Zacks Investment Research Downgrades NextDecade (NASDAQ:NEXT) to Hold

NextDecade (NASDAQ:NEXT – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, Zacks.com reports.

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 the stock. Credit Suisse Group lowered shares of NextDecade from an “outperform” rating to a “neutral” rating and boosted their price target for the company from $3.00 to $7.50 in a report on Friday, April 1st. Morgan Stanley reduced their price target on shares of NextDecade from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Wednesday, February 16th. Finally, Stifel Nicolaus lowered shares of NextDecade from a “hold” rating to a “sell” rating and boosted their price target for the company from $2.00 to $4.00 in a report on Tuesday, April 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $6.40.

NextDecade stock opened at $5.30 on Friday. The stock has a market cap of $653.79 million, a price-to-earnings ratio of -19.63 and a beta of 0.45. NextDecade has a 1 year low of $1.84 and a 1 year high of $7.81. The firm has a 50-day moving average of $5.47 and a two-hundred day moving average of $3.85.

Institutional investors have recently modified their holdings of the business. Morgan Stanley boosted its holdings in shares of NextDecade by 12,069.3% in the 3rd quarter. Morgan Stanley now owns 3,759,706 shares of the company’s stock valued at $10,452,000 after acquiring an additional 3,728,811 shares during the last quarter. SCP Investment LP purchased a new stake in NextDecade during the third quarter worth $133,000. Point72 Asset Management L.P. boosted its holdings in NextDecade by 39.8% during the third quarter. Point72 Asset Management L.P. now owns 772,067 shares of the company’s stock worth $2,146,000 after buying an additional 219,867 shares in the last quarter. IndexIQ Advisors LLC boosted its holdings in NextDecade by 11.1% during the third quarter. IndexIQ Advisors LLC now owns 168,389 shares of the company’s stock worth $468,000 after buying an additional 16,867 shares in the last quarter. Finally, Bardin Hill Management Partners LP boosted its holdings in NextDecade by 0.4% during the third quarter. Bardin Hill Management Partners LP now owns 9,486,702 shares of the company’s stock worth $26,373,000 after buying an additional 36,856 shares in the last quarter. Institutional investors and hedge funds own 63.95% of the company’s stock.

NextDecade Company Profile (Get Rating)

NextDecade Corp. is a development company.

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