NextDecade (NEXT)
Developer of the five-train Rio Grande LNG export facility and additional expansion capacity.
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Develops the Rio Grande LNG export facility in South Texas, pairing long-term LNG contracts with fixed liquefaction fees and variable charges tied to gas and fuel costs. Five trains are under construction, while cash flows depend on Bechtel-led delivery, project-joint-venture distributions, and federal approvals.
Builds the Rio Grande LNG export facility near Brownsville, Texas, with Phase 1, Train 4, and Train 5 under construction and further liquefaction capacity in development. Long-term sales agreements pair fixed liquefaction fees with variable charges covering gas, fuel, and sourcing costs; excess volumes can be sold under shorter-term arrangements.
Execution centers on Bechtel-led construction and commissioning, with recent updates reporting the initial phase ahead of schedule and within budget. A potential carbon capture project remains exploratory. Project joint ventures govern cash distributions, which vary by train and partner return thresholds. Expansion requires further financing and permits, while construction and LNG exports remain subject to FERC, Energy Department, environmental, and court review.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 15, 2026 | Goldman Sachs | Initiate | Rating: —Target: — | Target: $8.50 |
| Feb 24, 2026 | Morgan Stanley | Reiterate | Rating: —Target: — | Target: $7 |
| Feb 6, 2026 | Capital One Financial | Target | Target: — | Target: $7 |
| Sep 15, 2025 | TD Cowen | Downgrade | ||
| Sep 12, 2025 | Morgan Stanley | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $83.7M · Total debt $10.54B · Total assets $15.21B · Shareholders' equity −$57.3M
- Revenue
- $0
- Operating income
- −$54.6M
- Net income
- −$65.4M
No dividends on record.
| Institutions | ≈ 40.96% | 109.04M shares | |
|---|---|---|---|
| 238 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 1.79% | 4.77M shares | |
| 15 holders · as of Sep 11, 2026 | |||
| Strategic holders | 16.19% | 43.09M shares | |
| 2 holders · as of Dec 15, 2025 | |||
| Other | ≈ 41.06% | 109.29M shares | |
| remainder | |||
266.19M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Hanwha Aerospace Co., Ltd.Strategic10 percent owner | 9.93% | 26.42M | filed Dec 15, 2025 |
BlackRock, Inc.Institution | 8.95% | 23.82M | as of Jun 30, 2026 |
BlackRock, Inc.Strategic | 6.26% | 16.67M | filed Jan 29, 2024 |
Mubadala Investment Co PJSCInstitution | 5.34% | 14.21M | as of Jun 30, 2026 |
Bardin Hill Investment Partners LPInstitution | 3.48% | 9.27M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 23, 2026 | Pamela K.M. Beall | director | +71,500 | $7.07 |
| Dec 11, 2025 | Hanwha Aerospace Co., Ltd. | 10 percent owner | +851,971 | $5.83 |
| Dec 12, 2025 | Hanwha Aerospace Co., Ltd. | 10 percent owner | +800,000 | $5.54 |
| Dec 8, 2025 | Hanwha Aerospace Co., Ltd. | 10 percent owner | +39,467 | $6.26 |
| Dec 9, 2025 | Hanwha Aerospace Co., Ltd. | 10 percent owner | +293,131 | $6.36 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NextDecade | $6.86 | −2.23% | $1.87B | — | — | — | — |
| Cheniere Energy | $276.37 | +0.51% | $57.62B | 20.5 | 15.7 | 2.6 | +23.5% |
| Venture Global | $13.31 | −2.60% | $33.36B | 10.7 | 8.6 | 2.0 | +47.6% |
| Sempra | $81.37 | +0.21% | $53.09B | 23.5 | 15.7 | 3.9 | −0.1% |
| Woodside Energy Group (ADR) | $22.48 | −1.03% | $43.05B | 14.1 | — | 3.1 | +13.2% |
| Energy Transfer | $20.92 | +0.07% | $71.92B | 13.0 | 12.8 | 0.7 | +78.4% |
| Median | 14.1 | 14.2 | 2.6 | +23.5% |