Jennison Associates LLC Lowers Stake in New Fortress Energy Inc. (NASDAQ:NFE)

Jennison Associates LLC lessened its stake in New Fortress Energy Inc. (NASDAQ:NFE) by 0.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 339,230 shares of the company’s stock after selling 1,980 shares during the quarter. Jennison Associates LLC’s holdings in New Fortress Energy were worth $12,799,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of New Fortress Energy by 41.4% during the 3rd quarter. Vanguard Group Inc. now owns 8,481,836 shares of the company’s stock worth $278,035,000 after buying an additional 2,482,627 shares in the last quarter. William Blair Investment Management LLC grew its holdings in New Fortress Energy by 12.0% during the 3rd quarter. William Blair Investment Management LLC now owns 6,275,847 shares of the company’s stock worth $205,722,000 after acquiring an additional 674,685 shares in the last quarter. Federated Hermes Inc. increased its position in New Fortress Energy by 10.8% during the 3rd quarter. Federated Hermes Inc. now owns 4,401,700 shares of the company’s stock valued at $144,288,000 after purchasing an additional 427,300 shares during the period. Invesco Ltd. raised its holdings in shares of New Fortress Energy by 1.4% in the 3rd quarter. Invesco Ltd. now owns 3,427,576 shares of the company’s stock valued at $112,356,000 after purchasing an additional 46,584 shares in the last quarter. Finally, Electron Capital Partners LLC lifted its position in shares of New Fortress Energy by 208.4% in the 3rd quarter. Electron Capital Partners LLC now owns 1,208,505 shares of the company’s stock worth $39,615,000 after purchasing an additional 816,643 shares during the period. Institutional investors own 58.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Stifel Nicolaus cut their target price on New Fortress Energy from $49.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $35.00 price target (down previously from $40.00) on shares of New Fortress Energy in a research note on Monday, March 4th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, New Fortress Energy currently has an average rating of “Hold” and a consensus price target of $39.29.

New Fortress Energy Stock Down 1.3 %

NFE stock opened at $27.24 on Friday. New Fortress Energy Inc. has a 52 week low of $25.06 and a 52 week high of $40.04. The company has a quick ratio of 0.51, a current ratio of 0.57 and a debt-to-equity ratio of 3.66. The firm has a 50-day simple moving average of $30.62 and a 200-day simple moving average of $33.23. The stock has a market capitalization of $5.59 billion, a P/E ratio of 10.28 and a beta of 1.53.

New Fortress Energy (NASDAQ:NFE) last posted its quarterly earnings data on Thursday, February 29th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.93 by $0.08. The company had revenue of $758.60 million during the quarter, compared to analyst estimates of $647.54 million. New Fortress Energy had a return on equity of 36.16% and a net margin of 22.70%. New Fortress Energy’s quarterly revenue was up 38.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.87 EPS. Equities analysts forecast that New Fortress Energy Inc. will post 3.73 earnings per share for the current fiscal year.

New Fortress Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date was Thursday, March 14th. New Fortress Energy’s payout ratio is 15.09%.

New Fortress Energy Profile

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.