New York State Common Retirement Fund acquired a new stake in New Fortress Energy Inc. (NASDAQ:NFE) in the second quarter, HoldingsChannel.com reports. The fund acquired 29,600 shares of the company’s stock, valued at approximately $1,121,000.
Several other institutional investors and hedge funds have also added to or reduced their stakes in NFE. Advisors Asset Management Inc. acquired a new position in shares of New Fortress Energy during the 1st quarter worth approximately $47,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of New Fortress Energy in the first quarter valued at $66,000. FORA Capital LLC bought a new position in shares of New Fortress Energy in the first quarter valued at about $105,000. Advisor Group Holdings Inc. lifted its stake in shares of New Fortress Energy by 23.0% during the 2nd quarter. Advisor Group Holdings Inc. now owns 3,105 shares of the company’s stock worth $119,000 after buying an additional 581 shares during the last quarter. Finally, Rational Advisors LLC bought a new stake in shares of New Fortress Energy during the 1st quarter worth about $156,000. 42.85% of the stock is owned by institutional investors.
In related news, Director John J. Mack acquired 18,000 shares of the stock in a transaction dated Thursday, August 19th. The stock was bought at an average cost of $27.56 per share, for a total transaction of $496,080.00. Following the completion of the transaction, the director now directly owns 79,229 shares of the company’s stock, valued at $2,183,551.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Nfe Smrs Holdings Llc sold 14,863 shares of the stock in a transaction on Wednesday, June 23rd. The stock was sold at an average price of $40.54, for a total transaction of $602,546.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 241,133 shares of company stock valued at $9,843,788. Insiders own 48.80% of the company’s stock.
New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings data on Wednesday, August 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.02. The business had revenue of $223.80 million during the quarter, compared to analysts’ expectations of $288.72 million. New Fortress Energy had a negative net margin of 12.29% and a negative return on equity of 4.86%. New Fortress Energy’s quarterly revenue was up 136.6% on a year-over-year basis. As a group, equities research analysts anticipate that New Fortress Energy Inc. will post 0.38 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 17th. Investors of record on Tuesday, September 7th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, September 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 1.42%. New Fortress Energy’s dividend payout ratio is currently -72.73%.
Several equities research analysts have issued reports on NFE shares. Barclays cut their price objective on shares of New Fortress Energy from $45.00 to $38.00 and set an “equal weight” rating for the company in a research report on Thursday, July 22nd. Credit Suisse Group upgraded New Fortress Energy from a “neutral” rating to an “outperform” rating and reduced their price target for the company from $50.00 to $34.00 in a research note on Thursday, August 19th. Morgan Stanley dropped their target price on New Fortress Energy from $55.00 to $49.00 and set an “overweight” rating for the company in a report on Monday, August 23rd. Finally, Zacks Investment Research upgraded shares of New Fortress Energy from a “sell” rating to a “hold” rating in a research note on Friday, August 20th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, New Fortress Energy presently has an average rating of “Buy” and a consensus target price of $48.00.
About New Fortress Energy
New Fortress Energy Inc is a holding company, which engages in the management of integrated gas-to-power energy infrastructure. It funds, builds, and operates natural gas infrastructure and logistics to deliver energy solutions. The company was founded by Wesley Robert Edens on February 25, 2014 and is headquartered in New York, NY.
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