JPMorgan Chase & Co. Begins Coverage on NexGen Energy (NYSE:NXE)

Key Points

• JPMorgan initiated coverage of NexGen Energy with an “overweight” rating and a $14 price target, implying approximately 49.6% upside from the stock’s $9.36 opening price.
• Analyst sentiment is broadly positive: five analysts rate NXE a Buy, one rates it Hold and one rates it Sell, resulting in a consensus “Moderate Buy” rating and a $14 average price target.
• NexGen is developing the Rook I uranium project, including the Arrow deposit, in Saskatchewan’s Athabasca Basin. Institutional investors own 42.43% of the company, with several major funds increasing their positions recently.

Equities researchers at JPMorgan Chase & Co. assumed coverage on shares of NexGen Energy (NYSE:NXE - Get Free Report) in a research report issued to clients and investors on Monday, Benzinga reports. The firm set an "overweight" rating and a $14.00 price target on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 49.57% from the stock's current price.

Several other equities research analysts also recently commented on NXE. Jefferies Financial Group initiated coverage on NexGen Energy in a report on Thursday, September 3rd. They issued a "buy" rating for the company. Wall Street Zen upgraded shares of NexGen Energy from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of NexGen Energy in a report on Friday, August 28th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $14.00.

NexGen Energy Trading Up 0.1%

NexGen Energy stock opened at $9.36 on Monday. The firm has a market cap of $6.26 billion, a price-to-earnings ratio of -23.40 and a beta of 1.40. The stock has a fifty day simple moving average of $9.96 and a two-hundred day simple moving average of $10.82. NexGen Energy has a 12 month low of $7.33 and a 12 month high of $13.96.

Institutional Trading of NexGen Energy

A number of hedge funds have recently bought and sold shares of NXE. Janus Henderson Group PLC boosted its position in NexGen Energy by 107.0% in the first quarter. Janus Henderson Group PLC now owns 799,183 shares of the company's stock worth $9,248,000 after purchasing an additional 413,061 shares during the last quarter. Amundi increased its position in shares of NexGen Energy by 167.0% during the 1st quarter. Amundi now owns 2,083,568 shares of the company's stock valued at $24,169,000 after purchasing an additional 1,303,093 shares during the last quarter. Temasek Holdings Private Ltd increased its position in shares of NexGen Energy by 96.5% during the 1st quarter. Temasek Holdings Private Ltd now owns 2,436,471 shares of the company's stock valued at $28,263,000 after purchasing an additional 1,196,263 shares during the last quarter. Ninepoint Partners LP purchased a new stake in shares of NexGen Energy during the 2nd quarter valued at about $3,333,000. Finally, Acasta Partners UK LLP lifted its stake in shares of NexGen Energy by 96.7% in the 2nd quarter. Acasta Partners UK LLP now owns 131,787 shares of the company's stock worth $1,237,000 after purchasing an additional 64,787 shares during the period. Hedge funds and other institutional investors own 42.43% of the company's stock.

NexGen Energy Company Profile

NexGen Energy Ltd. is a Canadian uranium exploration and development company focused on advancing mineral projects in the Athabasca Basin of Saskatchewan, Canada. The company's primary asset is the Rook I project, which includes the Arrow uranium deposit and other prospective discoveries.

NexGen is working to develop Rook I into a large-scale uranium mining operation through exploration, resource evaluation, environmental studies, permitting and project planning. The company is not primarily a uranium producer; its activities are centered on discovering and advancing uranium resources for potential future development.

Founded in 2011, NexGen Energy is headquartered in Vancouver, British Columbia, and its operations are focused in Saskatchewan's Athabasca Basin, one of the world's major uranium-producing regions.

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