NextDecade (NASDAQ:NEXT) Shares Down 9.3% – Here’s What Happened

NextDecade Corporation (NASDAQ:NEXT) traded down 9.3% during mid-day trading on Wednesday. The stock traded as low as $6.21 and last traded at $6.1690. Approximately 1,056,986 shares were traded during mid-day trading, a decline of 68% from the average session volume of 3,344,375 shares. The stock had previously closed at $6.80.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on NEXT shares. Wall Street Zen raised shares of NextDecade from a “strong sell” rating to a “sell” rating in a research note on Saturday, September 5th. The Goldman Sachs Group began coverage on NextDecade in a research report on Wednesday, July 15th. They issued a “neutral” rating and a $8.50 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of NextDecade in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.10.

NextDecade Trading Down 9.2%

The firm has a 50-day moving average price of $6.98 and a 200-day moving average price of $7.49. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of -4.55 and a beta of 1.53. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 3.70.

NextDecade (NASDAQ:NEXT) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.41. As a group, sell-side analysts predict that NextDecade Corporation will post -2.10 EPS for the current year.

Institutional Investors Weigh In On NextDecade

Large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in NextDecade during the 2nd quarter worth about $179,608,000. Man Investment Partners US LP acquired a new stake in NextDecade in the fourth quarter worth $48,879,000. Catalyst Capital Advisors LLC increased its position in shares of NextDecade by 12.4% during the first quarter. Catalyst Capital Advisors LLC now owns 5,216,592 shares of the company’s stock worth $39,959,000 after acquiring an additional 574,080 shares in the last quarter. Bank of America Corp DE bought a new position in shares of NextDecade during the second quarter worth about $14,415,000. Finally, Fort Washington Investment Advisors Inc. OH boosted its stake in shares of NextDecade by 0.3% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 644,417 shares of the company’s stock worth $4,936,000 after buying an additional 2,235 shares during the last quarter. Institutional investors own 66.74% of the company’s stock.

NextDecade Company Profile

NextDecade Corporation is an energy company focused on developing liquefied natural gas (LNG) infrastructure and lower-carbon energy solutions. Its principal project is Rio Grande LNG, an LNG export facility under development near Brownsville, Texas, along the U.S. Gulf Coast. The project is designed to produce LNG for delivery to customers in international markets.

In addition to LNG production and export services, NextDecade is developing carbon capture and storage capabilities associated with Rio Grande LNG.