SVB Wealth LLC purchased a new position in shares of New Fortress Energy Inc. (NASDAQ:NFE – Get Rating) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,940 shares of the company’s stock, valued at approximately $294,000.
A number of other large investors also recently modified their holdings of the business. Capital World Investors raised its stake in shares of New Fortress Energy by 3.5% in the first quarter. Capital World Investors now owns 8,380,111 shares of the company’s stock valued at $357,077,000 after purchasing an additional 285,542 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of New Fortress Energy by 6.6% in the third quarter. Vanguard Group Inc. now owns 4,700,698 shares of the company’s stock valued at $205,468,000 after purchasing an additional 290,136 shares in the last quarter. William Blair Investment Management LLC raised its stake in shares of New Fortress Energy by 6.2% in the fourth quarter. William Blair Investment Management LLC now owns 3,341,421 shares of the company’s stock valued at $141,743,000 after purchasing an additional 195,170 shares in the last quarter. BlackRock Inc. grew its position in New Fortress Energy by 3.5% in the third quarter. BlackRock Inc. now owns 2,149,470 shares of the company’s stock valued at $93,954,000 after acquiring an additional 72,760 shares during the period. Finally, First Trust Advisors LP grew its position in New Fortress Energy by 36.6% in the fourth quarter. First Trust Advisors LP now owns 1,456,237 shares of the company’s stock valued at $61,773,000 after acquiring an additional 389,814 shares during the period. 50.16% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of analysts have weighed in on NFE shares. BTIG Research upgraded New Fortress Energy from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 31st. Deutsche Bank Aktiengesellschaft assumed coverage on New Fortress Energy in a research report on Monday, April 10th. They issued a “buy” rating and a $60.00 price target on the stock. Stifel Nicolaus increased their target price on New Fortress Energy from $43.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, March 7th. Bank of America assumed coverage on New Fortress Energy in a report on Wednesday, February 1st. They set a “buy” rating and a $67.00 target price on the stock. Finally, Morgan Stanley decreased their target price on New Fortress Energy from $65.00 to $50.00 and set an “overweight” rating on the stock in a report on Wednesday, February 15th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, New Fortress Energy presently has an average rating of “Moderate Buy” and a consensus target price of $56.70.
New Fortress Energy Price Performance
New Fortress Energy (NASDAQ:NFE – Get Rating) last released its earnings results on Thursday, May 4th. The company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.07). New Fortress Energy had a net margin of 4.36% and a return on equity of 34.54%. The company had revenue of $579.10 million during the quarter, compared to analyst estimates of $700.26 million. During the same period in the previous year, the company posted $1.13 EPS. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. As a group, research analysts anticipate that New Fortress Energy Inc. will post 4.99 earnings per share for the current year.
New Fortress Energy Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 28th. Shareholders of record on Thursday, June 15th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.54%. The ex-dividend date is Wednesday, June 14th. New Fortress Energy’s payout ratio is 81.63%.
Insider Buying and Selling at New Fortress Energy
In other New Fortress Energy news, Director Timothy W. Jay purchased 3,000 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were bought at an average price of $28.28 per share, with a total value of $84,840.00. Following the completion of the transaction, the director now directly owns 30,221 shares in the company, valued at approximately $854,649.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 37.10% of the company’s stock.
New Fortress Energy Company Profile
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.
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