NextDecade (NASDAQ:NEXT) Stock Price Up 6.6% – Here’s What Happened

NextDecade Corporation (NASDAQ:NEXT)’s share price shot up 6.6% during mid-day trading on Wednesday . The stock traded as high as $6.27 and last traded at $6.3750. 1,480,058 shares traded hands during trading, a decline of 51% from the average session volume of 3,014,723 shares. The stock had previously closed at $5.98.

Analyst Upgrades and Downgrades

NEXT has been the topic of several recent analyst reports. Capital One Financial started coverage on shares of NextDecade in a report on Friday, February 6th. They issued an “overweight” rating and a $7.00 target price on the stock. Morgan Stanley dropped their price objective on NextDecade from $10.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 24th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NextDecade in a research note on Monday, December 29th. Finally, TD Cowen dropped their price target on NextDecade from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Thursday, March 5th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, NextDecade has a consensus rating of “Hold” and a consensus target price of $6.67.

NextDecade Price Performance

The business has a 50-day moving average of $5.32 and a 200 day moving average of $6.04. The firm has a market capitalization of $1.71 billion, a P/E ratio of -5.52 and a beta of 2.02. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 3.70.

NextDecade (NASDAQ:NEXT) last announced its quarterly earnings data on Friday, February 27th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.20). On average, sell-side analysts predict that NextDecade Corporation will post -0.61 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NEXT. Man Investment Partners US LP acquired a new position in shares of NextDecade during the fourth quarter valued at about $48,879,000. Adage Capital Partners GP L.L.C. raised its holdings in shares of NextDecade by 520.0% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,550,000 shares of the company’s stock worth $13,810,000 after acquiring an additional 1,300,000 shares during the last quarter. Wolf Hill Capital Management LP lifted its position in NextDecade by 25.9% in the 4th quarter. Wolf Hill Capital Management LP now owns 3,698,857 shares of the company’s stock valued at $19,493,000 after acquiring an additional 761,299 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in NextDecade by 77.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,676,336 shares of the company’s stock valued at $8,834,000 after purchasing an additional 732,550 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in NextDecade during the 3rd quarter valued at about $4,935,000. 66.74% of the stock is owned by institutional investors.

About NextDecade

NextDecade Corporation is a Houston‐based liquefied natural gas (LNG) and decarbonization company focused on the development, engineering, construction and operation of large‐scale LNG export facilities. The company’s core mission is to deliver cleaner energy solutions to global customers while integrating carbon capture and sequestration technologies to reduce greenhouse gas emissions. NextDecade’s projects are designed to leverage abundant U.S. natural gas supplies to meet growing worldwide demand for low‐carbon fuel.

NextDecade’s flagship project, Rio Grande LNG, is located at the Port of Brownsville in southern Texas.