TD Cowen Has Lowered Expectations for NextDecade (NASDAQ:NEXT) Stock Price

NextDecade (NASDAQ:NEXT) had its price target dropped by stock analysts at TD Cowen from $7.00 to $6.00 in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s price target would indicate a potential upside of 1.18% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley cut their target price 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. Capital One Financial assumed coverage on shares of NextDecade in a research report on Friday, February 6th. They set an “overweight” rating and a $7.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NextDecade in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $6.67.

NextDecade Price Performance

NEXT stock opened at $5.93 on Thursday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 0.64 and a current ratio of 0.54. The firm has a 50 day moving average price of $5.26 and a 200-day moving average price of $6.36. NextDecade has a 52-week low of $4.75 and a 52-week high of $12.12. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -5.07 and a beta of 2.02.

NextDecade (NASDAQ:NEXT) last posted its quarterly earnings results on Friday, February 27th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.20). Equities research analysts forecast that NextDecade will post -0.61 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Aerospace Co. Ltd. Hanwha bought 851,971 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The shares were bought at an average price of $5.83 per share, for a total transaction of $4,966,990.93. Following the completion of the acquisition, the insider owned 25,620,222 shares of the company’s stock, valued at $149,365,894.26. This trade represents a 3.44% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have purchased a total of 2,735,627 shares of company stock worth $16,078,438 in the last 90 days. 1.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NextDecade

A number of hedge funds have recently added to or reduced their stakes in NEXT. Alliancebernstein L.P. raised its stake in NextDecade by 1.5% during the 3rd quarter. Alliancebernstein L.P. now owns 122,020 shares of the company’s stock worth $829,000 after acquiring an additional 1,800 shares during the period. Comerica Bank lifted its stake in NextDecade by 88.0% in the 1st quarter. Comerica Bank now owns 4,060 shares of the company’s stock worth $32,000 after purchasing an additional 1,900 shares in the last quarter. Steward Partners Investment Advisory LLC increased its holdings in shares of NextDecade by 27.5% in the second quarter. Steward Partners Investment Advisory LLC now owns 9,061 shares of the company’s stock worth $81,000 after purchasing an additional 1,956 shares during the last quarter. AlphaQuest LLC increased its holdings in shares of NextDecade by 102.2% in the second quarter. AlphaQuest LLC now owns 3,961 shares of the company’s stock worth $35,000 after purchasing an additional 2,002 shares during the last quarter. Finally, Inscription Capital LLC lifted its position in shares of NextDecade by 16.0% in the fourth quarter. Inscription Capital LLC now owns 15,739 shares of the company’s stock worth $83,000 after buying an additional 2,172 shares in the last quarter. 66.74% of the stock is currently owned by hedge funds and other 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.