Shares of NextDecade (NEXT) - Get Report shot up Wednesday following the Texas LNG company's deal for a big pipeline project and an analyst upgrade of its stock.

NextDecade's stock price jumped 4.97% to $6.54 following the Texas company's announcement Wednesday that it had inked a memorandum of understanding with Enbridge (ENB) - Get Report to build a Rio Bravo Pipeline.

"Enbridge is one of North America's leading energy infrastructure companies and we look forward to exploring a strong partnership in South Texas," said Matt Schatzman, NextDecade's chairman and CEO, in a press statement.

In another boost to NextDecade's share price, ISI Evercore initiated coverage of the stock with an outperform rating. ISI Evercore analysts pointed to the Rio Bravo pipeline project as well as its plans for a massive new, LNG export facility on the Texas coast in Brownsville.

NextDecade's planned Rio Grande LNG complex will have the capacity to produce and export 27 metric tons of liquefied natural gas per year.

The company hopes to get the 984-acre project up and running by 2023.

The new Rio Bravo pipeline will pump 4.5 billion cubic feet a day of natural gas from the Agua Dulce to the giant Rio Grande LNG plant and terminal NextDecade plans to build in Brownsville.