NextDecade (NASDAQ:NEXT) Stock Jumps 9.9% After Better-Than-Expected Earnings

Key Points

• NextDecade shares jumped 9.9% to approximately $7.16 after the company reported quarterly earnings of $0.54 per share, far exceeding the consensus estimate of a $0.71 loss.
• Analyst sentiment remains mixed: the stock has a consensus rating of “Hold” and an average price target of $8.10, with ratings ranging from Strong Buy to Sell.
• NextDecade is developing the Rio Grande LNG export facility in Texas, while institutional investors and hedge funds hold approximately 66.74% of the company’s shares.

NextDecade Corporation (NASDAQ:NEXT - Get Free Report)'s share price shot up 9.9% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $7.21 and last traded at $7.1560. Approximately 727,397 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 3,327,715 shares. The stock had previously closed at $6.51.

The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of ($0.71) by $1.25.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on NEXT shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of NextDecade in a research note on Thursday, October 22nd. Wall Street Zen downgraded NextDecade from a "sell" rating to a "strong sell" rating in a report on Saturday, October 24th. Finally, The Goldman Sachs Group started coverage on NextDecade in a report on Wednesday, July 15th. They set a "neutral" rating and a $8.50 price objective on the stock. One 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 assigned a Sell rating to the company. According to data from MarketBeat, NextDecade has a consensus rating of "Hold" and a consensus price target of $8.10.

Institutional Investors Weigh In On NextDecade

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Nykredit A S acquired a new stake in shares of NextDecade during the second quarter valued at approximately $25,000. EverSource Wealth Advisors LLC grew its holdings in shares of NextDecade by 302.8% during the first quarter. EverSource Wealth Advisors LLC now owns 4,205 shares of the company's stock valued at $32,000 after buying an additional 3,161 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of NextDecade by 112.5% during the second quarter. NewEdge Advisors LLC now owns 5,327 shares of the company's stock valued at $40,000 after buying an additional 2,820 shares in the last quarter. PNC Financial Services Group Inc. raised its position in NextDecade by 153.9% during the first quarter. PNC Financial Services Group Inc. now owns 5,602 shares of the company's stock valued at $43,000 after buying an additional 3,396 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in NextDecade during the 2nd quarter worth about $50,000. 66.74% of the stock is owned by institutional investors and hedge funds.

NextDecade Stock Up 10.0%

The company has a market cap of $1.91 billion, a price-to-earnings ratio of -5.28 and a beta of 1.53. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 3.70. The business has a fifty day moving average price of $6.84 and a two-hundred day moving average price of $6.91.

About NextDecade

NextDecade Corporation is an energy company focused on developing liquefied natural gas (LNG) infrastructure and related carbon-management solutions. The company's principal project is Rio Grande LNG, an LNG export facility located near Brownsville, Texas, on the U.S. Gulf Coast.

Rio Grande LNG is designed to receive natural gas, process it into LNG, and export the product by ship to customers in international markets. The project is being developed in multiple phases and is intended to serve energy markets in Europe, Asia and other regions seeking access to U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.