American Assets Investment Management LLC Purchases 57,479 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

American Assets Investment Management LLC grew its position in New Fortress Energy Inc. (NASDAQ:NFE) by 101.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 114,065 shares of the company’s stock after acquiring an additional 57,479 shares during the quarter. American Assets Investment Management LLC’s holdings in New Fortress Energy were worth $1,037,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. American National Bank bought a new position in shares of New Fortress Energy in the 2nd quarter valued at about $26,000. Quarry LP lifted its stake in shares of New Fortress Energy by 125.7% in the 2nd quarter. Quarry LP now owns 2,250 shares of the company’s stock valued at $49,000 after purchasing an additional 1,253 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of New Fortress Energy in the 3rd quarter worth approximately $25,000. Benjamin F. Edwards & Company Inc. increased its position in shares of New Fortress Energy by 118.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,031 shares of the company’s stock valued at $67,000 after purchasing an additional 1,644 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in New Fortress Energy during the 1st quarter valued at $95,000. 58.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other New Fortress Energy news, CEO Wesley R. Edens purchased 5,793,742 shares of New Fortress Energy stock in a transaction dated Tuesday, October 1st. The stock was acquired at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the acquisition, the chief executive officer now owns 35,721,915 shares in the company, valued at $308,280,126.45. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 37.10% of the company’s stock.

Wall Street Analysts Forecast Growth

NFE has been the subject of several recent analyst reports. Barclays dropped their price objective on shares of New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft reiterated a “sell” rating and set a $7.60 price target (down from $21.00) on shares of New Fortress Energy in a report on Tuesday, October 1st. BTIG Research decreased their price objective on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Morgan Stanley lowered New Fortress Energy from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $35.00 to $15.00 in a research report on Thursday, October 3rd. Finally, Stifel Nicolaus reduced their price target on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, New Fortress Energy presently has an average rating of “Hold” and an average price target of $19.77.

New Fortress Energy Trading Down 6.6 %

NFE stock traded down $0.65 during mid-day trading on Tuesday, reaching $9.16. The company had a trading volume of 1,550,549 shares, compared to its average volume of 2,938,489. The company has a market capitalization of $1.88 billion, a PE ratio of 10.07 and a beta of 1.53. The firm has a 50 day moving average of $9.68 and a 200 day moving average of $17.15. New Fortress Energy Inc. has a 12 month low of $7.82 and a 12 month high of $40.04. The company has a debt-to-equity ratio of 4.38, a current ratio of 0.72 and a quick ratio of 0.63.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.50). New Fortress Energy had a return on equity of 15.46% and a net margin of 7.84%. The firm had revenue of $428.00 million for the quarter, compared to analysts’ expectations of $465.52 million. During the same quarter in the previous year, the business earned $0.58 earnings per share. The company’s revenue for the quarter was down 23.7% compared to the same quarter last year. On average, equities analysts predict that New Fortress Energy Inc. will post 0.52 earnings per share for the current fiscal year.

New Fortress Energy Company Profile

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.