Balyasny Asset Management L.P. Makes New Investment in New Fortress Energy Inc. (NASDAQ:NFE)

Balyasny Asset Management L.P. acquired a new stake in New Fortress Energy Inc. (NASDAQ:NFE) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 182,179 shares of the company’s stock, valued at approximately $2,755,000. Balyasny Asset Management L.P. owned 0.07% of New Fortress Energy as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in NFE. Allworth Financial LP boosted its stake in New Fortress Energy by 2,156.0% in the 4th quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock worth $32,000 after buying an additional 1,962 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of New Fortress Energy by 148.5% during the 4th quarter. GAMMA Investing LLC now owns 3,966 shares of the company’s stock worth $60,000 after acquiring an additional 2,370 shares during the period. Quarry LP acquired a new stake in shares of New Fortress Energy in the fourth quarter worth approximately $64,000. US Bancorp DE grew its holdings in New Fortress Energy by 31.5% in the fourth quarter. US Bancorp DE now owns 4,696 shares of the company’s stock valued at $71,000 after purchasing an additional 1,126 shares during the period. Finally, Ancora Advisors LLC purchased a new stake in New Fortress Energy in the fourth quarter valued at approximately $91,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Performance

Shares of NFE stock opened at $6.36 on Monday. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The company has a market cap of $1.74 billion, a PE ratio of 6.99 and a beta of 1.45. The company’s fifty day simple moving average is $7.41 and its 200-day simple moving average is $10.51. New Fortress Energy Inc. has a 52 week low of $4.72 and a 52 week high of $29.11.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings data on Monday, March 3rd. The company reported $0.13 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 analyst estimates of $613.24 million. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%. As a group, equities research analysts anticipate that New Fortress Energy Inc. will post 0.36 EPS for the current year.

Analysts Set New Price Targets

NFE has been the topic of a number of research analyst reports. Morgan Stanley decreased their price target on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. Citigroup reduced their target price on New Fortress Energy from $34.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Stifel Nicolaus dropped their price target on New Fortress Energy from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft set a $8.00 price objective on New Fortress Energy in a report on Wednesday, March 12th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $13.00.

Insider Activity

In other news, CFO Christopher S. Guinta purchased 5,000 shares of the stock in a transaction that occurred on 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 acquisition, the chief financial officer now owns 206,653 shares in the company, valued at approximately $1,771,016.21. This trade represents a 2.48% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 37.10% of the company’s stock.

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.