M&T Bank Corp Takes $628,000 Position in New Fortress Energy Inc. (NASDAQ:NFE)

M&T Bank Corp acquired a new position in New Fortress Energy Inc. (NASDAQ:NFE) in the 3rd quarter, HoldingsChannel reports. The fund acquired 69,135 shares of the company’s stock, valued at approximately $628,000.

Other large investors also recently added to or reduced their stakes in the company. Vontobel Holding Ltd. bought a new stake in New Fortress Energy during the 3rd quarter valued at $511,000. Pinnacle Associates Ltd. purchased a new position in shares of New Fortress Energy in the third quarter valued at $890,000. American Assets Investment Management LLC raised its stake in shares of New Fortress Energy by 101.6% during the 3rd quarter. American Assets Investment Management LLC now owns 114,065 shares of the company’s stock valued at $1,037,000 after purchasing an additional 57,479 shares during the period. Primecap Management Co. CA lifted its holdings in New Fortress Energy by 43.7% during the 3rd quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock worth $104,827,000 after purchasing an additional 3,505,975 shares in the last quarter. Finally, Holocene Advisors LP boosted its stake in New Fortress Energy by 107.2% in the 3rd quarter. Holocene Advisors LP now owns 389,698 shares of the company’s stock worth $3,542,000 after purchasing an additional 201,649 shares during the period. Hedge funds and other institutional investors own 58.61% of the company’s stock.

Analysts Set New Price Targets

NFE has been the subject of a number of recent analyst reports. BTIG Research reduced their target price on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a report on Friday, September 13th. Morgan Stanley cut shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $35.00 to $15.00 in a research note on Thursday, October 3rd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of New Fortress Energy from a “sell” rating to a “hold” rating and set a $11.00 target price on the stock in a research note on Wednesday, December 4th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, New Fortress Energy has a consensus rating of “Hold” and a consensus target price of $20.33.

Insider Activity at New Fortress Energy

In other news, CEO Wesley R. Edens acquired 5,793,742 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was purchased at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the acquisition, the chief executive officer now owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. This trade represents a 19.36 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 37.10% of the stock is currently owned by insiders.

New Fortress Energy Stock Performance

Shares of NFE opened at $11.94 on Wednesday. New Fortress Energy Inc. has a 12-month low of $7.82 and a 12-month high of $39.26. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The company has a market cap of $3.00 billion, a PE ratio of 13.12 and a beta of 1.60. The stock has a 50-day moving average price of $9.83 and a 200-day moving average price of $14.28.

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.