Federated Hermes Inc. Sells 7,361 Shares of New Fortress Energy Inc. (NASDAQ:NFE)

Federated Hermes Inc. reduced its stake in New Fortress Energy Inc. (NASDAQ:NFE) by 0.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 2,077,143 shares of the company’s stock after selling 7,361 shares during the period. Federated Hermes Inc.’s holdings in New Fortress Energy were worth $31,406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. Brandywine Global Investment Management LLC purchased a new position in New Fortress Energy during the fourth quarter valued at approximately $19,618,000. Huber Capital Management LLC increased its holdings in shares of New Fortress Energy by 44.9% in the fourth quarter. Huber Capital Management LLC now owns 1,231,644 shares of the company’s stock worth $18,622,000 after purchasing an additional 381,758 shares during the period. Stifel Financial Corp bought a new position in shares of New Fortress Energy in the third quarter worth $990,000. Raymond James Financial Inc. purchased a new stake in shares of New Fortress Energy in the fourth quarter worth $787,000. Finally, Redwood Wealth Management Group LLC bought a new stake in New Fortress Energy during the fourth quarter valued at $749,000. 58.61% of the stock is currently owned by hedge funds and other institutional investors.

New Fortress Energy Price Performance

Shares of New Fortress Energy stock opened at $5.42 on Wednesday. The firm has a market capitalization of $1.48 billion, a PE ratio of 5.96 and a beta of 1.52. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. New Fortress Energy Inc. has a 12 month low of $4.80 and a 12 month high of $30.19. The business’s 50-day moving average price is $10.44 and its 200-day moving average price is $11.10.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. The business had revenue of $679.00 million for the quarter, compared to analysts’ expectations of $613.24 million. New Fortress Energy had a net margin of 7.84% and a return on equity of 15.60%. Sell-side analysts forecast that New Fortress Energy Inc. will post 0.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Christopher S. Guinta purchased 5,000 shares of New Fortress Energy stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $8.57 per share, for a total transaction of $42,850.00. Following the transaction, the chief financial officer now directly owns 206,653 shares in the company, valued at $1,771,016.21. The trade was a 2.48 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 37.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on NFE shares. Stifel Nicolaus lowered their price target on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Morgan Stanley lowered their target price on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft set a $8.00 price target on shares of New Fortress Energy in a research note on Wednesday, March 12th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $15.00.

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.