Equinox Gold (NYSEAMERICAN:EQX) Stock Price Up 8.7% - Here's What Happened

Key Points

• Equinox Gold shares rose 8.7% to $12.4490 during Wednesday trading, with about 2.63 million shares changing hands—77% below average volume.
• Analysts maintain a broadly positive outlook, with a consensus “Buy” rating and an average price target of $13.00, despite mixed revisions and one downgrade to “Hold.”
• The company narrowly missed quarterly earnings and revenue estimates, but revenue increased 60.8% year over year. Equinox Gold also raised its quarterly dividend to $0.0225 per share, implying a 0.7% annual yield.

Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report)'s share price rose 8.7% during trading on Wednesday . The company traded as high as $12.31 and last traded at $12.4490. Approximately 2,632,715 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 11,524,569 shares. The stock had previously closed at $11.45.

Analysts Set New Price Targets

Several analysts recently weighed in on EQX shares. Scotiabank restated an "outperform" rating on shares of Equinox Gold in a research note on Friday, August 7th. Royal Bank Of Canada cut their price target on Equinox Gold from $14.00 to $13.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Zacks Research cut Equinox Gold from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 21st. The Goldman Sachs Group upgraded shares of Equinox Gold from a "buy" rating to a "buy" rating in a research note on Monday, June 8th. Finally, Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Equinox Gold in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Equinox Gold has a consensus rating of "Buy" and an average target price of $13.00.

Equinox Gold Stock Up 9.7%

The firm has a 50 day moving average of $10.04 and a 200-day moving average of $12.92. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.33 and a quick ratio of 0.77. The stock has a market capitalization of $14.66 billion, a P/E ratio of 12.59 and a beta of 1.27.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The firm had revenue of $769.80 million during the quarter, compared to the consensus estimate of $775.79 million. Equinox Gold had a return on equity of 10.91% and a net margin of 26.30%.Equinox Gold's revenue was up 60.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.11 EPS. On average, equities research analysts expect that Equinox Gold Corp. will post 1.12 earnings per share for the current fiscal year.

Equinox Gold Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be given a $0.0225 dividend. This represents a $0.09 annualized dividend and a yield of 0.7%. This is an increase from Equinox Gold's previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Wednesday, August 19th. Equinox Gold's dividend payout ratio (DPR) is 11.11%.

Institutional Investors Weigh In On Equinox Gold

A number of institutional investors have recently added to or reduced their stakes in EQX. Mcguire Capital Advisors Inc. acquired a new position in Equinox Gold during the fourth quarter worth $25,000. EverSource Wealth Advisors LLC lifted its position in shares of Equinox Gold by 96.7% during the first quarter. EverSource Wealth Advisors LLC now owns 1,997 shares of the company's stock worth $29,000 after purchasing an additional 982 shares in the last quarter. Quarry LP lifted its position in shares of Equinox Gold by 329.9% during the fourth quarter. Quarry LP now owns 2,734 shares of the company's stock worth $38,000 after purchasing an additional 2,098 shares in the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of Equinox Gold during the fourth quarter valued at approximately $39,000. Finally, Purpose Unlimited Inc. bought a new stake in shares of Equinox Gold during the fourth quarter valued at approximately $42,000. 38.85% of the stock is owned by institutional investors and hedge funds.

About Equinox Gold

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source