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

NextDecade Corporation (NASDAQ:NEXT) dropped 9.3% on Wednesday . The stock traded as low as $7.10 and last traded at $7.0050. 1,336,815 shares were traded during mid-day trading, a decline of 65% from the average session volume of 3,850,120 shares. The stock had previously closed at $7.72.

Analysts Set New Price Targets

NEXT has been the topic of several research reports. Citigroup initiated 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. Weiss Ratings raised shares of NextDecade from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, April 27th. Morgan Stanley increased their target price on shares of NextDecade from $7.00 to $8.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 21st. Finally, TD Cowen dropped their price target on shares of NextDecade from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, NextDecade has an average rating of “Hold” and an average target price of $8.00.

NextDecade Stock Down 9.3%

The firm has a market cap of $1.86 billion, a PE ratio of -5.23 and a beta of 1.60. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 3.96. The firm has a 50 day moving average price of $7.95 and a 200-day moving average price of $6.58.

NextDecade (NASDAQ:NEXT) last released 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. Research analysts forecast that NextDecade Corporation will post -2.16 EPS for the current fiscal year.

Institutional Investors Weigh In On NextDecade

Hedge funds and other institutional investors have recently modified their holdings of the company. Tudor Investment Corp ET AL raised its holdings in NextDecade by 262.8% during the third quarter. Tudor Investment Corp ET AL now owns 912,589 shares of the company’s stock worth $6,196,000 after purchasing an additional 661,028 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of NextDecade by 168.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 394,476 shares of the company’s stock valued at $2,678,000 after buying an additional 247,618 shares in the last quarter. Citigroup Inc. grew its position in shares of NextDecade by 1,112.2% in the 3rd quarter. Citigroup Inc. now owns 681,904 shares of the company’s stock valued at $4,630,000 after buying an additional 625,652 shares during the last quarter. Fort Washington Investment Advisors Inc. OH grew its position in shares of NextDecade by 21.2% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 642,182 shares of the company’s stock valued at $3,384,000 after buying an additional 112,300 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC acquired a new stake in NextDecade during the 4th quarter worth $613,000. 66.74% of the stock is currently owned by institutional investors and hedge funds.

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.