NEXT Stock Price: NextDecade Corp gains again despite a further setback in its plans for Europe

NASDAQ:NEXT added 11.36% on Friday to close the trading week.
NextDecade saw its MOU with Ireland expire at the end of 2020, with on plans to renew.
Greenhouse gas concerns were the main issue that caused the agreement to break down.

Stocks Reporter FXStreet

NASDAQ:NEXT had a difficult 2020, as the liquid natural gas (or LNG) firm returned a forgettable -54.55% over the past 52-weeks to investors. That figure lags the benchmark S&P 500 index by nearly 67% over that same time period and illustrates just how much the energy industry has been beaten down during the COVID-19 pandemic. The spike in price on Friday put NextDecade above both its 50-day and 200-day moving averages, but it remains nearly 58% off of its 52-week high price of $5.83.

The catalyst for the expiration of the Memorandum of Understanding between the Irish government and NextDecade revolves around the introduction of the new coalition including the Green Party which is not in favor of LNG terminals that imported gas that has been fracked in the United States. As a result of the party’s emphasis on climate action and the elimination of greenhouse gasses, it has been reported that the Irish government no longer wishes to renegotiate the Memorandum of Understanding (MOU) with NextDecade.

Nextdecade Corp (NEXT) price news

Despite this, NextDecade is still in negotiations with other European countries to provide LNG via their Rio Grande LNG processing location in Texas. NextDecade is working on getting its LNG to target carbon neutrality in anticipation of abiding with Europe's ambitions to be carbon-neutral in the next thirty years. NextDecade is aiming to provide its customers with the lowest greenhouse gas intensity from its LNG resources in the world.

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Stocks Reporter

FXStreet

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