Primecap Management Co. CA Buys 3,410,630 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

Primecap Management Co. CA raised its stake in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 73.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,026,130 shares of the company’s stock after purchasing an additional 3,410,630 shares during the period. Primecap Management Co. CA owned 3.91% of New Fortress Energy worth $176,414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. X Square Capital LLC raised its holdings in New Fortress Energy by 0.6% during the 2nd quarter. X Square Capital LLC now owns 137,396 shares of the company’s stock valued at $3,020,000 after buying an additional 781 shares during the period. Maryland State Retirement & Pension System increased its position in New Fortress Energy by 1.5% during the first quarter. Maryland State Retirement & Pension System now owns 59,765 shares of the company’s stock valued at $1,828,000 after acquiring an additional 888 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in shares of New Fortress Energy by 4.8% in the second quarter. Commonwealth Equity Services LLC now owns 21,719 shares of the company’s stock valued at $477,000 after acquiring an additional 999 shares during the period. Tidal Investments LLC lifted its holdings in shares of New Fortress Energy by 10.9% in the 1st quarter. Tidal Investments LLC now owns 10,297 shares of the company’s stock worth $315,000 after acquiring an additional 1,009 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of New Fortress Energy by 7.7% during the 2nd quarter. Victory Capital Management Inc. now owns 14,933 shares of the company’s stock worth $328,000 after purchasing an additional 1,062 shares during the period. 58.61% of the stock is owned by institutional investors.

New Fortress Energy Stock Up 3.3 %

Shares of NASDAQ NFE opened at $12.16 on Tuesday. New Fortress Energy Inc. has a 52-week low of $9.44 and a 52-week high of $40.04. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 5.53 and a beta of 1.53. The stock has a 50 day moving average price of $15.99 and a 200 day moving average price of $22.93. 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 issued its earnings results on Friday, August 9th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate 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 return on equity of 18.80% and a net margin of 10.19%. New Fortress Energy’s quarterly revenue was down 23.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.58 earnings per share. Sell-side analysts expect that New Fortress Energy Inc. will post 0.58 earnings per share for the current year.

New Fortress Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.29%. The ex-dividend date is Friday, September 13th. New Fortress Energy’s payout ratio is 18.18%.

Wall Street Analysts Forecast Growth

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