NextDecade Corporation, listed on NASDAQ under the symbol NEXT, has garnered a consensus rating of “Hold” from six analysts, according to MarketBeat. The assessment reflects a mixed outlook, with one analyst recommending a sell, four issuing hold ratings, and one advocating for a strong buy. The average 12-month price target set by brokerages covering NextDecade is currently $8.50.
Several research firms have recently updated their ratings on the company. On September 8, 2023, Zacks Research upgraded NextDecade from a “strong sell” to a “hold” rating. Following that, on September 12, Morgan Stanley reaffirmed an “equal weight” rating while adjusting its price objective from $15.00 to $10.00. Subsequently, on October 23, TD Cowen lowered its price target from $8.00 to $7.00, maintaining a hold rating. Additionally, Weiss Ratings reiterated a “sell (e+)” rating on December 22, and on September 15, Cowen altered its recommendation from a “buy” to a “hold” rating.
Institutional Investor Activity
A number of institutional investors have recently adjusted their stakes in NextDecade. Tudor Investment Corp ET AL significantly increased its holdings by 262.8% during the third quarter, now owning 912,589 shares valued at approximately $6.2 million following the acquisition of an additional 661,028 shares. Cambria Investment Management L.P. raised its stake by 25.0%, acquiring 59,638 shares worth about $405,000.
Other notable investments include CIBC Bancorp USA Inc., which purchased a new stake valued at around $97,000, and Caxton Associates LLP, which acquired a position worth approximately $92,000. Dark Forest Capital Management LP also entered the market with a new investment valued at about $1.28 million. Currently, institutional investors own 66.74% of NextDecade’s stock.
Current Stock Performance and Financial Results
As of Tuesday, shares of NextDecade opened at $5.38. The company’s financial ratios indicate a current ratio of 0.64, a quick ratio of 0.64, and a debt-to-equity ratio of 3.34. The 50-day moving average price stands at $5.83, while the 200-day moving average is $7.94. NextDecade has a market capitalization of $1.42 billion, a price-to-earnings ratio of -7.37, and a beta of 1.90. Over the past year, the stock has seen a low of $4.99 and a high of $12.12.
NextDecade announced its quarterly earnings on October 30, 2023, reporting earnings per share (EPS) of (-$0.42). This result fell short of analysts’ consensus estimates of (-$0.32) by $0.10. Analysts project that NextDecade will post an EPS of (-$0.61) for the current year.
NextDecade Corporation is based in Houston, Texas, and focuses on liquefied natural gas (LNG) and decarbonization initiatives. The company is committed to developing large-scale LNG export facilities while integrating carbon capture and sequestration technologies aimed at reducing greenhouse gas emissions. Their flagship project, Rio Grande LNG, is strategically located at the Port of Brownsville in southern Texas, positioning NextDecade to leverage abundant U.S. natural gas supplies to meet the growing global demand for low-carbon energy solutions.
