Nextdecade (NASDAQ:NEXT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “NextDecade Corporation is a development and management company of land-based and floating LNG projects primarily in the global integrated natural gas industry. It principally focuses on a land-based project on the U.S. Gulf Coast called Rio Grande LNG in Brownsville, Texas. NextDecade Corporation is based in The Woodlands, United States. “
Several other equities research analysts have also commented on NEXT. Credit Suisse Group assumed coverage on shares of Nextdecade in a report on Thursday, October 11th. They issued a “neutral” rating and a $6.00 price target for the company. Wolfe Research assumed coverage on shares of Nextdecade in a research report on Tuesday, November 13th. They set an “underperform” rating on the stock. Two research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Nextdecade currently has an average rating of “Hold” and an average target price of $6.90.
NASDAQ:NEXT opened at $3.47 on Wednesday. Nextdecade has a 1-year low of $3.43 and a 1-year high of $7.53.
A number of institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers acquired a new stake in Nextdecade in the fourth quarter valued at $70,000. Schwab Charles Investment Management Inc. increased its position in Nextdecade by 44.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 55,799 shares of the company’s stock worth $382,000 after purchasing an additional 17,151 shares in the last quarter. California Public Employees Retirement System acquired a new stake in Nextdecade in the 2nd quarter worth about $137,000. Bank of New York Mellon Corp acquired a new stake in Nextdecade in the 2nd quarter worth about $160,000. Finally, Northern Trust Corp boosted its stake in Nextdecade by 434.9% in the 2nd quarter. Northern Trust Corp now owns 85,450 shares of the company’s stock worth $585,000 after buying an additional 69,474 shares during the last quarter. 87.27% of the stock is owned by institutional investors.
NextDecade Corporation, a liquefied natural gas (LNG) development company, engages in the development of LNG export projects and associated pipelines in the State of Texas. It intends to develop a portfolio of LNG projects, including Rio Grande LNG export facility, which has a liquefaction capacity of 27 million tons of LNG per annum located in Brownsville, Texas; and the 4.5 Bcf/d Rio Bravo Pipeline that transports natural gas from the Agua Dulce supply area to Rio Grande LNG.
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