NextDecade (NASDAQ:NEXT) Stock Price Up 6.8% on Better-Than-Expected Earnings

Shares of NextDecade Corporation (NASDAQ:NEXT) rose 6.8% during mid-day trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $8.42 and last traded at $8.3650. Approximately 2,063,900 shares changed hands during trading, a decline of 51% from the average daily volume of 4,177,124 shares. The stock had previously closed at $7.83.

The company reported ($0.51) EPS for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.15.

Wall Street Analysts Forecast Growth

NEXT has been the topic of a number of recent research reports. Capital One Financial initiated coverage on shares of NextDecade in a research report on Friday, February 6th. They set an “overweight” rating and a $7.00 price target on the stock. Weiss Ratings raised shares of NextDecade from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, April 27th. TD Cowen lowered their price target on shares of NextDecade from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Thursday, March 5th. Finally, Morgan Stanley raised their price target on shares of NextDecade from $7.00 to $8.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 21st. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $7.00.

Insider Buying and Selling

In other news, Director Pamela K.M. Beall bought 71,500 shares of the firm’s stock in a transaction on Monday, March 23rd. The shares were purchased at an average cost of $7.07 per share, with a total value of $505,505.00. Following the acquisition, the director directly owned 71,500 shares in the company, valued at $505,505. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NextDecade

Several hedge funds have recently bought and sold shares of NEXT. Man Investment Partners US LP bought a new position in NextDecade in the 4th quarter valued at about $48,879,000. Adage Capital Partners GP L.L.C. increased its holdings in NextDecade by 520.0% in the 2nd 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 period. Wolf Hill Capital Management LP increased its holdings in NextDecade by 25.9% in the 4th quarter. Wolf Hill Capital Management LP now owns 3,698,857 shares of the company’s stock valued at $19,493,000 after buying an additional 761,299 shares during the period. Goldman Sachs Group Inc. increased its holdings in NextDecade by 77.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,676,336 shares of the company’s stock valued at $8,834,000 after buying an additional 732,550 shares during the period. Finally, Qube Research & Technologies Ltd bought a new position in NextDecade in the 3rd quarter valued at about $4,935,000. 66.74% of the stock is owned by institutional investors.

NextDecade Trading Up 6.8%

The company has a debt-to-equity ratio of 3.70, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market capitalization of $2.22 billion, a P/E ratio of -6.24 and a beta of 1.65. The firm’s fifty day simple moving average is $6.85 and its 200 day simple moving average is $6.02.

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.