Primecap Management Co. CA Has $104.83 Million Holdings in New Fortress Energy Inc. (NASDAQ:NFE)

Primecap Management Co. CA boosted its holdings in New Fortress Energy Inc. (NASDAQ:NFE) by 43.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,532,105 shares of the company’s stock after purchasing an additional 3,505,975 shares during the quarter. Primecap Management Co. CA owned about 0.06% of New Fortress Energy worth $104,827,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. American National Bank acquired a new position in New Fortress Energy during the 2nd quarter valued at about $26,000. Quarry LP lifted its holdings in New Fortress Energy by 125.7% during the second quarter. Quarry LP now owns 2,250 shares of the company’s stock valued at $49,000 after purchasing an additional 1,253 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of New Fortress Energy during the 3rd quarter valued at approximately $25,000. Benjamin F. Edwards & Company Inc. boosted its holdings 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 worth $67,000 after acquiring an additional 1,644 shares during the period. Finally, KBC Group NV boosted its stake in New Fortress Energy by 116.9% in the 3rd quarter. KBC Group NV now owns 3,436 shares of the company’s stock worth $31,000 after purchasing an additional 1,852 shares during the period. Institutional investors and hedge funds own 58.61% of the company’s stock.

Insider Buying and Selling at New Fortress Energy

In related news, CEO Wesley R. Edens acquired 5,793,742 shares of the stock in a transaction on Tuesday, October 1st. The stock was acquired at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the acquisition, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at approximately $308,280,126.45. This represents a 19.36 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 37.10% of the company’s stock.

Wall Street Analyst Weigh In

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

New Fortress Energy Price Performance

Shares of New Fortress Energy stock opened at $9.50 on Friday. The business has a 50 day moving average of $9.37 and a 200 day moving average of $16.24. New Fortress Energy Inc. has a 52 week low of $7.82 and a 52 week high of $40.04. The company has a market cap of $1.95 billion, a PE ratio of 10.09 and a beta of 1.53. 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 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.