NextDecade surges after 20-yr LNG supply deal with Aramco subsidiary

Shares of liquefied natural gas producer NextDecade NEXT.O surge as much as 26.8% to $7.58 on Tues after inking 20-yr supply deal with subsidiary of Saudi Aramco 2222.SE

NEXT shares last up 7.2% at $6.41 in afternoon trading and on course for second straight day of gains

Houston, Texas-based firm, which sports France's TotalEnergies TTEF.PA as its top investor, said Aramco subsidiary will buy 1.2 mln tonnes per annum of LNG from its Rio Grande Train 4 facility

The agreement is subject to a positive financial investment decision (FID)

TotalEnergies owns ~44.9 mln NEXT shares, for ~17.2% stake, per LSEG data

With move on Tues, NEXT shares still down ~16% YTD. Stock closed at $5.60 a year ago

Of 4 analysts covering NEXT, 1 rates stock "strong buy", 2 rate "buy" and the other has "hold" recommendation and their median PT is $9.50, per LSEG data