Renaissance Technologies LLC Buys Shares of 224,300 New Fortress Energy Inc. (NASDAQ:NFE)

Posted by Defense World Staff on Mar 7th, 2023

Renaissance Technologies LLC purchased a new position in New Fortress Energy Inc. (NASDAQ:NFE – Get Rating) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 224,300 shares of the company’s stock, valued at approximately $9,804,000. Renaissance Technologies LLC owned about 0.11% of New Fortress Energy at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Denali Advisors LLC boosted its position in New Fortress Energy by 84.8% in the third quarter. Denali Advisors LLC now owns 608 shares of the company’s stock worth $27,000 after purchasing an additional 279 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of New Fortress Energy in the second quarter worth approximately $25,000. American International Group Inc. grew its position in New Fortress Energy by 49.5% during the second quarter. American International Group Inc. now owns 752 shares of the company’s stock valued at $30,000 after buying an additional 249 shares during the period. Wagner Wealth Management LLC purchased a new stake in New Fortress Energy during the second quarter valued at approximately $32,000. Finally, BNP Paribas Arbitrage SA raised its position in New Fortress Energy by 41.1% in the first quarter. BNP Paribas Arbitrage SA now owns 1,084 shares of the company’s stock worth $46,000 after acquiring an additional 316 shares during the period. Institutional investors own 50.16% of the company’s stock.

New Fortress Energy Stock Performance

Shares of New Fortress Energy stock opened at $34.79 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 3.10. The stock’s fifty day moving average is $38.24 and its two-hundred day moving average is $46.00. New Fortress Energy Inc. has a 52 week low of $27.17 and a 52 week high of $63.06. The company has a market capitalization of $7.26 billion, a PE ratio of 38.23, a price-to-earnings-growth ratio of 0.08 and a beta of 1.64.

New Fortress Energy (NASDAQ:NFE – Get Rating) last posted its quarterly earnings results on Tuesday, February 28th. The company reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.07). New Fortress Energy had a return on equity of 33.30% and a net margin of 8.21%. The company had revenue of $546.40 million during the quarter, compared to the consensus estimate of $714.51 million. During the same quarter in the previous year, the company posted $1.14 earnings per share. The company’s revenue for the quarter was down 15.7% on a year-over-year basis. As a group, analysts expect that New Fortress Energy Inc. will post 5.33 earnings per share for the current year.

New Fortress Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 28th. Stockholders of record on Friday, March 17th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend is Thursday, March 16th. New Fortress Energy’s dividend payout ratio is presently 329.67%.

Analysts Set New Price Targets

NFE has been the subject of several analyst reports. Evercore ISI upped their price objective on New Fortress Energy to $74.00 in a research note on Tuesday, November 15th. Morgan Stanley lowered their target price on New Fortress Energy from $65.00 to $50.00 and set an “overweight” rating for the company in a research report on Wednesday, February 15th. Barclays reduced their price target on shares of New Fortress Energy from $44.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Monday. TheStreet lowered shares of New Fortress Energy from a “b-” rating to a “c+” rating in a research report on Wednesday, November 23rd. Finally, Bank of America began coverage on shares of New Fortress Energy in a report on Wednesday, February 1st. They issued 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 given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $58.00.

Insider Activity at New Fortress Energy

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

New Fortress Energy Company Profile

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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.