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Wesley R. Edens, the Chief Executive Officer of New Fortress Energy Inc. (NASDAQ:NFE), recently made a significant stock purchase. On March 11, 2025, Edens acquired 200,000 shares of Class A Common Stock in open market transactions. The shares were purchased at a weighted average price of $8.77, with the transaction price ranging between $8.63 and $9.23. This purchase amounts to a total investment of approximately $1.75 million. The timing is notable, as InvestingPro data shows the stock has declined over 72% in the past year, with technical indicators suggesting oversold conditions.
Following this acquisition, Edens holds a total of 35,921,915 shares indirectly through Edens Family Partners LLC. Additionally, another 17,612,751 shares are held indirectly through the WRE 2012 GST Exempt Trust LLC. Edens, who serves as both CEO and a director of New Fortress Energy, has a substantial stake in the company, reflecting his continued confidence in its prospects. This confidence aligns with analyst targets suggesting significant upside potential, with the stock currently trading below InvestingPro’s Fair Value estimate.
In other recent news, New Fortress Energy reported its fourth-quarter 2024 earnings, significantly surpassing analyst expectations with an earnings per share of $0.13 against a forecast of $0.06. The company also reported revenue of $679 million, exceeding the projected $547.68 million. Despite the strong earnings, New Fortress Energy reported a substantial net loss of $240 million for the quarter. The company has secured $1.27 billion in credit agreements, which includes amendments to existing credit facilities and new financial obligations, aimed at supporting its ongoing projects and corporate needs.
Additionally, New Fortress Energy is making progress on the sale of its Jamaican assets and has engaged in refinancing activities over the quarter. Stifel analysts recently adjusted their outlook on New Fortress Energy, reducing the price target from $23.00 to $19.00, while maintaining a Buy rating, acknowledging the company’s adjusted EBITDA surpassed expectations. The analysts also noted the company’s growth prospects in Puerto Rico and Brazil, alongside the anticipated startup of FLNG (OL:FLNG) 2, which is expected to significantly boost cash flow.
Furthermore, New Fortress Energy’s FLNG1 asset’s performance exceeded capacity, highlighting operational success. The company projects a 50% growth in EBITDA over the next two years, supported by strategic initiatives in core markets. New Fortress Energy’s financial restructuring and recent developments aim to strengthen its balance sheet and support future growth opportunities.
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