New Fortress Energy Inc. (NASDAQ:NFE) CEO Wesley R. Edens Acquires 5,793,742 Shares

New Fortress Energy Inc. (NASDAQ:NFE) CEO Wesley R. Edens bought 5,793,742 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were purchased at an average cost of $8.63 per share, with a total value of $49,999,993.46. Following the completion of the acquisition, the chief executive officer now owns 35,721,915 shares in the company, valued at $308,280,126.45. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

New Fortress Energy Price Performance

Shares of New Fortress Energy stock opened at $9.03 on Friday. The stock has a market capitalization of $1.85 billion, a P/E ratio of 4.10 and a beta of 1.52. The business has a 50 day simple moving average of $12.80 and a two-hundred day simple moving average of $20.99. New Fortress Energy Inc. has a 12 month low of $8.20 and a 12 month high of $40.04. The company has a debt-to-equity ratio of 4.38, a current ratio of 0.72 and a quick ratio of 0.63.

New Fortress Energy (NASDAQ:NFE) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.50). New Fortress Energy had a net margin of 10.19% and a return on equity of 18.80%. The firm had revenue of $428.00 million during the quarter, compared to analysts’ expectations of $465.52 million. During the same quarter in the previous year, the business posted $0.58 EPS. The company’s revenue for the quarter was down 23.7% on a year-over-year basis. As a group, analysts predict that New Fortress Energy Inc. will post 0.54 EPS for the current fiscal year.

New Fortress Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 4.43%. The ex-dividend date was Friday, September 13th. New Fortress Energy’s dividend payout ratio is currently 18.18%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NFE. Stifel Nicolaus cut 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. Barclays cut their price target on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. BTIG Research lowered their price target on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Morgan Stanley cut New Fortress Energy from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $35.00 to $15.00 in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft reiterated a “sell” rating and set a $7.60 target price (down previously from $21.00) on shares of New Fortress Energy in a research report on Tuesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $19.77.

Institutional Trading of New Fortress Energy

Several large investors have recently bought and sold shares of NFE. American National Bank purchased a new stake in New Fortress Energy in the 2nd quarter valued at $26,000. Benjamin F. Edwards & Company Inc. grew its holdings in shares of New Fortress Energy by 563.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,387 shares of the company’s stock valued at $42,000 after purchasing an additional 1,178 shares during the period. Quarry LP increased its position in New Fortress Energy by 125.7% during the second quarter. Quarry LP now owns 2,250 shares of the company’s stock worth $49,000 after purchasing an additional 1,253 shares during the last quarter. ORG Partners LLC increased its position in New Fortress Energy by 987.8% during the second quarter. ORG Partners LLC now owns 3,753 shares of the company’s stock worth $77,000 after purchasing an additional 3,408 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in New Fortress Energy during the first quarter worth about $95,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.

About New Fortress Energy

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.