NextDecade (NASDAQ:NEXT) Issues Earnings Results, Beats Expectations By $0.41 EPS

NextDecade (NASDAQ:NEXT) released its quarterly earnings data on Wednesday. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.41, FiscalAI reports.

NextDecade Stock Up 6.2%

Shares of NASDAQ NEXT traded up $0.39 during mid-day trading on Thursday, reaching $6.73. 2,911,238 shares of the company were exchanged, compared to its average volume of 3,681,126. NextDecade has a 1 year low of $4.75 and a 1 year high of $11.59. The firm has a 50-day moving average of $7.78 and a 200 day moving average of $6.95. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of -5.02 and a beta of 1.51. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 3.96.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on NEXT shares. Morgan Stanley boosted their price target on shares of NextDecade from $7.00 to $8.00 and gave the company an “equal weight” rating in a report on Tuesday, April 21st. The Goldman Sachs Group began coverage on shares of NextDecade in a research note on Wednesday, July 15th. They set a “neutral” rating and a $8.50 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of NextDecade in a report on Friday, July 24th. Finally, Citigroup began coverage on shares of NextDecade in a research note on Wednesday, May 13th. They issued a “buy” rating and a $11.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $8.10.

Hedge Funds Weigh In On NextDecade

Large investors have recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. lifted its position in shares of NextDecade by 520.0% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,550,000 shares of the company’s stock valued at $13,810,000 after buying an additional 1,300,000 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of NextDecade by 77.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,676,336 shares of the company’s stock worth $8,834,000 after buying an additional 732,550 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of NextDecade in the 3rd quarter worth approximately $4,935,000. Squarepoint Ops LLC raised its stake in shares of NextDecade by 425.0% during the 3rd quarter. Squarepoint Ops LLC now owns 790,009 shares of the company’s stock worth $5,364,000 after acquiring an additional 639,534 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of NextDecade by 16.7% during the 2nd quarter. Bank of America Corp DE now owns 3,102,352 shares of the company’s stock worth $27,642,000 after acquiring an additional 444,518 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.