New Fortress Energy (NASDAQ:NFE) Shares Gap Up on Analyst Upgrade

New Fortress Energy Inc. (NASDAQ:NFE)’s share price gapped up prior to trading on Monday after Stifel Nicolaus raised their price target on the stock from $16.00 to $17.00. The stock had previously closed at $11.96, but opened at $12.60. Stifel Nicolaus currently has a buy rating on the stock. New Fortress Energy shares last traded at $13.18, with a volume of 1,907,201 shares.

A number of other brokerages have also weighed in on NFE. Deutsche Bank Aktiengesellschaft upgraded shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 target price for the company in a research note on Wednesday, December 4th. Morgan Stanley lowered New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $35.00 to $15.00 in a report on Thursday, October 3rd. Finally, BTIG Research lowered their target price on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, New Fortress Energy has a consensus rating of “Hold” and an average target price of $15.40.

Insider Transactions at New Fortress Energy

In related news, CEO Wesley R. Edens acquired 5,793,742 shares of the stock in a transaction dated Tuesday, October 1st. The shares were purchased at an average cost of $8.63 per share, with a total value of $49,999,993.46. Following the transaction, the chief executive officer now directly owns 35,721,915 shares in the company, valued at approximately $308,280,126.45. This represents a 19.36 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 37.10% of the company’s stock.

Institutional Investors Weigh In On New Fortress Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its holdings in New Fortress Energy by 8.5% in the 3rd quarter. Franklin Resources Inc. now owns 161,095 shares of the company’s stock worth $1,555,000 after buying an additional 12,587 shares during the period. M&T Bank Corp bought a new position in shares of New Fortress Energy in the third quarter worth about $628,000. Tanaka Capital Management Inc. grew its position in shares of New Fortress Energy by 50.7% during the third quarter. Tanaka Capital Management Inc. now owns 32,370 shares of the company’s stock worth $294,000 after purchasing an additional 10,895 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of New Fortress Energy during the third quarter worth about $381,000. Finally, State Street Corp raised its stake in New Fortress Energy by 4.9% during the 3rd quarter. State Street Corp now owns 1,205,046 shares of the company’s stock valued at $10,954,000 after purchasing an additional 56,153 shares during the period. Institutional investors own 58.61% of the company’s stock.

New Fortress Energy Trading Up 10.2 %

The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38. The company has a market capitalization of $3.31 billion, a PE ratio of 14.48 and a beta of 1.60. The stock has a fifty day moving average of $10.03 and a 200 day moving average of $13.92.

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.