Crestwood Advisors Group LLC Increases Stock Position in New Fortress Energy Inc. (NASDAQ:NFE)

Crestwood Advisors Group LLC raised its holdings in New Fortress Energy Inc. (NASDAQ:NFE) by 27.4% during the 3rd quarter, Holdings Channel reports. The firm owned 108,031 shares of the company’s stock after purchasing an additional 23,225 shares during the quarter. Crestwood Advisors Group LLC’s holdings in New Fortress Energy were worth $982,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. American National Bank acquired a new position in shares of New Fortress Energy in the second quarter valued at approximately $26,000. Quarry LP raised its position in shares of New Fortress Energy by 125.7% in the second quarter. Quarry LP now owns 2,250 shares of the company’s stock valued at $49,000 after buying an additional 1,253 shares during the last quarter. nVerses Capital LLC acquired a new position in shares of New Fortress Energy in the third quarter valued at approximately $25,000. Benjamin F. Edwards & Company Inc. raised its position in shares of New Fortress Energy by 118.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 3,031 shares of the company’s stock valued at $67,000 after buying an additional 1,644 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in shares of New Fortress Energy in the first quarter valued at approximately $95,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.

Wall Street Analyst Weigh In

NFE has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft reissued a “sell” rating and issued a $7.60 price objective (down previously from $21.00) on shares of New Fortress Energy in a research report on Tuesday, October 1st. Morgan Stanley lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $35.00 to $15.00 in a research report on Thursday, October 3rd. BTIG Research cut their price objective on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Stifel Nicolaus dropped their price target 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. Finally, Barclays dropped 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. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $19.77.

New Fortress Energy Stock Performance

Shares of NFE stock opened at $8.91 on Wednesday. New Fortress Energy Inc. has a one year low of $7.82 and a one year high of $40.04. The company has a 50 day moving average price of $9.86 and a 200 day moving average price of $17.55. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 7.55 and a beta of 1.53. The company has a debt-to-equity ratio of 4.38, a quick ratio of 0.63 and a current ratio of 0.72.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.50). New Fortress Energy had a return on equity of 18.80% and a net margin of 10.19%. The business had revenue of $428.00 million during the quarter, compared to analyst estimates of $465.52 million. During the same period in the previous year, the company earned $0.58 EPS. New Fortress Energy’s revenue was down 23.7% on a year-over-year basis. Sell-side analysts anticipate that New Fortress Energy Inc. will post 0.52 EPS for the current year.

New Fortress Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 4.49%. The ex-dividend date of this dividend was Friday, September 13th. New Fortress Energy’s payout ratio is currently 33.90%.

Insider Transactions at New Fortress Energy

In other New Fortress Energy news, CEO Wesley R. Edens acquired 5,793,742 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was bought at an average price of $8.63 per share, with a total value of $49,999,993.46. Following the completion of the transaction, 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 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 37.10% of the company’s stock.

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.