Stock Traders Purchase High Volume of Call Options on New Fortress Energy (NASDAQ:NFE)

New Fortress Energy Inc. (NASDAQ:NFE) saw unusually large options trading activity on Thursday. Stock investors purchased 13,766 call options on the stock. This is an increase of approximately 69% compared to the average daily volume of 8,129 call options.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in NFE. Primecap Management Co. CA lifted its position in shares of New Fortress Energy by 43.7% in the 3rd quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock worth $104,827,000 after purchasing an additional 3,505,975 shares during the period. American Assets Capital Advisers LLC lifted its holdings in New Fortress Energy by 105.7% in 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 buying an additional 799,280 shares during the period. William Blair Investment Management LLC boosted its position in New Fortress Energy by 7.1% during the second quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock valued at $209,896,000 after acquiring an additional 633,170 shares during the last quarter. HITE Hedge Asset Management LLC grew its holdings in New Fortress Energy by 24.1% during the 2nd quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock worth $70,163,000 after acquiring an additional 619,621 shares during the period. Finally, Encompass Capital Advisors LLC raised its position in shares of 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 acquiring an additional 395,740 shares in the last quarter. Institutional investors own 58.61% of the company’s stock.

New Fortress Energy Price Performance

Shares of NASDAQ:NFE traded up $0.77 during trading on Thursday, hitting $15.89. 3,068,267 shares of the company were exchanged, compared to its average volume of 3,275,731. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06. New Fortress Energy has a 1-year low of $7.82 and a 1-year high of $37.58. The company has a market capitalization of $4.00 billion, a P/E ratio of 17.46 and a beta of 1.60. The business’s 50 day moving average is $10.94 and its 200-day moving average is $13.54.

Analysts Set New Price Targets

NFE has been the topic of a number of research reports. BTIG Research cut their price objective on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Deutsche Bank Aktiengesellschaft upgraded New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 target price on the stock in a research note on Wednesday, December 4th. Morgan Stanley cut New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $35.00 to $15.00 in a research note on Thursday, October 3rd. Finally, Stifel Nicolaus boosted their target price on shares of New Fortress Energy from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, New Fortress Energy has an average rating of “Hold” and a consensus price target of $15.40.

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.