NextDecade (NASDAQ:NEXT) Issues 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) issued 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 Trading Down 2.3%

Shares of NASDAQ NEXT traded down $0.26 during midday trading on Friday, hitting $11.10. The company's stock had a trading volume of 2,407,416 shares, compared to its average volume of 2,906,261. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 2.64. The business's 50 day moving average is $9.40 and its two-hundred day moving average is $8.34. NextDecade has a 12-month low of $4.27 and a 12-month high of $12.12. The firm has a market cap of $2.90 billion, a P/E ratio of -16.32 and a beta of 1.22.

Institutional Investors Weigh In On NextDecade

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. TD Cowen upgraded NextDecade from a "hold" rating to a "buy" rating and set a $11.00 price objective on the stock in a research report on Tuesday, June 24th. Seaport Res Ptn upgraded NextDecade to a "strong-buy" rating in a research report on Friday, July 25th. Morgan Stanley restated an "overweight" rating and set a $15.00 price objective (up from $10.00) on shares of NextDecade in a research report on Friday, July 11th. Finally, Cowen upgraded NextDecade from a "hold" rating to a "buy" rating in a research report on Tuesday, June 24th.

About NextDecade

NextDecade Corp. is a development company.

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