New Fortress Energy (NASDAQ:NFE) Price Target Raised to $17.00

New Fortress Energy (NASDAQ:NFEFree Report) had its price target boosted by Stifel Nicolaus from $16.00 to $17.00 in a research note released on Monday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

Other analysts also recently issued research reports about the company. BTIG Research reduced their price objective on 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. Deutsche Bank Aktiengesellschaft raised New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 target price for the company in a research report on Wednesday, December 4th. Finally, Morgan Stanley lowered shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $35.00 to $15.00 in a report on Thursday, October 3rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $15.40.

Check Out Our Latest Research Report on NFE

New Fortress Energy Stock Down 0.5 %

Shares of NFE opened at $14.49 on Monday. The company has a debt-to-equity ratio of 4.06, a quick ratio of 0.35 and a current ratio of 0.38. The company has a 50-day simple moving average of $10.24 and a 200-day simple moving average of $13.80. New Fortress Energy has a 52 week low of $7.82 and a 52 week high of $39.26. The firm has a market capitalization of $3.64 billion, a P/E ratio of 15.92 and a beta of 1.60.

Insider Activity at New Fortress Energy

In other news, CEO Wesley R. Edens bought 5,793,742 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was acquired at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the transaction, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. This trade represents a 19.36 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 37.10% of the stock is owned by insiders.

Hedge Funds Weigh In On New Fortress Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its stake in New Fortress Energy by 10.9% in the second quarter. Bank of New York Mellon Corp now owns 468,056 shares of the company’s stock worth $10,288,000 after purchasing an additional 45,924 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in New Fortress Energy by 4.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 21,719 shares of the company’s stock worth $477,000 after buying an additional 999 shares in the last quarter. Versor Investments LP bought a new stake in New Fortress Energy during the 2nd quarter worth about $268,000. Kailix Advisors LLC increased its position in New Fortress Energy by 11.9% in the 2nd quarter. Kailix Advisors LLC now owns 2,203,824 shares of the company’s stock valued at $50,622,000 after acquiring an additional 234,371 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of New Fortress Energy by 7.7% in the second quarter. Victory Capital Management Inc. now owns 14,933 shares of the company’s stock worth $328,000 after acquiring an additional 1,062 shares during the last quarter. 58.61% of the stock is currently owned by institutional investors and hedge funds.

About New Fortress Energy

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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.

Further Reading

Analyst Recommendations for New Fortress Energy (NASDAQ:NFE)

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