Shares of NextDecade Corp. skyrocketed 56.0% in morning trading, putting them on track to break the record one-day gain that was set the previous session, after Evercore ISI analyst Sean Morgan turned bullish on the liquefied natural-gas (LNG) company and tripled the price target. Trading volume ballooned to 42.4 million shares, compared with the full-day average of about 1.3 million shares. The stock was headed for the highest close since January 2020. Morgan upgraded NextDecade to outperform, after being at in line for a little over a year, while boosting his stock price target to $9 from $3. That makes Morgan by far the most bullish of the eight analysts surveyed by FactSet who cover NextDecade. Morgan said the company’s recent dilutive convertible security issuance has improved its balance sheet and has taken liquidity downside risk “essentially off the table.” The stock had shot up what was then a one-day record 42.6% on Monday, after Morgan Stanley turned bullish, saying “the tides are turning” on LNG. In Tuesday’s note, Evercore’s Morgan said a “rising tide lifts all boats, and thus we are getting more bullish on LNG markets that are shifting in favor of the U.S. Gulf Coast LNG industry.” NextDecade’s stock has now leapt 122.5% in two days after the two upgrades. Morgan also upgraded Tellurian Inc. to outperform from in line, and the LNG company’s stock tacked on 5.0% on Tuesday. Over the past three months, NextDecade shares have shot up 201.6% and Tellurian’s stock has rallied 137.8%, while the S&P 500 has gained 10.5%.

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