NextDecade (NASDAQ:NEXT) Stock Price Down 9.3% – What’s Next?

NextDecade Corporation (NASDAQ:NEXT) dropped 9.3% during mid-day trading on Wednesday . The stock traded as low as $7.10 and last traded at $7.0050. Approximately 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.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NEXT. Weiss Ratings upgraded NextDecade from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, April 27th. Morgan Stanley upped their target price on NextDecade from $7.00 to $8.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 21st. TD Cowen dropped their price target on NextDecade from $7.00 to $6.00 and set a “hold” rating on the stock in a research note on Thursday, March 5th. Finally, Citigroup started coverage on NextDecade in a research report on Wednesday, May 13th. They set a “buy” rating and a $11.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, NextDecade currently has a consensus rating of “Hold” and a consensus price target of $8.00.

NextDecade Stock Down 9.3%

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

NextDecade (NASDAQ:NEXT) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.15. As a group, equities research analysts forecast that NextDecade Corporation will post -2.16 earnings per share for the current year.

Institutional Investors Weigh In On NextDecade

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE boosted its stake in shares of NextDecade by 22,782.4% during the 3rd quarter. US Bancorp DE now owns 3,890 shares of the company’s stock worth $26,000 after acquiring an additional 3,873 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in NextDecade by 302.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,205 shares of the company’s stock valued at $32,000 after purchasing an additional 3,161 shares in the last quarter. Comerica Bank raised its holdings in NextDecade by 88.0% during the first quarter. Comerica Bank now owns 4,060 shares of the company’s stock worth $32,000 after purchasing an additional 1,900 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in NextDecade during the second quarter worth $36,000. Finally, Aster Capital Management DIFC Ltd grew its holdings in NextDecade by 111.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 7,201 shares of the company’s stock valued at $38,000 after purchasing an additional 3,792 shares during the last quarter. 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.