Morgan Stanley reiterated their overweight rating on shares of New Fortress Energy (NASDAQ:NFE) in a report released on Friday, September 20th, BenzingaRatingsTable reports. Morgan Stanley currently has a $25.00 target price on the stock.
A number of other equities research analysts also recently commented on the stock. Barclays reiterated a hold rating and set a $15.00 price target on shares of New Fortress Energy in a report on Tuesday, August 13th. Zacks Investment Research downgraded shares of New Fortress Energy from a hold rating to a sell rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $22.00.
Shares of NASDAQ NFE traded down $0.60 during midday trading on Friday, hitting $17.37. The company had a trading volume of 57,611 shares, compared to its average volume of 100,824. New Fortress Energy has a twelve month low of $8.90 and a twelve month high of $19.50. The business has a 50-day simple moving average of $16.94 and a two-hundred day simple moving average of $13.09.
In other news, Director C. William Griffin bought 14,335 shares of New Fortress Energy stock in a transaction dated Monday, August 19th. The shares were acquired at an average cost of $16.18 per share, with a total value of $231,940.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John J. Mack bought 10,000 shares of New Fortress Energy stock in a transaction dated Wednesday, August 14th. The shares were purchased at an average cost of $14.20 per share, for a total transaction of $142,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 35,000 shares of company stock valued at $548,206.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its holdings in shares of New Fortress Energy by 426.1% during the second quarter. Royal Bank of Canada now owns 71,550 shares of the company’s stock worth $838,000 after purchasing an additional 57,950 shares during the period. Ladenburg Thalmann Financial Services Inc. bought a new position in shares of New Fortress Energy during the second quarter worth about $30,000. Price T Rowe Associates Inc. MD grew its position in shares of New Fortress Energy by 0.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 1,200,279 shares of the company’s stock worth $14,055,000 after acquiring an additional 3,384 shares during the last quarter. Morgan Stanley grew its position in shares of New Fortress Energy by 51.7% during the second quarter. Morgan Stanley now owns 3,754 shares of the company’s stock worth $44,000 after acquiring an additional 1,280 shares during the last quarter. Finally, HighTower Advisors LLC grew its position in shares of New Fortress Energy by 424.2% during the second quarter. HighTower Advisors LLC now owns 52,416 shares of the company’s stock worth $614,000 after acquiring an additional 42,416 shares during the last quarter. 7.16% of the stock is currently owned by hedge funds and other institutional investors.
About New Fortress Energy
New Fortress Energy LLC operates as an integrated gas-to-power company. The company's activities include natural gas procurement and liquefaction; provision of logistics and shipping services; development and operation of terminals; and conversion or development of natural gas-fired generation. It intends to serve power, transportation, and industrial users of natural gas and LNG.
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