Arizona State Retirement System acquired a new stake in New Fortress Energy Inc. (NASDAQ:NFE – Get Rating) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 11,212 shares of the company’s stock, valued at approximately $444,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Capital World Investors increased its holdings in shares of New Fortress Energy by 3.5% in the first quarter. Capital World Investors now owns 8,380,111 shares of the company’s stock valued at $357,077,000 after purchasing an additional 285,542 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of New Fortress Energy by 3.8% in the first quarter. Federated Hermes Inc. now owns 4,374,400 shares of the company’s stock valued at $186,393,000 after acquiring an additional 158,769 shares during the period. PointState Capital LP boosted its position in shares of New Fortress Energy by 153.9% in the first quarter. PointState Capital LP now owns 1,195,643 shares of the company’s stock valued at $50,946,000 after acquiring an additional 724,709 shares during the period. Invesco Ltd. boosted its position in shares of New Fortress Energy by 579.3% in the first quarter. Invesco Ltd. now owns 522,106 shares of the company’s stock valued at $22,246,000 after acquiring an additional 445,250 shares during the period. Finally, Philosophy Capital Management LLC boosted its position in shares of New Fortress Energy by 49.6% in the first quarter. Philosophy Capital Management LLC now owns 429,693 shares of the company’s stock valued at $18,309,000 after acquiring an additional 142,446 shares during the period. 67.76% of the stock is currently owned by institutional investors and hedge funds.
New Fortress Energy Stock Performance
New Fortress Energy stock opened at $50.73 on Friday. The business has a 50 day moving average of $51.76 and a 200-day moving average of $46.64. New Fortress Energy Inc. has a 1 year low of $19.17 and a 1 year high of $63.06. The company has a debt-to-equity ratio of 1.95, a current ratio of 1.24 and a quick ratio of 1.11. The company has a market capitalization of $10.49 billion, a P/E ratio of 51.24 and a beta of 1.63.
New Fortress Energy (NASDAQ:NFE – Get Rating) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.08. New Fortress Energy had a return on equity of 29.67% and a net margin of 10.26%. The company had revenue of $584.86 million during the quarter, compared to the consensus estimate of $654.41 million. On average, equities research analysts predict that New Fortress Energy Inc. will post 3.36 earnings per share for the current year.
New Fortress Energy Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, September 7th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.79%. The ex-dividend date of this dividend was Tuesday, September 6th. New Fortress Energy’s dividend payout ratio is currently 40.40%.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on NFE. JMP Securities boosted their target price on shares of New Fortress Energy from $56.00 to $70.00 and gave the company a “market outperform” rating in a research report on Monday, August 15th. BTIG Research cut shares of New Fortress Energy from a “buy” rating to a “neutral” rating in a research report on Friday, September 9th. Morgan Stanley boosted their target price on shares of New Fortress Energy from $58.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, September 6th. Barclays cut their price objective on shares of New Fortress Energy from $54.00 to $48.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, Citigroup began coverage on shares of New Fortress Energy in a research report on Thursday, July 14th. They set a “buy” rating and a $56.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $61.75.
About New Fortress Energy
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New Fortress Energy Inc operates as an integrated gas-to-power 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.
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