Lumbard & Kellner LLC Boosts Holdings in New Fortress Energy Inc. (NASDAQ:NFE)

Lumbard & Kellner LLC increased its holdings in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 31.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 224,820 shares of the company’s stock after buying an additional 53,533 shares during the period. New Fortress Energy comprises 2.3% of Lumbard & Kellner LLC’s investment portfolio, making the stock its 16th largest holding. Lumbard & Kellner LLC owned approximately 0.11% of New Fortress Energy worth $4,942,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in NFE. Primecap Management Co. CA increased its holdings in New Fortress Energy by 73.9% during the 2nd quarter. Primecap Management Co. CA now owns 8,026,130 shares of the company’s stock worth $176,414,000 after purchasing an additional 3,410,630 shares during the period. Moors & Cabot Inc. acquired a new position in shares of New Fortress Energy during the second quarter worth about $308,000. Dimensional Fund Advisors LP increased its stake in shares of New Fortress Energy by 5.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,443,476 shares of the company’s stock worth $31,717,000 after buying an additional 75,661 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 valued at $209,896,000 after acquiring an additional 633,170 shares in the last quarter. Finally, Ullmann Wealth Partners Group LLC lifted its stake in New Fortress Energy by 9.0% in the second quarter. Ullmann Wealth Partners Group LLC now owns 28,526 shares of the company’s stock worth $627,000 after acquiring an additional 2,350 shares during the last quarter. 58.61% of the stock is currently owned by institutional investors and hedge funds.

New Fortress Energy Trading Down 7.2 %

Shares of NFE stock opened at $11.29 on Wednesday. New Fortress Energy Inc. has a twelve month low of $9.44 and a twelve month high of $40.04. The company has a current ratio of 0.72, a quick ratio of 0.63 and a debt-to-equity ratio of 4.38. The business’s 50 day moving average is $15.83 and its two-hundred day moving average is $22.77. The company has a market capitalization of $2.32 billion, a P/E ratio of 5.13 and a beta of 1.53.

New Fortress Energy (NASDAQ:NFE) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). The firm had revenue of $428.00 million during the quarter, compared to analysts’ expectations of $465.52 million. New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The business’s quarterly revenue was down 23.7% on a year-over-year basis. During the same quarter last year, the business earned $0.58 earnings per share. Equities analysts forecast that New Fortress Energy Inc. will post 0.58 EPS for the current year.

New Fortress Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.40 annualized dividend and a yield of 3.54%. New Fortress Energy’s dividend payout ratio is currently 18.18%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NFE. Stifel Nicolaus reduced their price objective on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Barclays reduced their price target on shares of New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft dropped their price objective on New Fortress Energy from $26.00 to $21.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Finally, BTIG Research decreased their price objective on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a report on Friday, September 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $23.40.

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.