JPMorgan Chase & Co. Issues Pessimistic Forecast for NexGen Energy (NYSE:NXE) Stock Price

Key Points

• JPMorgan lowered its NexGen Energy price target from $14 to $12 but kept its “overweight” rating; the revised target implies about 41.6% upside from the prior close.
• Analyst sentiment is mixed but leans positive: five analysts rate the stock Buy and one Sell, producing a consensus “Moderate Buy” rating and a $12 average price target.
• NexGen reported a quarterly loss of $0.06 per share, missing the $0.02 loss analysts expected. Shares traded at $8.48 on Wednesday, up 1.8%.

NexGen Energy (NYSE:NXE - Get Free Report) had its target price lowered by analysts at JPMorgan Chase & Co. from $14.00 to $12.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 41.56% from the company's previous close.

Other analysts also recently issued reports about the stock. Wall Street Zen raised shares of NexGen Energy from a "strong sell" rating to a "sell" rating in a research note on Sunday, October 25th. Jefferies Financial Group initiated coverage on NexGen Energy in a research note on Thursday, September 3rd. They set a "buy" rating on the stock. Finally, Weiss Ratings reiterated 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 and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $12.00.

NexGen Energy Trading Up 1.8%

Shares of NXE stock traded up $0.15 during trading hours on Wednesday, hitting $8.48. 1,480,493 shares of the company's stock were exchanged, compared to its average volume of 6,441,038. The company has a market capitalization of $5.67 billion, a PE ratio of -31.42 and a beta of 1.43. NexGen Energy has a 12-month low of $7.33 and a 12-month high of $13.96. The business's 50 day simple moving average is $9.04 and its 200-day simple moving average is $10.62.

NexGen Energy (NYSE:NXE - Get Free Report) last announced its quarterly earnings data on Monday, November 9th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.04).

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp increased its stake in shares of NexGen Energy by 26.9% during the second quarter. Van ECK Associates Corp now owns 39,859,017 shares of the company's stock valued at $374,256,000 after buying an additional 8,459,150 shares during the period. Alps Advisors Inc. increased its position in NexGen Energy by 13.0% during the 3rd quarter. Alps Advisors Inc. now owns 27,879,166 shares of the company's stock valued at $254,258,000 after purchasing an additional 3,208,684 shares during the period. The Manufacturers Life Insurance Company bought a new position in NexGen Energy in the 2nd quarter worth $68,283,000. Bank of New York Mellon Corp bought a new position in NexGen Energy in the 2nd quarter worth $43,366,000. Finally, Deutsche Bank AG bought a new position in NexGen Energy in the 2nd quarter worth $38,301,000. Institutional investors own 42.43% of the company's stock.

About NexGen Energy

NexGen Energy is a Canadian uranium exploration and development company focused on advancing uranium projects toward potential production. Its activities include mineral exploration, project planning, engineering and permitting. The company's flagship asset is the Rook I Project in Saskatchewan's Athabasca Basin, a major uranium-producing region. Rook I contains the Arrow deposit, which NexGen is working to develop as a potential uranium mine. NexGen's operations are centered in Canada. The company is in the development stage and is not currently a uranium producer.

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