Primecap Management Co. has increased its stake in New Fortress Energy LLC (NASDAQ:NFE) by 0.7% during the second quarter of 2023. According to the firm’s recent 13F filing with the U.S. Securities and Exchange Commission, Primecap now holds 13,132,578 shares of New Fortress Energy, having acquired an additional 90,180 shares during this period. This investment represents approximately 4.79% of New Fortress’ total shares, valued at around $43.6 million.
Several other hedge funds have also adjusted their positions in New Fortress Energy recently. Notably, IFP Advisors Inc. boosted its holdings by an impressive 166.3%, now owning 9,072 shares worth approximately $30,000 after purchasing an additional 5,665 shares. Meanwhile, both Apollon Wealth Management LLC and MQS Management LLC entered new positions in the company, each valued at about $33,000. Hardin Capital Partners LLC increased its stake by 50.0%, acquiring an additional 5,000 shares to hold a total of 15,000 shares valued at $54,000. Baader Bank Aktiengesellschaft also purchased a new stake in New Fortress Energy, valued at approximately $56,000. Currently, hedge funds and institutional investors hold 58.61% of the company’s stock.
Analyst Ratings and Current Performance
Recent reports from various brokerages indicate a mixed outlook for New Fortress Energy. Johnson Rice downgraded the stock from a “buy” rating to a “hold” rating, reducing the target price from $7.00 to $4.00 as of August 13, 2023. Similarly, Weiss Ratings reiterated a “sell (d-)” rating on October 14, while Capital One Financial maintained an “underweight” rating. Zacks Research also revised its stance, lowering the stock from a “hold” to a “strong sell” on October 6. Overall, three analysts have rated the stock as a Buy, four as a Hold, and three as a Sell, leading to an average rating of “Hold” with a consensus target price of $7.88, according to data from MarketBeat.com.
On October 12, 2023, New Fortress Energy’s stock opened at $1.16, reflecting a 2.7% increase. The company’s financial metrics show a debt-to-equity ratio of 5.77, a current ratio of 0.67, and a quick ratio of 0.64. The firm’s market capitalization stands at approximately $330.08 million, with a price-to-earnings (PE) ratio of -0.30 and a beta of 1.20. Over the past year, New Fortress Energy has experienced a low of $0.98 and a high of $16.66.
New Fortress Energy reported its latest quarterly earnings on June 18, 2023, revealing earnings per share of $0.13 and total revenue of $679 million. The company has faced challenges, with a negative return on equity of 22.72% and a net margin of -48.94%. Analysts predict an earnings per share of 0.36 for the current fiscal year.
Company Overview and Future Prospects
New Fortress Energy Inc. operates as an integrated gas-to-power energy infrastructure company providing energy and development services globally. The company divides its operations into two segments: Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment focuses on natural gas procurement, liquefaction, and the development of natural gas-fired power generation facilities.
As more hedge funds and institutional investors adjust their stakes, the landscape surrounding New Fortress Energy continues to evolve. Investors interested in the company’s performance and future developments can access the latest 13F filings and insider trades via platforms like HoldingsChannel.com.
