Nextdecade Corp (NASDAQ: NEXT) has surged 85.96% in last 5 trading sessions. The average daily range of the company in recent times has been $4.60 – $4.97, and its market capitalization is $565.96 million. This development and management company focuses primarily on floating LNG and land-based projects. Yesterday, the stock doubled twice after analysts’ bullish call. The stock lost 21.40% in yesterday’s trading session.
Analysts’ bullish call sends NEXT skyrocketing
Sean Morgan, Evercore ISI analyst, is to be credited for the bullish flavor he added to this LNG company. Meanwhile, he also tripled the price target. This is evident from the trading volume, which swelled as much as 42.4 million shares compared to 1.3 million shares, which is its full-day average. Yesterday, this stock inched closer to its higher close since the beginning of the previous year.
NEXT has been upgraded to “Outperform”, while its price target is $9, up from the previous $3. The eight analysts who are covering this stock do not share the same thoughts, however. Sean Morgan has the most bullish perspective.
The tides are turning
In context with the LNG company, Morgan Stanley said so, and rising tides seem to be lifting all boats here. Considering the previous quarter, the shares have ballooned 201.6%. So something is cooking for NEXT.
What’s next for NEXT?
From here, the company appears to power through in the forward direction. The Rio Grande project is a testimony of this fact. Add to it; the LNG market conditions seem to be getting better. NEXT can generate a huge amount of cash flow with the aforesaid project once it goes into the completion stage. There’s this upside, and the stock still has more room to take a run. This goes especially if the company signs just enough of the purchase agreements and sanctions this project.