NextDecade (NASDAQ:NEXT) Sees Large Volume Increase – Here’s Why

Shares of NextDecade Corporation (NASDAQ:NEXT) saw an uptick in trading volume on Thursday . 6,610,070 shares traded hands during trading, an increase of 104% from the previous session’s volume of 3,241,993 shares.The stock last traded at $7.8360 and had previously closed at $6.94.

Analyst Upgrades and Downgrades

Several research firms have recently commented on NEXT. Capital One Financial started coverage on NextDecade in a research report on Friday, February 6th. They issued an “overweight” rating and a $7.00 price target for 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. TD Cowen reduced their target price on shares of NextDecade from $7.00 to $6.00 and set a “hold” rating for the company in a report on Thursday, March 5th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of NextDecade in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $6.67.

NextDecade Stock Performance

The business has a 50-day moving average price of $5.36 and a 200-day moving average price of $6.05. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 3.70. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of -6.33 and a beta of 2.02.

NextDecade (NASDAQ:NEXT) last posted its quarterly earnings data on Friday, February 27th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.20). As a group, sell-side analysts forecast that NextDecade Corporation will post -0.61 earnings per share for the current year.

Hedge Funds Weigh In On NextDecade

Several hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. raised its holdings in shares of NextDecade by 1.5% in the third quarter. Alliancebernstein L.P. now owns 122,020 shares of the company’s stock worth $829,000 after buying an additional 1,800 shares during the last quarter. Comerica Bank lifted its position in NextDecade by 88.0% during the 1st quarter. Comerica Bank now owns 4,060 shares of the company’s stock worth $32,000 after acquiring an additional 1,900 shares during the period. Steward Partners Investment Advisory LLC grew its stake in NextDecade by 27.5% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,061 shares of the company’s stock valued at $81,000 after purchasing an additional 1,956 shares during the last quarter. Inscription Capital LLC grew its stake in NextDecade by 16.0% during the 4th quarter. Inscription Capital LLC now owns 15,739 shares of the company’s stock valued at $83,000 after purchasing an additional 2,172 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in shares of NextDecade by 20.6% in the second quarter. Ameritas Investment Partners Inc. now owns 13,662 shares of the company’s stock valued at $122,000 after purchasing an additional 2,334 shares during the period. Institutional investors and hedge funds own 66.74% of the company’s stock.

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.