Gabelli Funds LLC grew its holdings in New Fortress Energy Inc. (NASDAQ:NFE – Free Report) by 8.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 54,000 shares of the company’s stock after purchasing an additional 4,000 shares during the quarter. Gabelli Funds LLC’s holdings in New Fortress Energy were worth $1,770,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Pinnacle Associates Ltd. purchased a new position in shares of New Fortress Energy in the second quarter valued at approximately $2,706,000. Raymond James & Associates raised its holdings in New Fortress Energy by 13.1% in the second quarter. Raymond James & Associates now owns 30,390 shares of the company’s stock valued at $814,000 after acquiring an additional 3,531 shares in the last quarter. National Bank of Canada FI acquired a new stake in New Fortress Energy in the third quarter valued at approximately $3,750,000. Barclays PLC raised its holdings in New Fortress Energy by 47.3% in the third quarter. Barclays PLC now owns 733,917 shares of the company’s stock valued at $24,058,000 after acquiring an additional 235,807 shares in the last quarter. Finally, Great Lakes Advisors LLC acquired a new stake in New Fortress Energy in the third quarter valued at approximately $5,316,000. Hedge funds and other institutional investors own 50.16% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the stock. Stifel Nicolaus raised their target price on shares of New Fortress Energy from $40.00 to $46.00 and gave the company a “buy” rating in a report on Monday, November 13th. Capital One Financial assumed coverage on shares of New Fortress Energy in a report on Tuesday, December 19th. They issued an “equal weight” rating and a $45.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $43.00.
New Fortress Energy Stock Down 0.4 %
NFE stock opened at $31.87 on Friday. The company has a current ratio of 0.45, a quick ratio of 0.40 and a debt-to-equity ratio of 3.74. New Fortress Energy Inc. has a twelve month low of $25.06 and a twelve month high of $40.70. The company’s 50 day moving average is $35.64 and its two-hundred day moving average is $32.94. The stock has a market cap of $6.53 billion, a P/E ratio of 16.86, a PEG ratio of 0.27 and a beta of 1.56.
New Fortress Energy (NASDAQ:NFE – Get Free Report) last released its quarterly earnings data on Wednesday, November 8th. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.11. The company had revenue of $514.50 million for the quarter, compared to analysts’ expectations of $499.57 million. New Fortress Energy had a net margin of 17.93% and a return on equity of 36.59%. The firm’s revenue for the quarter was down 12.0% on a year-over-year basis. During the same quarter last year, the company earned $0.41 earnings per share. Research analysts expect that New Fortress Energy Inc. will post 2.63 earnings per share for the current fiscal year.
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.
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