Verition Fund Management LLC Invests $545,000 in New Fortress Energy Inc. (NASDAQ:NFE)

Verition Fund Management LLC bought a new position in New Fortress Energy Inc. (NASDAQ:NFEGet Rating) during the third quarter, Holdings Channel reports. The fund bought 12,478 shares of the company’s stock, valued at approximately $545,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Driehaus Capital Management LLC purchased a new stake in New Fortress Energy during the 2nd quarter valued at about $5,576,000. Prospera Financial Services Inc purchased a new stake in New Fortress Energy during the 2nd quarter valued at about $878,000. CastleKnight Management LP grew its position in New Fortress Energy by 82.1% during the 2nd quarter. CastleKnight Management LP now owns 146,600 shares of the company’s stock valued at $5,801,000 after purchasing an additional 66,100 shares during the last quarter. FORA Capital LLC purchased a new stake in New Fortress Energy during the 3rd quarter valued at about $530,000. Finally, Virtu Financial LLC purchased a new stake in New Fortress Energy during the 3rd quarter valued at about $250,000. 50.16% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at New Fortress Energy

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

Wall Street Analyst Weigh In

Several brokerages recently commented on NFE. Citigroup cut their price objective on shares of New Fortress Energy from $56.00 to $48.00 and set a “buy” rating on the stock in a research report on Friday, January 27th. Morgan Stanley lowered their target price on shares of New Fortress Energy from $65.00 to $50.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 15th. TheStreet cut shares of New Fortress Energy from a “b-” rating to a “c+” rating in a research note on Wednesday, November 23rd. BTIG Research upgraded shares of New Fortress Energy from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 31st. Finally, Bank of America initiated coverage on shares of New Fortress Energy in a research note on Wednesday, February 1st. They set a “buy” rating and a $67.00 target price on the stock. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.50.

New Fortress Energy Trading Up 5.5 %

New Fortress Energy stock opened at $36.15 on Monday. The firm has a 50 day moving average of $38.40 and a 200 day moving average of $46.18. The firm has a market capitalization of $7.55 billion, a price-to-earnings ratio of 39.73, a P/E/G ratio of 0.08 and a beta of 1.64. New Fortress Energy Inc. has a 12-month low of $27.17 and a 12-month high of $63.06. The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 3.10.

New Fortress Energy (NASDAQ:NFEGet Rating) last announced its quarterly earnings data on Tuesday, February 28th. The company reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.07). New Fortress Energy had a net margin of 8.21% and a return on equity of 33.30%. The company had revenue of $546.40 million for the quarter, compared to analysts’ expectations of $714.51 million. During the same period last year, the business earned $1.14 earnings per share. The company’s quarterly revenue was down 15.7% compared to the same quarter last year. As a group, research analysts predict that New Fortress Energy Inc. will post 5.33 earnings per share for the current year.

New Fortress Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 28th. Investors of record on Friday, March 17th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date is Thursday, March 16th. New Fortress Energy’s dividend payout ratio (DPR) is presently 329.67%.

New Fortress Energy Profile

(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.

Featured Stories

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)

Receive News & Ratings for New Fortress Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Fortress Energy and related companies with MarketBeat.com's FREE daily email newsletter.