Equinox Gold (NYSEAMERICAN:EQX) Raised to Strong-Buy at Zacks Research

Equinox Gold (NYSEAMERICAN:EQX) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

EQX has been the subject of several other research reports. Royal Bank Of Canada lowered their target price on shares of Equinox Gold from $17.00 to $14.00 and set an “outperform” rating for the company in a research note on Monday, June 8th. The Goldman Sachs Group upgraded Equinox Gold from a “buy” rating to a “buy” rating in a report on Monday, June 8th. Finally, Canadian Imperial Bank of Commerce upgraded shares of Equinox Gold from a “hold” rating to a “strong-buy” rating in a report on Monday, February 23rd. Three investment analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $14.00.

Equinox Gold Stock Performance

NYSEAMERICAN:EQX opened at $9.77 on Monday. The firm has a 50 day moving average of $12.85 and a 200-day moving average of $14.24. Equinox Gold has a 1 year low of $5.61 and a 1 year high of $18.96. The stock has a market capitalization of $7.71 billion, a P/E ratio of 12.21 and a beta of 1.18. The company has a current ratio of 1.24, a quick ratio of 0.75 and a debt-to-equity ratio of 0.10.

Equinox Gold (NYSEAMERICAN:EQX) last announced its earnings results on Wednesday, May 6th. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). The company had revenue of $861.59 million during the quarter, compared to the consensus estimate of $896.94 million. Equinox Gold had a return on equity of 10.26% and a net margin of 21.72%.The company’s revenue was up 224.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.08) earnings per share. As a group, sell-side analysts anticipate that Equinox Gold will post 1.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp raised its stake in Equinox Gold by 91.3% during the third quarter. Van ECK Associates Corp now owns 96,024,048 shares of the company’s stock worth $1,077,394,000 after acquiring an additional 45,820,861 shares in the last quarter. FIL Ltd acquired a new position in shares of Equinox Gold during the fourth quarter worth $332,888,000. Norges Bank bought a new stake in shares of Equinox Gold in the fourth quarter worth $141,388,000. Boston Partners acquired a new stake in shares of Equinox Gold in the fourth quarter valued at about $75,290,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Equinox Gold in the 4th quarter worth approximately $55,875,000. Institutional investors and hedge funds own 38.85% of the company’s stock.

Equinox Gold Company Profile

Equinox Gold Corp is a Canadian gold mining company headquartered in Vancouver, British Columbia. The company focuses on the acquisition, development, and operation of gold properties, with an emphasis on open-pit heap leach mining. Since its inception, Equinox Gold has pursued a strategy of combining assets in established jurisdictions to build a diversified portfolio that balances production and growth, while maintaining rigorous safety and environmental standards.

Equinox Gold’s operating portfolio spans three countries.