A 10% Owner of NextDecade (NEXT) Raised Their Bet By 1.65 Million Shares

Hanwha Aerospace, a 10% Owner, acquired 1,651,971 shares of NextDecade Corporation (NASDAQ:NEXT) in multiple open-market transactions on Dec. 11, 2025, and Dec. 12, 2025, according to the SEC Form 4 filing.

Transaction summary

Transaction value based on SEC Form 4 weighted average purchase price ($5.69); post-transaction value based on Dec. 12, 2025, market close ($5.69).

Key questions

• How significant is the scale of this purchase relative to Hanwha Aerospace Co. Ltd.’s historical trading activity?
  The 1,651,971-share acquisition is the largest single transaction by Hanwha Aerospace Co. Ltd. in the past year, exceeding the prior all-event median of 767,107 shares and representing a material increase in cadence since November 2025.
• What is the post-transaction ownership structure between direct and indirect holdings?
  Following this purchase, direct holdings rose to 26,420,222 shares while indirect holdings, attributed to Hanwha Ocean LLC, remained at 17,536,369 shares, maintaining a diversified ownership profile across both buckets.
• What proportion of Hanwha Aerospace Co. Ltd.’s direct holdings was impacted by this trade?
  The purchase accounted for 6.67% of Hanwha Aerospace Co. Ltd.’s direct holdings prior to the transaction, indicating a deliberate allocation of capital into direct ownership rather than through affiliated entities.
• How does the timing align with recent share price performance and market context?
  The acquisition was executed when NextDecade shares were priced at $5.69 (weighted average), near the Dec. 12, 2025, close of $5.46, with the stock down 16.46% on a one-year basis, suggesting opportunistic accumulation amid market weakness.

Company overview

*1-year price change calculated using Dec. 12, 2025, as the reference date.

Company snapshot

• Develops and commercializes liquefied natural gas (LNG) export facilities and carbon capture and storage (CCS) projects, with primary operations focused on the Rio Grande LNG terminal in Texas.
• Engages in the development of liquefied natural gas (LNG) and CO2 capture and storage solutions for industrial clients.
• Targets global LNG buyers and industrial partners seeking decarbonization solutions, particularly those requiring reliable LNG supply and emissions management.

NextDecade Corporation is an energy infrastructure developer specializing in LNG export and carbon capture solutions. The company leverages its Rio Grande LNG terminal and CCS initiatives to address growing global demand for cleaner energy and emissions reduction. Its integrated approach positions it to serve both energy and industrial markets seeking lower-carbon alternatives.

What this transaction means for investors

On Dec. 11, 2025, and Dec. 12, 2025, Hanhwa Aerospace, a company located in South Korea, boosted its direct stake in NextDecade by 1.65 million shares. In August, the aerospace company signed a memorandum of understanding with Hanhwa Energy and Korea Southern Power to advance an integrated liquified natural gas (LNG) value chain. The three Korean companies will also leverage Hanhwa Ocean's LNG carrier fleet to transport LNG from NextDecade's terminals.

The recent addition of NextDecade shares looks more like a way for Hanhwa to secure a potential source of LNG than bet on rapid stock price appreciation. NextDecade still isn't reporting any revenue. Despite the lack of sales, it racked up $180 million in operating expenses during the first nine months of 2025.

Following Hanhwa's lead and investing heavily in NextDecade stock looks extremely risky. While the company expects to produce 30 million tonnes of LNG annually from the first five trains installed at its Rio Grande facility, it doesn't expect to begin selling that supply until the early 2030s.

Glossary

Form 4: A required SEC filing disclosing insider transactions in a company's securities.
Insider: An individual or entity with access to non-public company information, often including executives, directors, or large shareholders.
Open-market transaction: A purchase or sale of securities on a public exchange, not through private negotiation.
Direct ownership: Shares held and controlled directly by an individual or entity, not through intermediaries.
Indirect holdings: Shares owned via another entity, such as a subsidiary or affiliate, rather than directly.
Portfolio rebalancing: Adjusting the composition of investment holdings to maintain a desired allocation or risk profile.
Weighted average purchase price: The average price paid per share, calculated by weighting each purchase by the number of shares bought.
Cadence: The frequency or pattern of transactions or activity over a period.
Affiliated entities: Organizations related through ownership or control, such as subsidiaries or parent companies.
Carbon capture and storage (CCS): Technology to capture and store carbon dioxide emissions, preventing their release into the atmosphere.
Liquefied natural gas (LNG): Natural gas cooled to a liquid state for easier storage and transport.
TTM: The 12-month period ending with the most recent quarterly report.

Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.