5 High Growth Utility Stocks to Buy

2. New Fortress Energy Inc. (NASDAQ:NFE)

Number of Hedge Fund Holders: 33

Quarterly Revenue Growth YoY as of December 30, 2022: 140.20%

New Fortress Energy Inc. (NASDAQ:NFE) is a New York-based integrated gas-to-power infrastructure company that provides energy and development services worldwide. On January 25, New Fortress Energy Inc. (NASDAQ:NFE) announced that its unit Genera has been chosen for a 10-year operation and maintenance agreement with the Puerto Rico Electric Power Authority. Under the agreement, Genera will undertake the operation, maintenance, decommissioning, and modernization of PREPA’s thermal power generation system, which has a capacity of around 3,600 MW. This will occur after a mobilization period. New Fortress Energy Inc. (NASDAQ:NFE) is one of the premier high growth stocks to invest in. 

On February 10, Barclays analyst Marc Solecitto lowered New Fortress Energy Inc. (NASDAQ:NFE)’s price target to $44 from $53 and maintained an Equal Weight rating on the shares. According to the analyst, the stock’s valuation appears to be close to fair on a risk-adjusted basis at this time. However, he noted that there could be compelling upside for the shares if the company executes on its long-term strategy.

According to Insider Monkey’s third quarter database, 33 hedge funds were long New Fortress Energy Inc. (NASDAQ:NFE), compared to 21 funds in the prior quarter. Michael Novogratz’s Fortress Investment Group is the leading stakeholder of the company, with 13.4 million shares worth $585.6 million. 

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