Lazard Asset Management LLC Acquires 1,527,509 Shares of New Fortress Energy LLC $NFE

Lazard Asset Management LLC grew its holdings in New Fortress Energy LLC (NASDAQ:NFE) by 1,765.5% during the first quarter, Holdings Channel.com reports. The firm owned 1,614,029 shares of the company’s stock after acquiring an additional 1,527,509 shares during the period. Lazard Asset Management LLC’s holdings in New Fortress Energy were worth $952,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wealthfront Advisers LLC raised its holdings in shares of New Fortress Energy by 7.3% in the first quarter. Wealthfront Advisers LLC now owns 195,946 shares of the company’s stock valued at $116,000 after buying an additional 13,343 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in New Fortress Energy by 3.1% during the 1st quarter. Bank of New York Mellon Corp now owns 556,407 shares of the company’s stock worth $328,000 after acquiring an additional 16,991 shares during the last quarter. Lee Danner & Bass Inc. bought a new stake in New Fortress Energy during the 1st quarter worth about $173,000. Leonteq Securities AG increased its position in New Fortress Energy by 151.7% in the 1st quarter. Leonteq Securities AG now owns 82,447 shares of the company’s stock valued at $49,000 after acquiring an additional 49,694 shares in the last quarter. Finally, Apollon Wealth Management LLC acquired a new stake in New Fortress Energy in the 1st quarter valued at about $35,000. 58.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on NFE shares. Wall Street Zen cut shares of New Fortress Energy from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of New Fortress Energy in a report on Friday, July 17th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, New Fortress Energy has a consensus rating of “Reduce” and a consensus price target of $4.00.

New Fortress Energy Price Performance

Shares of NFE stock opened at $0.33 on Thursday. The firm has a market cap of $95.43 million, a price-to-earnings ratio of -0.15 and a beta of 1.36. New Fortress Energy LLC has a 12 month low of $0.32 and a 12 month high of $3.42. The company has a quick ratio of 0.11, a current ratio of 0.13 and a debt-to-equity ratio of 3.57. The stock has a 50-day moving average price of $0.41 and a 200 day moving average price of $0.76.

New Fortress Energy (NASDAQ:NFE) last released its earnings results on Thursday, May 14th. The company reported ($1.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.21). The business had revenue of $226.95 million for the quarter, compared to analyst estimates of $508.60 million. New Fortress Energy had a negative net margin of 164.16% and a negative return on equity of 253.73%. Research analysts expect that New Fortress Energy LLC will post -1.19 EPS for the current year.

New Fortress Energy Profile

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.