Skeena Resources (NYSE:SKE) Stock Gets Downgrade from Zacks Research

Key Points

• Zacks Research downgraded Skeena Resources from “hold” to “strong sell,” although analyst sentiment overall remains mixed with a MarketBeat consensus rating of “Hold.”
• Skeena reported quarterly EPS of -$0.21, missing the consensus estimate of -$0.11; analysts expect a full-year loss of approximately $1.21 per share.
• The stock opened at $27.99, below its 50-day and 200-day moving averages, and has traded between $15.43 and $38.77 over the past year. Hedge funds and other institutions own 45.15% of the shares.

Skeena Resources (NYSE:SKE - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Thursday, Zacks reports.

Several other equities analysts have also issued reports on SKE. Royal Bank Of Canada raised Skeena Resources to a "moderate buy" rating in a report on Tuesday, September 15th. Wall Street Zen raised Skeena Resources from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 15th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Skeena Resources in a research note on Thursday, October 15th. Three equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Skeena Resources currently has a consensus rating of "Hold".

Skeena Resources Stock Performance

Shares of Skeena Resources stock opened at $27.99 on Thursday. The company has a quick ratio of 3.15, a current ratio of 3.15 and a debt-to-equity ratio of 5.66. Skeena Resources has a 52 week low of $15.43 and a 52 week high of $38.77. The firm's 50 day moving average is $31.82 and its two-hundred day moving average is $30.22. The firm has a market capitalization of $3.51 billion, a P/E ratio of -18.66 and a beta of 1.18.

Skeena Resources (NYSE:SKE - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.10). Research analysts forecast that Skeena Resources will post -1.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Skeena Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Van ECK Associates Corp increased its position in Skeena Resources by 99.7% during the 2nd quarter. Van ECK Associates Corp now owns 9,017,001 shares of the company's stock worth $240,403,000 after purchasing an additional 4,501,723 shares during the period. Bornite Capital Management LP lifted its holdings in shares of Skeena Resources by 23.4% in the 2nd quarter. Bornite Capital Management LP now owns 1,620,600 shares of the company's stock valued at $43,152,000 after buying an additional 307,600 shares during the period. Royal Bank of Canada lifted its holdings in shares of Skeena Resources by 4.5% in the 1st quarter. Royal Bank of Canada now owns 1,291,911 shares of the company's stock valued at $38,395,000 after buying an additional 55,463 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Skeena Resources in the 2nd quarter valued at approximately $19,768,000. Finally, Groupe la Francaise lifted its holdings in shares of Skeena Resources by 1.1% in the 2nd quarter. Groupe la Francaise now owns 455,000 shares of the company's stock valued at $12,132,000 after buying an additional 5,000 shares during the period. 45.15% of the stock is currently owned by hedge funds and other institutional investors.

Skeena Resources Company Profile

Skeena Resources Limited NYSE: SKE is a Canadian mineral exploration and development company focused on advancing precious-metal projects in British Columbia. Its primary asset is the Eskay Creek gold-silver project in the Golden Triangle region of northwest British Columbia.

Eskay Creek was previously an operating underground mine and produced gold and silver before closing in 2008. Skeena acquired the project in 2017 and is working to redevelop it as a modern open-pit mining operation.

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