Primecap Management Co. CA Has $7.53 Million Stock Position in New Fortress Energy LLC $NFE

Primecap Management Co. CA reduced its holdings in shares of New Fortress Energy LLC (NASDAQ:NFE) by 74.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,406,049 shares of the company’s stock after selling 9,726,529 shares during the quarter. Primecap Management Co. CA’s holdings in New Fortress Energy were worth $7,527,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in New Fortress Energy in the second quarter valued at $5,278,000. Geode Capital Management LLC increased its position in shares of New Fortress Energy by 71.2% in the second quarter. Geode Capital Management LLC now owns 3,661,857 shares of the company’s stock valued at $12,159,000 after acquiring an additional 1,522,324 shares during the last quarter. Shay Capital LLC boosted its position in New Fortress Energy by 7,990.2% during the second quarter. Shay Capital LLC now owns 1,525,000 shares of the company’s stock valued at $5,063,000 after purchasing an additional 1,506,150 shares during the last quarter. AQR Capital Management LLC grew its stake in New Fortress Energy by 3,088.3% in the second quarter. AQR Capital Management LLC now owns 1,496,579 shares of the company’s stock valued at $4,692,000 after purchasing an additional 1,449,639 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of New Fortress Energy by 1,488.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,312,564 shares of the company’s stock worth $4,358,000 after purchasing an additional 1,229,913 shares during the last quarter. Institutional investors own 58.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NFE. Zacks Research raised New Fortress Energy from a “strong sell” rating to a “hold” rating in a report on Friday, January 23rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of New Fortress Energy in a research report on Monday, December 29th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $7.88.

New Fortress Energy Stock Down 4.4%

NFE opened at $1.09 on Friday. The stock’s fifty day simple moving average is $1.27 and its 200 day simple moving average is $1.60. New Fortress Energy LLC has a 1-year low of $0.98 and a 1-year high of $12.59. The stock has a market cap of $310.16 million, a PE ratio of -0.28 and a beta of 1.03. The company has a current ratio of 0.17, a quick ratio of 0.15 and a debt-to-equity ratio of 2.08.

New Fortress Energy (NASDAQ:NFE) last released its quarterly earnings data on Thursday, January 1st. The company reported ($1.07) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.40). The company had revenue of $327.37 million during the quarter, compared to analyst estimates of $716.89 million. New Fortress Energy had a negative net margin of 72.92% and a negative return on equity of 43.91%. New Fortress Energy’s revenue for the quarter was down 42.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.03 earnings per share. As a group, research analysts expect that New Fortress Energy LLC will post 0.36 earnings per share for the current year.

About New Fortress Energy

New Fortress Energy is an integrated global energy infrastructure company focused on the development, construction and operation of natural gas-to-power projects and liquefied natural gas (LNG) terminals. The company sources LNG and delivers it via a network of floating storage and regasification units (FSRUs), onshore regasification terminals, and small-scale LNG carriers. By providing reliable natural gas supply solutions, New Fortress Energy aims to displace higher-carbon fuels in power generation, industrial and marine sectors.

The company’s core activities include the design, development and operation of FSRUs and onshore regasification terminals that convert cryogenic LNG back to gas for delivery into domestic transmission networks.