Primecap Management Co. CA has increased its stake in **New Fortress Energy LLC** (NASDAQ: NFE) by **0.7%** during the second quarter of 2023. According to the firm’s latest **13F filing** with the **Securities & Exchange Commission**, Primecap now holds **13,132,578 shares** of New Fortress Energy after acquiring an additional **90,180 shares** in the quarter. This investment is valued at approximately **$43.6 million**, representing around **4.79%** of the company.
Several other hedge funds have also adjusted their positions in New Fortress Energy recently. **IFP Advisors Inc** significantly increased its holdings by **166.3%** during the same period. The firm now owns **9,072 shares** worth **$30,000** after purchasing an additional **5,665 shares**. Additionally, **Apollon Wealth Management LLC** and **MQS Management LLC** each acquired new positions in New Fortress Energy, valued at **$33,000**. **Hardin Capital Partners LLC** raised its stake by **50%**, now holding **15,000 shares valued at $54,000**. Finally, **Baader Bank Aktiengesellschaft** invested approximately **$56,000** in a new stake in the company. Currently, **58.61%** of New Fortress Energy’s stock is owned by hedge funds and institutional investors.
Analysts Adjust Ratings Amid Market Changes
Brokerage firms have issued mixed ratings regarding New Fortress Energy. On **August 13, 2023**, **Johnson Rice** downgraded the stock from a “buy” to a “hold” rating, reducing the target price from **$7.00** to **$4.00**. Additionally, **Weiss Ratings** reaffirmed a “sell (D-)” rating on **October 14, 2023**. **Capital One Financial** maintained an “underweight” rating on **September 8, 2023**, while **Zacks Research** lowered its rating from “hold” to “strong sell” on **October 6, 2023**. Currently, three analysts rate the stock as a “buy,” four as a “hold,” and three as a “sell.” According to data from **MarketBeat.com**, New Fortress Energy has an average rating of “hold” and a consensus target price of **$7.88**.
Current Stock Performance and Financial Overview
As of Thursday, New Fortress Energy’s stock opened at **$1.16**, reflecting a **2.7%** increase. The company maintains a **debt-to-equity ratio** of **5.77**, a **current ratio** of **0.67**, and a **quick ratio** of **0.64**. The **50-day moving average** stands at **$1.77**, while the **200-day moving average** is at **$2.71**. New Fortress Energy has a market capitalization of **$330.08 million**, a **P/E ratio** of **-0.30**, and a **beta** of **1.20**. Over the past year, the stock has fluctuated between a low of **$0.98** and a high of **$16.66**.
On **June 18, 2023**, New Fortress Energy reported earnings, revealing an earnings per share (EPS) of **$0.13** for the quarter, with revenues of **$679 million**. The company has faced challenges, evidenced by a **negative return on equity** of **22.72%** and a **negative net margin** of **48.94%**. Analysts predict that New Fortress Energy will post an EPS of **$0.36** for the current fiscal year.
New Fortress Energy operates as an integrated gas-to-power energy infrastructure company, providing energy and development services to end-users worldwide. The company’s operations are categorized into two segments: **Terminals and Infrastructure** and **Ships**. The Terminals and Infrastructure segment focuses on natural gas procurement and liquefaction, along with shipping, logistics, and the development of natural gas-fired power generation.
For ongoing updates on hedge fund activities and insider trades related to New Fortress Energy, investors can refer to **HoldingsChannel.com** for the latest **13F filings** and market insights.
