NextDecade (NASDAQ:NEXT) Releases Earnings Results

Key Points

• NextDecade reported earnings of ($0.23) per share, matching analysts' expectations, but its stock dropped by 2.3% to $11.10 following the announcement.
• Institutional investors have shown increased interest, with 66.74% of the stock owned by hedge funds and investment firms, including significant increases from Comerica Bank and AQR Capital Management.
• Analysts have upgraded NextDecade's stock rating, with TD Cowen and Seaport Res Ptn giving it a "buy" and "strong-buy" rating respectively, alongside a raising of price objectives.

NextDecade (NASDAQ:NEXT - Get Free Report) announced its quarterly earnings data on Thursday. The company reported ($0.23) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.23), Zacks reports.

NextDecade Stock Performance

NASDAQ:NEXT traded down $0.07 on Wednesday, hitting $10.99. The stock had a trading volume of 4,910,505 shares, compared to its average volume of 2,158,655. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of -14.09 and a beta of 1.22. The company has a quick ratio of 0.85, a current ratio of 0.70 and a debt-to-equity ratio of 2.77. The business's 50-day simple moving average is $9.54 and its two-hundred day simple moving average is $8.37. NextDecade has a 52-week low of $4.27 and a 52-week high of $12.12.

Analysts Set New Price Targets

NEXT has been the topic of several analyst reports. Morgan Stanley reiterated an "overweight" rating and set a $15.00 price target (up from $10.00) on shares of NextDecade in a research report on Friday, July 11th. TD Cowen raised NextDecade from a "hold" rating to a "buy" rating and set a $11.00 price objective for the company in a research note on Tuesday, June 24th. Cowen raised NextDecade from a "hold" rating to a "buy" rating in a research note on Tuesday, June 24th. Finally, Seaport Res Ptn raised NextDecade to a "strong-buy" rating in a research report on Friday, July 25th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NEXT. Millennium Management LLC lifted its holdings in NextDecade by 10.1% in the 1st quarter. Millennium Management LLC now owns 1,404,770 shares of the company's stock worth $10,929,000 after purchasing an additional 128,568 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in NextDecade by 13.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 277,307 shares of the company's stock valued at $2,157,000 after buying an additional 33,941 shares during the period. AQR Capital Management LLC purchased a new stake in NextDecade during the 1st quarter valued at $386,000. Caxton Associates LLP bought a new position in NextDecade in the 1st quarter valued at $185,000. Finally, Comerica Bank grew its position in shares of NextDecade by 88.0% during the 1st quarter. Comerica Bank now owns 4,060 shares of the company's stock worth $32,000 after buying an additional 1,900 shares in the last quarter. 66.74% of the stock is owned by hedge funds and other institutional investors.

NextDecade Company Profile

NextDecade Corp. is a development company.