Wealthfront Advisers LLC Invests $988,000 in New Fortress Energy Inc. (NASDAQ:NFE)

Wealthfront Advisers LLC purchased a new position in shares of New Fortress Energy Inc. (NASDAQ:NFE) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 65,324 shares of the company’s stock, valued at approximately $988,000.

Other large investors have also recently added to or reduced their stakes in the company. Primecap Management Co. CA boosted its holdings in shares of New Fortress Energy by 43.7% in the third quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock valued at $104,827,000 after acquiring an additional 3,505,975 shares in the last quarter. State Street Corp boosted 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 in the last quarter. King Luther Capital Management Corp acquired a new position in shares of New Fortress Energy during the 4th quarter valued at $15,120,000. Charles Schwab Investment Management Inc. raised its stake in shares of New Fortress Energy by 61.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 639,194 shares of the company’s stock worth $9,665,000 after buying an additional 242,459 shares in the last quarter. Finally, Catalyst Capital Advisors LLC acquired a new stake in shares of New Fortress Energy in the fourth quarter valued at $8,316,000. 58.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on NFE shares. Morgan Stanley cut their target price on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Stifel Nicolaus cut their price objective on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft raised New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price objective for the company in a research note on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $15.60.

New Fortress Energy Stock Up 8.8 %

NFE stock opened at $9.26 on Friday. The company has a debt-to-equity ratio of 4.06, a current ratio of 0.38 and a quick ratio of 0.35. The firm has a market capitalization of $2.52 billion, a P/E ratio of 10.18 and a beta of 1.58. New Fortress Energy Inc. has a 52-week low of $7.58 and a 52-week high of $31.89. The company’s 50 day simple moving average is $12.73 and its 200-day simple moving average is $11.41.

New Fortress Energy (NASDAQ:NFE) last announced its earnings results on Monday, March 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.07. The company had revenue of $679.00 million for the quarter, compared to the consensus estimate of $613.24 million. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. As a group, equities research analysts anticipate that New Fortress Energy Inc. will post 0.36 EPS for the current year.

Insider Activity

In related news, CFO Christopher S. Guinta purchased 5,000 shares of New Fortress Energy stock in a transaction dated Thursday, March 13th. The stock was acquired at an average cost of $8.57 per share, with a total value of $42,850.00. Following the completion of the transaction, the chief financial officer now directly owns 206,653 shares of the company’s stock, valued at $1,771,016.21. This trade represents a 2.48 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 37.10% of the stock is currently owned by corporate insiders.

New Fortress Energy 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.