16th. Evercore ISI raised their price objective on New Fortress Energy to $74.00 in a research note on Tuesday, November 15th. Jefferies Financial Group assumed coverage on New Fortress Energy in a research note on Wednesday, October 19th. They set a “buy” rating and a $65.00 target price on the stock. Finally, TheStreet cut New Fortress Energy from a “b-” rating to a “c+” rating in a research note on Wednesday, November 23rd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $62.50.

About New Fortress Energy

(Get Rating)

New Fortress Energy, Inc is a holding company engaged in the management of integrated gas-to-power energy infrastructure. It funds, builds, and operates natural gas infrastructure and logistics to deliver energy solutions. The company was founded by Wesley Robert Edens on February 25, 2014 and is headquartered in New York, NY.

Further Reading

Want to see what other hedge funds are holding NFE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for New Fortress Energy Inc. (NASDAQ:NFEGet Rating).

Institutional Ownership by Quarter for New Fortress Energy (NASDAQ:NFE)

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