NextDecade (NASDAQ:NEXT) Trading Down 7% – Here’s What Happened

NextDecade Corporation (NASDAQ:NEXT)’s share price traded down 7% during trading on Friday . The company traded as low as $7.50 and last traded at $7.4050. 685,784 shares were traded during mid-day trading, a decline of 81% from the average session volume of 3,629,402 shares. The stock had previously closed at $7.96.

Analyst Ratings Changes

A number of research firms have weighed in on NEXT. Morgan Stanley upped their price target on NextDecade from $7.00 to $8.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 21st. The Goldman Sachs Group started coverage on shares of NextDecade in a research report on Wednesday, July 15th. They issued a “neutral” rating and a $8.50 target price for the company. Citigroup started coverage on shares of NextDecade in a research report on Wednesday, May 13th. They set a “buy” rating and a $11.00 price target on the stock. Finally, Weiss Ratings upgraded NextDecade from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, NextDecade presently has a consensus rating of “Hold” and an average target price of $8.10.

NextDecade Stock Down 10.0%

The stock has a market cap of $1.90 billion, a P/E ratio of -5.35 and a beta of 1.51. The firm has a 50 day simple moving average of $7.98 and a 200-day simple moving average of $6.91. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 3.96.

NextDecade (NASDAQ:NEXT) last posted its earnings results on Thursday, April 30th. The company reported ($0.51) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.15. On average, equities research analysts forecast that NextDecade Corporation will post -2.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NextDecade

Several institutional investors have recently made changes to their positions in NEXT. US Bancorp DE grew its position in NextDecade by 22,782.4% during the third quarter. US Bancorp DE now owns 3,890 shares of the company’s stock worth $26,000 after buying an additional 3,873 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of NextDecade by 302.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,205 shares of the company’s stock worth $32,000 after purchasing an additional 3,161 shares in the last quarter. Comerica Bank increased its position in shares of NextDecade by 88.0% in the first quarter. Comerica Bank now owns 4,060 shares of the company’s stock worth $32,000 after purchasing an additional 1,900 shares during the period. Raymond James Financial Inc. acquired a new position in NextDecade in the second quarter valued at about $36,000. Finally, Aster Capital Management DIFC Ltd raised its stake in NextDecade by 111.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 7,201 shares of the company’s stock valued at $38,000 after purchasing an additional 3,792 shares in the last quarter. 66.74% of the stock is currently owned by institutional investors.

NextDecade Company Profile

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.