NEXTDECADE CORP NEXT
COM · Common Stock · CUSIP 65342K105 · ISIN US65342K1051
- SectorUtilities
- IndustryNatural Gas Transmisison & Distribution
- HeadquartersHouston, TX
- Websitenext-decade.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($114.3k this quarter). Holder counts are more reliable. Shares outstanding: 266.2m as of 2026-07-24, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $7.54. Options: 18 managers hold calls ($135.0m notional), 14 hold puts ($31.7m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 90 |
| Q4 2022 | 93 |
| Q1 2023 | 107 |
| Q2 2023 | 109 |
| Q3 2023 | 118 |
| Q4 2023 | 113 |
| Q1 2024 | 120 |
| Q2 2024 | 141 |
| Q3 2024 | 145 |
| Q4 2024 | 166 |
| Q1 2025 | 185 |
| Q2 2025 | 180 |
| Q3 2025 | 194 |
| Q4 2025 | 186 |
| Q1 2026 | 207 |
| Q2 2026 | 211 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 79 | 74 |
| Q4 2024 | 104 | 53 |
| Q1 2025 | 114 | 67 |
| Q2 2025 | 93 | 86 |
| Q3 2025 | 100 | 90 |
| Q4 2025 | 103 | 91 |
| Q1 2026 | 138 | 77 |
| Q2 2026 | 131 | 82 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $30.5m | $15.0m | 0.49 |
| Q4 2025 | $57.4m | $13.2m | 0.23 |
| Q1 2026 | $141.1m | $52.1m | 0.37 |
| Q2 2026 | $135.0m | $31.7m | 0.23 |
Biggest buyers
| Kestra Advisory Services, LLC | New | +1.5m |
| JPMORGAN CHASE & CO | Added | +1.2m |
| Yaupon Capital Management LP | New | +1.0m |
| BlackRock, Inc. | Added | +857.4k |
| HRT FINANCIAL LP | Added | +850.1k |
| AQR CAPITAL MANAGEMENT LLC | Added | +732.3k |
| Freshford Capital Management, LLC | Added | +629.8k |
| JANE STREET GROUP, LLC | New | +372.2k |
| Man Group plc | Added | +314.1k |
| MORGAN STANLEY | Added | +253.7k |
Biggest sellers
| CITIGROUP INC | Reduced | -1.8m |
| Wolf Hill Capital Management, LP | Reduced | -1.4m |
| Ripple Effect Asset Management LP | Sold out | -1.3m |
| TUDOR INVESTMENT CORP ET AL | Reduced | -1.1m |
| GOLDMAN SACHS GROUP INC | Reduced | -850.6k |
| Balyasny Asset Management L.P. | Reduced | -613.2k |
| CITADEL ADVISORS LLC | Reduced | -520.1k |
| Point72 Asset Management, L.P. | Sold out | -456.8k |
| Jump Financial, LLC | Sold out | -399.1k |
| NEOS Investment Management LLC | Reduced | -384.4k |
Biggest calls
| CITADEL ADVISORS LLC | Added | $34.5m4.6m shares |
| JANE STREET GROUP, LLC | Added | $21.8m2.9m shares |
| Balyasny Asset Management L.P. | Added | $15.1m2.0m shares |
| IMC-Chicago, LLC | Added | $9.9m1.3m shares |
| PEAK6 LLC | Reduced | $9.8m1.3m shares |
| Caption Management, LLC | Added | $9.5m1.3m shares |
| SIMPLEX TRADING, LLC | Added | $8.4m1.1m shares |
| GROUP ONE TRADING LLC | Reduced | $8.3m1.1m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $7.6m1.0m shares |
| NOMURA HOLDINGS INC | Unchanged | $3.8m500.0k shares |
Biggest puts
| JANE STREET GROUP, LLC | Reduced | $6.5m861.3k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $4.4m589.5k shares |
| GROUP ONE TRADING LLC | Reduced | $4.2m554.5k shares |
| CITADEL ADVISORS LLC | Added | $3.4m452.5k shares |
| IMC-Chicago, LLC | Added | $3.4m451.9k shares |
| Caption Management, LLC | Unchanged | $3.2m423.0k shares |
| SIMPLEX TRADING, LLC | Added | $1.7m224.1k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $1.5m200.0k shares |
| Walleye Capital LLC | Reduced | $832.4k110.4k shares |
| TUDOR INVESTMENT CORP ET AL | Reduced | $754.0k100.0k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
HGC Next Inv LLC
13D · may seek influence
+0.9 pts · filed 2025-12-11
Stated purposeItem 4 of this Schedule 13D is hereby supplemented by the following: The information in Item 3 of this Schedule 13D is incorporated herein by reference. Full filing |
9.7% |
GAP Holdings GP, LLC
13D · may seek influence
-0.1 pts · filed 2026-06-10
Stated purposeThe Reporting Persons extended the Convertible Loans and acquired the Warrants reported herein for investment purposes. Consistent with such purposes, the Reporting Persons may engage in communications with, without limitation, one or more shareholders of the Company, management of the Company, one or more members of the board of directors of the Company, and may make suggestions concerning the Company's operations, prospects, business and financial strategies, strategic transactions, assets and liabilities, business and financing alternatives, the composition of the board of directors of the Company and such other matters as the Reporting Persons may deem relevant to their investment in the common stock. The Reporting Persons expect that they will, from time to time, review their investme… Full filing |
5.9% |
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 3 | $6.4m | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
| Q1 2026 | 1 | $505.5k | 0 | — | — |
| Q2 2026 | 0 | — | 0 | — | — |
| Q3 2026 | 0 | — | 0 | — | — |
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.00% of their portfolio | 23.8m $179.6m | Added +857.4k |
| Mubadala Investment Co PJSC 0.31% of their portfolio | 14.2m $107.1m | Unchanged |
| Man Investment Partners (US) LP 19.46% of their portfolio | 9.3m $69.9m | Unchanged |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 5.5m $41.7m | Reduced -375.8k |
| Catalyst Capital Advisors LLC 0.65% of their portfolio | 5.2m $39.3m | Unchanged |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 4.3m $32.1m | Added +229.8k |
| STATE STREET CORP 0.00% of their portfolio | 3.8m $28.6m | Added +251.2k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 2.5m $18.7m | Added +40.7k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 2.3m $17.0m | Reduced -299.5k |
| NEOS Investment Management LLC 0.06% of their portfolio | 2.2m $16.3m | Reduced -384.4k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.05% of their portfolio | 2.1m $16.1m | Added +231.8k |
| Balyasny Asset Management L.P. 0.03% of their portfolio | 1.9m $14.5m | Reduced -613.2k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.9m $14.4m | Added +36.6k |
| Kestra Advisory Services, LLC 0.04% of their portfolio | 1.5m $11.0m | New |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.01% of their portfolio | 1.5m $11.0m | Reduced -151.3k |
| WESTWOOD HOLDINGS GROUP INC 0.08% of their portfolio | 1.4m $10.7m | Added +46.4k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 1.3m $10.0m | Added +1.2m |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.3m $10.1m | Added +57.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 1.2m $9.3m | Added +13.6k |
| Freshford Capital Management, LLC 3.05% of their portfolio | 1.2m $8.9m | Added +629.8k |
| Yaupon Capital Management LP 0.25% of their portfolio | 1.0m $7.6m | New |
| HRT FINANCIAL LP 0.02% of their portfolio | 975.3k $7.4m | Added +850.1k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 937.5k $7.1m | Reduced -87.0k |
| MORGAN STANLEY 0.00% of their portfolio | 909.1k $6.9m | Added +253.7k |
| SL ADVISORS, LLC 10.89% of their portfolio | 825.4k $6.2m | Reduced -161.6k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 816.6k $6.2m | Added +732.3k |
| Nuveen, LLC 0.00% of their portfolio | 765.2k $5.8m | Reduced -20.2k |
| Sourcerock Group LLC 0.21% of their portfolio | 538.2k $4.1m | Reduced -52.9k |
| VIKING FUND MANAGEMENT LLC 0.34% of their portfolio | 500.0k $3.8m | Added +50.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 479.2k $3.6m | Added +61.4k |
| Pacer Advisors, Inc. 0.01% of their portfolio | 458.5k $3.5m | Added +41.5k |
| LPL Financial LLC 0.00% of their portfolio | 398.1k $3.0m | Reduced -2.7k |
| UBS Group AG 0.00% of their portfolio | 386.4k $2.9m | Added +56.7k |
| Man Group plc 0.01% of their portfolio | 384.0k $2.9m | Added +314.1k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 379.3k $2.9m | Reduced -850.6k |
| Empowered Funds, LLC 0.02% of their portfolio | 378.3k $2.9m | Added +22.0k |
| Wolf Hill Capital Management, LP 0.27% of their portfolio | 374.9k $2.8m | Reduced -1.4m |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 372.2k $2.8m | New |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ 0.01% of their portfolio | 370.8k $2.8m | Reduced -273.6k |
| ALPS ADVISORS INC 0.01% of their portfolio | 358.5k $2.7m | Reduced -9.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 327.5k $2.5m | Added +34.8k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 308.0k $2.3m | Added +123.7k |
| Swiss National Bank 0.00% of their portfolio | 292.4k $2.2m | Added +59.9k |
| ELCO Management Co., LLC 0.81% of their portfolio | 248.3k $1.9m | Added +20.0k |
| Zimmer Partners, LP 0.04% of their portfolio | 228.5k $1.7m | Added +16.0k |
| Quantinno Capital Management LP 0.00% of their portfolio | 226.7k $1.7m | Added +31.5k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 218.5k $1.6m | Added +17.2k |
| Squarepoint Ops LLC 0.00% of their portfolio | 208.6k $1.6m | Added +144.0k |
| Quadrature Capital Ltd 0.01% of their portfolio | 200.4k $1.5m | Added +88.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 198.5k $1.5m | Added +27.8k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 187.6k $1.4m | Unchanged |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 179.6k $1.4m | Reduced -59.7k |
| Invesco Ltd. 0.00% of their portfolio | 175.8k $1.3m | Added +88.7k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 173.8k $1.3m | Added +8.0k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 173.3k $1.3m | Added +37.9k |
| Walleye Trading LLC 0.02% of their portfolio | 172.6k $1.3m | Reduced -41.3k |
| ExodusPoint Capital Management, LP 0.01% of their portfolio | 168.9k $1.3m | Added +11.0k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 167.5k $1.3m | Added +55.0k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 165.7k $1.2m | Added +80.9k |
| Caption Management, LLC 0.04% of their portfolio | 153.9k $1.2m | Reduced -338.0k |
| VARCOV Co. 0.40% of their portfolio | 138.5k $1.0m | Added +91.6k |
| Schonfeld Strategic Advisors LLC 0.01% of their portfolio | 138.5k $1.0m | Added +71.3k |
| PRELUDE CAPITAL MANAGEMENT, LLC 0.06% of their portfolio | 116.3k $876.9k | Added +57.8k |
| Headlands Technologies LLC 0.09% of their portfolio | 115.8k $873.0k | Added +67.9k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.02% of their portfolio | 115.5k $871.1k | Reduced -19.2k |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 112.9k $842.6k | Added +44.1k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 109.5k $825.5k | Reduced -215.8k |
| CASTLEARK MANAGEMENT LLC 0.02% of their portfolio | 106.2k $801.1k | Unchanged |
| Hara Capital LLC 0.42% of their portfolio | 105.7k $797.2k | Unchanged |
| MetLife Investment Management, LLC 0.00% of their portfolio | 104.5k $788.1k | Added +8.7k |
| MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio | 102.9k $776.2k | Added +24.7k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 102.9k $776.2k | Added +26.8k |
| Treasurer of the State of North Carolina 0.00% of their portfolio | 102.5k $773.0k | New |
| SEI INVESTMENTS CO 0.00% of their portfolio | 95.9k $723.0k | Reduced -50.7k |
| Mariner, LLC 0.00% of their portfolio | 91.6k $690.0k | New |
| CITIGROUP INC 0.00% of their portfolio | 90.1k $679.5k | Reduced -1.8m |
| O'Brien Greene & Co. Inc 0.18% of their portfolio | 88.0k $663.3k | New |
| Legal & General Group Plc 0.00% of their portfolio | 78.4k $591.2k | Added +870 |
| Creative Planning 0.00% of their portfolio | 74.1k $558.5k | Added +30.2k |
| BRIDGER MANAGEMENT, LLC 0.34% of their portfolio | 67.8k $511.5k | Unchanged |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 67.2k $506.7k | Reduced -520.1k |
| Bleakley Financial Group, LLC 0.01% of their portfolio | 66.8k $503.4k | Added +3.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 66.3k $499.6k | Reduced -11.7k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 63.6k $479.9k | Added +46.2k |
| Cannell & Spears LLC 0.01% of their portfolio | 62.0k $467.5k | Added +6.0k |
| CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio | 60.8k $458.1k | Added +11.0k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 56.9k $429.0k | Reduced -162.1k |
| Blackstone Inc. 0.00% of their portfolio | 56.8k $428.1k | Reduced -2.6k |
| Jupiter Topco LLC 0.00% of their portfolio | 56.2k $423.5k | First filing |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 56.2k $423.9k | Reduced -3.6k |
| HOURGLASS CAPITAL, LLC 0.08% of their portfolio | 55.8k $420.8k | Unchanged |
| Vanguard Global Advisers, LLC 0.00% of their portfolio | 54.7k $412.5k | Unchanged |
| Savant Capital, LLC 0.00% of their portfolio | 52.6k $399.7k | Added +26.1k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 49.5k $372.9k | Reduced -11.7k |
| Aquatic Capital Management LLC 0.01% of their portfolio | 47.9k $360.8k | New |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 47.4k $357.4k | Unchanged |
| MANGROVE PARTNERS IM, LLC 0.02% of their portfolio | 43.5k $327.7k | Unchanged |
| IEQ CAPITAL, LLC 0.00% of their portfolio | 42.6k $321.5k | New |
| ARIZONA STATE RETIREMENT SYSTEM 0.00% of their portfolio | 40.2k $303.2k | Added +7.8k |
| Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio | 37.5k $282.7k | New |