Pingora Partners LLC Purchases 68,925 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

Pingora Partners LLC lifted its holdings in New Fortress Energy Inc. (NASDAQ:NFE) by 581.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 80,775 shares of the company’s stock after purchasing an additional 68,925 shares during the period. Pingora Partners LLC’s holdings in New Fortress Energy were worth $734,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Primecap Management Co. CA boosted its holdings in New Fortress Energy by 43.7% in the 3rd quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock valued at $104,827,000 after purchasing an additional 3,505,975 shares during the period. M&G Plc raised its position in shares of New Fortress Energy by 52.6% during the second quarter. M&G Plc now owns 2,537,712 shares of the company’s stock valued at $55,830,000 after buying an additional 874,210 shares during the last quarter. American Assets Capital Advisers LLC lifted its stake in shares of New Fortress Energy by 105.7% in the third quarter. American Assets Capital Advisers LLC now owns 1,555,767 shares of the company’s stock valued at $14,968,000 after buying an additional 799,280 shares during the period. William Blair Investment Management LLC increased its stake in New Fortress Energy by 7.1% during 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 during the period. Finally, HITE Hedge Asset Management LLC increased its stake in New Fortress Energy by 24.1% during the second quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock valued at $70,163,000 after acquiring an additional 619,621 shares during the period. Institutional investors and hedge funds own 58.61% of the company’s stock.

Insider Transactions at New Fortress Energy

In other New Fortress Energy news, CEO Wesley R. Edens bought 5,793,742 shares of the stock in a transaction dated Tuesday, October 1st. The stock was bought at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the purchase, the chief executive officer now owns 35,721,915 shares in the company, valued at $308,280,126.45. This represents a 19.36 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 37.10% of the company’s stock.

New Fortress Energy Trading Up 2.2 %

Shares of New Fortress Energy stock opened at $10.55 on Wednesday. New Fortress Energy Inc. has a 12-month low of $7.82 and a 12-month high of $40.04. The stock has a market capitalization of $2.65 billion, a P/E ratio of 11.59 and a beta of 1.60. The company has a 50-day simple moving average of $9.26 and a 200 day simple moving average of $15.11. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 price objective on the stock in a report on Wednesday. BTIG Research lowered their price target on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, September 13th. 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 report on Monday, August 12th. Finally, Morgan Stanley cut shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $35.00 to $15.00 in a research note on Thursday, October 3rd. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $20.33.

New Fortress Energy 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.