HITE Hedge Asset Management LLC Decreases Position in New Fortress Energy Inc. (NASDAQ:NFE)

HITE Hedge Asset Management LLC trimmed its position in New Fortress Energy Inc. (NASDAQ:NFE) by 41.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,857,493 shares of the company’s stock after selling 1,334,636 shares during the quarter. New Fortress Energy comprises about 1.9% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 19th biggest holding. HITE Hedge Asset Management LLC’s holdings in New Fortress Energy were worth $16,885,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Primecap Management Co. CA increased its holdings in New Fortress Energy by 43.7% during the 3rd quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock worth $104,827,000 after acquiring an additional 3,505,975 shares during the period. M&G Plc grew its holdings in shares of New Fortress Energy by 52.6% in the second quarter. M&G Plc now owns 2,537,712 shares of the company’s stock valued at $55,830,000 after purchasing an additional 874,210 shares in the last quarter. American Assets Capital Advisers LLC boosted its stake in shares of New Fortress Energy by 105.7% during the third quarter. American Assets Capital Advisers LLC now owns 1,555,767 shares of the company’s stock valued at $14,968,000 after purchasing an additional 799,280 shares during the period. William Blair Investment Management LLC raised its holdings in New Fortress Energy by 7.1% in the second quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock worth $209,896,000 after purchasing an additional 633,170 shares in the last quarter. Finally, Encompass Capital Advisors LLC boosted its position in New Fortress Energy by 9.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,797,308 shares of the company’s stock worth $105,445,000 after purchasing an additional 395,740 shares in the last quarter. Institutional investors and hedge funds own 58.61% of the company’s stock.

New Fortress Energy Trading Down 3.3 %

Shares of New Fortress Energy stock opened at $10.32 on Tuesday. New Fortress Energy Inc. has a fifty-two week low of $7.82 and a fifty-two week high of $40.04. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of 11.34 and a beta of 1.60. 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 stock has a 50 day moving average of $9.25 and a 200 day moving average of $15.23.

Analyst Ratings Changes

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

Insider Buying and Selling

In other news, CEO Wesley R. Edens bought 5,793,742 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were purchased at an average price of $8.63 per share, with a total value of $49,999,993.46. Following the completion of the acquisition, the chief executive officer now directly owns 35,721,915 shares in the company, valued at approximately $308,280,126.45. This trade represents a 19.36 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 37.10% of the company’s stock.

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.