NexGen Energy (NYSE:NXE) Rating Lowered to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded NexGen Energy from “sell” to “strong sell.” Despite that call, MarketBeat reported an overall “Moderate Buy” consensus and a $12 average price target, with five Buy ratings and one Sell rating.
• NexGen reported a quarterly loss of $0.06 per share, missing analysts’ expected loss of $0.02 per share.
• The stock opened at $7.75, near its one-year low of $7.33; its 50-day and 200-day moving averages were $8.90 and $10.55, respectively.

NexGen Energy (NYSE:NXE - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other equities analysts also recently commented on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of NexGen Energy in a research note on Friday, August 28th. JPMorgan Chase & Co. reduced their target price on shares of NexGen Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Jefferies Financial Group initiated coverage on NexGen Energy in a report on Thursday, September 3rd. They issued a "buy" rating for the company. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $12.00.

NexGen Energy Stock Performance

NYSE NXE opened at $7.75 on Friday. NexGen Energy has a one year low of $7.33 and a one year high of $13.96. The company's 50 day moving average price is $8.90 and its 200 day moving average price is $10.55.

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

Institutional Investors Weigh In On NexGen Energy

A number of institutional investors have recently made changes to their positions in NXE. Van ECK Associates Corp raised its stake in NexGen Energy by 26.9% during the second quarter. Van ECK Associates Corp now owns 39,859,017 shares of the company's stock worth $374,256,000 after acquiring an additional 8,459,150 shares during the period. Alps Advisors Inc. grew its stake in NexGen Energy by 13.0% during the 3rd quarter. Alps Advisors Inc. now owns 27,879,166 shares of the company's stock worth $254,258,000 after buying an additional 3,208,684 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in NexGen Energy in the second quarter worth $68,283,000. Bank of New York Mellon Corp acquired a new stake in NexGen Energy in the second quarter worth $43,366,000. Finally, Deutsche Bank AG acquired a new stake in NexGen Energy in the second quarter worth $38,301,000. 42.43% of the stock is currently owned by institutional investors.

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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