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

Lazard Asset Management LLC lifted its position in shares of New Fortress Energy LLC (NASDAQ:NFE) by 1,765.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,614,029 shares of the company’s stock after purchasing an additional 1,527,509 shares during the quarter. Lazard Asset Management LLC owned approximately 0.57% of New Fortress Energy worth $952,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of NFE. Wealthfront Advisers LLC raised its stake 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 purchasing an additional 13,343 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in New Fortress Energy by 3.1% in the 1st quarter. Bank of New York Mellon Corp now owns 556,407 shares of the company’s stock valued at $328,000 after buying an additional 16,991 shares during the period. Lee Danner & Bass Inc. bought a new stake in New Fortress Energy in the 1st quarter valued at $173,000. Leonteq Securities AG raised its stake in shares of 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 buying an additional 49,694 shares in the last quarter. Finally, Apollon Wealth Management LLC acquired a new position in shares of New Fortress Energy in the 1st quarter valued at $35,000. 58.61% of the stock is currently owned by institutional investors.

New Fortress Energy Stock Performance

New Fortress Energy stock opened at $0.33 on Thursday. The firm has a market capitalization of $95.43 million, a P/E ratio of -0.15 and a beta of 1.36. The stock has a fifty day moving average price of $0.41 and a two-hundred day moving average price of $0.76. New Fortress Energy LLC has a 52-week low of $0.32 and a 52-week high of $3.42. The company has a debt-to-equity ratio of 3.57, a current ratio of 0.13 and a quick ratio of 0.11.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on NFE shares. Wall Street Zen downgraded shares of New Fortress Energy from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of New Fortress Energy in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, New Fortress Energy presently has an average rating of “Reduce” and a consensus target price of $4.00.

About New Fortress Energy

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.