HITE Hedge Asset Management LLC Sells 1,334,636 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

HITE Hedge Asset Management LLC reduced its position in New Fortress Energy Inc. (NASDAQ:NFE) by 41.8% in the 3rd quarter, HoldingsChannel.com reports. The firm 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of NFE. nVerses Capital LLC acquired a new position in shares of New Fortress Energy in the 3rd quarter valued at $25,000. American National Bank bought a new position in New Fortress Energy during the second quarter worth $26,000. KBC Group NV increased its holdings in shares of New Fortress Energy by 116.9% during the third quarter. KBC Group NV now owns 3,436 shares of the company’s stock valued at $31,000 after purchasing an additional 1,852 shares during the period. US Bancorp DE boosted its position in shares of New Fortress Energy by 344.6% in the 3rd quarter. US Bancorp DE now owns 3,570 shares of the company’s stock valued at $32,000 after purchasing an additional 2,767 shares during the period. Finally, Signaturefd LLC boosted its position in New Fortress Energy by 409.1% during the 3rd quarter. Signaturefd LLC now owns 4,124 shares of the company’s stock worth $37,000 after acquiring an additional 3,314 shares during the period. Hedge funds and other institutional investors own 58.61% of the company’s stock.

New Fortress Energy Stock Performance

NFE opened at $10.32 on Tuesday. New Fortress Energy Inc. has a 12-month low of $7.82 and a 12-month high of $40.04. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 11.34 and a beta of 1.60. The company’s 50 day moving average is $9.25 and its 200 day moving average is $15.23. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06.

Insider Activity

In related news, CEO Wesley R. Edens acquired 5,793,742 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was bought at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the purchase, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. The trade was a 19.36 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 37.10% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating and issued a $7.60 price target (down previously from $21.00) on shares of New Fortress Energy in a research note on Tuesday, October 1st. Barclays reduced their price target on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. BTIG Research decreased their price target on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Morgan Stanley downgraded shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $35.00 to $15.00 in a research report on Thursday, October 3rd. Finally, Stifel Nicolaus dropped their price objective on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, New Fortress Energy presently has a consensus rating of “Hold” and a consensus price target of $19.77.

New Fortress Energy Company 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.