Nextdecade (NASDAQ:NEXT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Saturday.
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 analysts have also commented on the stock. Credit Suisse Group started coverage on shares of Nextdecade in a research report on Thursday, October 11th. They issued a “neutral” rating and a $6.00 price objective on the stock. Bank of America lowered shares of Nextdecade from a “buy” rating to a “neutral” rating and set a $6.00 price objective on the stock. in a research report on Friday, September 7th. Wolfe Research began coverage on shares of Nextdecade in a research report on Tuesday, November 13th. They issued an “underperform” rating on the stock. ValuEngine upgraded shares of Nextdecade from a “sell” rating to a “hold” rating in a research note on Friday, September 7th. Finally, Cowen downgraded shares of Nextdecade from an “outperform” rating to a “market perform” rating in a research note on Wednesday, September 26th. Two analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $6.90.
Institutional investors and hedge funds have recently bought and sold shares of the company. California Public Employees Retirement System purchased a new position in shares of Nextdecade in the second quarter worth about $137,000. Bank of New York Mellon Corp purchased a new position in shares of Nextdecade in the second quarter worth about $160,000. Schwab Charles Investment Management Inc. increased its stake in shares of Nextdecade by 44.4% in the second 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. Northern Trust Corp increased its stake in shares of Nextdecade by 434.9% in the second quarter. Northern Trust Corp now owns 85,450 shares of the company’s stock worth $585,000 after purchasing an additional 69,474 shares in the last quarter. Finally, Verition Fund Management LLC increased its stake in shares of Nextdecade by 422.8% in the third quarter. Verition Fund Management LLC now owns 135,919 shares of the company’s stock worth $768,000 after purchasing an additional 109,919 shares in the last quarter. Hedge funds and other institutional investors own 87.22% of the company’s stock.
Nextdecade Company Profile
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.
Featured Story: Return on Investment (ROI)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Nextdecade Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nextdecade and related companies with MarketBeat.com's FREE daily email newsletter.