69,135 Shares in New Fortress Energy Inc. (NASDAQ:NFE) Bought by M&T Bank Corp

M&T Bank Corp purchased a new position in New Fortress Energy Inc. (NASDAQ:NFE) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 69,135 shares of the company’s stock, valued at approximately $628,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NFE. Tanaka Capital Management Inc. lifted its holdings in shares of New Fortress Energy by 50.7% in the 3rd quarter. Tanaka Capital Management Inc. now owns 32,370 shares of the company’s stock worth $294,000 after purchasing an additional 10,895 shares in the last quarter. XTX Topco Ltd acquired a new position in New Fortress Energy during the third quarter worth $381,000. State Street Corp lifted its stake in shares of New Fortress Energy by 4.9% in the third quarter. State Street Corp now owns 1,205,046 shares of the company’s stock valued at $10,954,000 after buying an additional 56,153 shares in the last quarter. Stifel Financial Corp acquired a new position in shares of New Fortress Energy during the third quarter valued at about $990,000. Finally, Pingora Partners LLC increased its position in shares of New Fortress Energy by 581.6% during the third quarter. Pingora Partners LLC now owns 80,775 shares of the company’s stock worth $734,000 after acquiring an additional 68,925 shares in the last quarter. 58.61% of the stock is owned by institutional investors.

New Fortress Energy Price Performance

New Fortress Energy stock opened at $11.94 on Wednesday. New Fortress Energy Inc. has a 52 week low of $7.82 and a 52 week high of $39.26. The company’s 50 day moving average price is $9.83 and its two-hundred day moving average price is $14.28. The stock has a market cap of $3.00 billion, a P/E ratio of 13.12 and a beta of 1.60. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06.

Insider Buying and Selling

In related news, CEO Wesley R. Edens acquired 5,793,742 shares of the stock in a transaction on Tuesday, October 1st. The shares were acquired at an average price of $8.63 per share, with a total value of $49,999,993.46. Following the completion of the transaction, the chief executive officer now owns 35,721,915 shares in the company, valued at approximately $308,280,126.45. The trade was a 19.36 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 37.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

New Fortress Energy Company 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.