Point72 Asset Management L.P. Takes $2.27 Million Position in New Fortress Energy Inc. (NASDAQ:NFE)

Point72 Asset Management L.P. acquired a new stake in New Fortress Energy Inc. (NASDAQ:NFE) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 150,000 shares of the company’s stock, valued at approximately $2,268,000.

Other hedge funds have also modified their holdings of the company. Allworth Financial LP increased its holdings in New Fortress Energy by 2,156.0% in the fourth quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock valued at $32,000 after buying an additional 1,962 shares during the last quarter. Quarry LP purchased a new position in New Fortress Energy in the fourth quarter valued at $64,000. US Bancorp DE increased 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 buying an additional 1,126 shares during the last quarter. Ancora Advisors LLC purchased a new position in New Fortress Energy in the fourth quarter valued at $91,000. Finally, KBC Group NV increased its holdings in New Fortress Energy by 121.1% in the fourth quarter. KBC Group NV now owns 7,596 shares of the company’s stock valued at $115,000 after buying an additional 4,160 shares during the last quarter. 58.61% of the stock is currently owned by institutional investors and hedge funds.

New Fortress Energy Stock Performance

Shares of NFE stock opened at $3.06 on Wednesday. The stock’s 50-day moving average is $6.75 and its two-hundred day moving average is $10.31. The firm has a market cap of $837.74 million, a price-to-earnings ratio of 3.36 and a beta of 1.45. New Fortress Energy Inc. has a 1 year low of $2.26 and a 1 year high of $27.65. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings data on Monday, March 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, topping 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%. Analysts predict that New Fortress Energy Inc. will post 0.36 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Christopher S. Guinta purchased 5,000 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average price of $8.57 per share, with a total value of $42,850.00. Following the completion of the acquisition, the chief financial officer now directly owns 206,653 shares in the company, valued at $1,771,016.21. This represents a 2.48% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 29.40% of the company’s stock.

Wall Street Analysts Forecast Growth

NFE has been the topic of several recent analyst reports. Morgan Stanley dropped their target price on 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. Stifel Nicolaus dropped their target price on New Fortress Energy from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. BTIG Research set a $8.00 target price on New Fortress Energy and gave the company a “buy” rating in a report on Thursday, May 15th. Citigroup dropped 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. Finally, Deutsche Bank Aktiengesellschaft set a $8.00 price objective on New Fortress Energy in a report on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, New Fortress Energy has an average rating of “Moderate Buy” and an average price target of $11.83.

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.