Morgan Stanley Reaffirms “Overweight” Rating for New Fortress Energy (NASDAQ:NFE)
Morgan Stanley restated their overweight rating on shares of New Fortress Energy (NASDAQ:NFE) in a research note released on Friday, BenzingaRatingsTable reports. Morgan Stanley currently has a $25.00 price objective on the stock.
NFE has been the subject of a number of other research reports. Zacks Investment Research cut New Fortress Energy from a hold rating to a sell rating in a report on Wednesday, August 7th. Barclays reissued a hold rating and set a $15.00 price target on shares of New Fortress Energy in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $20.86.
Shares of NASDAQ NFE opened at $18.90 on Friday. The business has a fifty day moving average price of $14.93 and a two-hundred day moving average price of $12.49. New Fortress Energy has a fifty-two week low of $8.90 and a fifty-two week high of $19.18.
In other New Fortress Energy news, Director John J. Mack acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were bought at an average cost of $14.20 per share, with a total value of $142,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director C. William Griffin acquired 10,665 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average cost of $16.34 per share, for a total transaction of $174,266.10. The disclosure for this purchase can be found here. Insiders acquired a total of 35,000 shares of company stock worth $548,206 in the last quarter.
Several large investors have recently made changes to their positions in NFE. Ladenburg Thalmann Financial Services Inc. acquired a new position in New Fortress Energy during the 2nd quarter worth approximately $30,000. Morgan Stanley raised its stake in New Fortress Energy by 51.7% during the 2nd quarter. Morgan Stanley now owns 3,754 shares of the company’s stock worth $44,000 after buying an additional 1,280 shares during the period. Wells Fargo & Company MN acquired a new position in New Fortress Energy during the 2nd quarter worth approximately $123,000. Tortoise Index Solutions LLC acquired a new position in New Fortress Energy during the 1st quarter worth approximately $257,000. Finally, TD Asset Management Inc. acquired a new position in New Fortress Energy during the 2nd quarter worth approximately $275,000. 7.16% of the stock is currently owned by institutional investors.
New Fortress Energy Company Profile
New Fortress Energy LLC operates as an integrated gas-to-power company. The company's activities include natural gas procurement and liquefaction; provision of logistics and shipping services; development and operation of terminals; and conversion or development of natural gas-fired generation. It intends to serve power, transportation, and industrial users of natural gas and LNG.
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