Equinox Gold (NYSEAMERICAN:EQX) Trading 6.2% Higher - Here's What Happened

Key Points

• Equinox Gold shares rose 6.2% in Wednesday trading, reaching as high as $9.60 before last trading at $9.625. Volume was well below average, with about 2.0 million shares changing hands versus the typical 10.8 million.
• Analyst sentiment remains positive overall. The stock carries a consensus “Buy” rating and an average price target of $13.00, with several firms reiterating or upgrading their views, including Zacks moving it to “strong-buy.”
• Recent earnings were mixed but showed strong growth year over year. Equinox Gold missed EPS and revenue estimates for the quarter, but revenue still jumped 224.3% from a year earlier, and the company also paid a quarterly dividend of $0.015 per share.

Equinox Gold Corp. (NYSEAMERICAN:EQX - Get Free Report) shares shot up 6.2% during mid-day trading on Wednesday . The stock traded as high as $9.60 and last traded at $9.6250. 2,004,528 shares changed hands during trading, a decline of 82% from the average daily volume of 10,848,679 shares. The stock had previously closed at $9.06.

Analyst Upgrades and Downgrades

EQX has been the subject of a number of analyst reports. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Equinox Gold in a research report on Thursday, July 16th. Zacks Research raised shares of Equinox Gold from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 22nd. The Goldman Sachs Group raised Equinox Gold from a "buy" rating to a "buy" rating in a research note on Monday, June 8th. Finally, Royal Bank Of Canada reduced their target price on shares of Equinox Gold from $14.00 to $13.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. According to data from MarketBeat.com, Equinox Gold currently has an average rating of "Buy" and a consensus price target of $13.00.

Equinox Gold Price Performance

The stock's 50-day moving average is $10.85 and its 200 day moving average is $13.58. The company has a quick ratio of 0.75, a current ratio of 1.24 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $7.52 billion, a PE ratio of 11.92 and a beta of 1.26.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.01). Equinox Gold had a return on equity of 10.26% and a net margin of 21.72%.The firm had revenue of $861.59 million for the quarter, compared to analysts' expectations of $896.94 million. During the same quarter in the prior year, the business posted ($0.08) earnings per share. Equinox Gold's revenue was up 224.3% on a year-over-year basis. As a group, equities analysts predict that Equinox Gold Corp. will post 1.12 earnings per share for the current year.

Equinox Gold Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Thursday, May 21st were paid a $0.015 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.06 annualized dividend and a dividend yield of 0.6%. Equinox Gold's payout ratio is presently 11.11%.

Institutional Investors Weigh In On Equinox Gold

Large investors have recently bought and sold shares of the business. TT International Asset Management LTD acquired a new position in shares of Equinox Gold during the 4th quarter valued at about $24,061,000. Euro Pacific Asset Management LLC lifted its holdings in Equinox Gold by 8.3% in the 4th quarter. Euro Pacific Asset Management LLC now owns 1,906,970 shares of the company's stock worth $26,173,000 after purchasing an additional 145,541 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Equinox Gold by 21.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,142,985 shares of the company's stock worth $16,064,000 after purchasing an additional 201,000 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in Equinox Gold during the fourth quarter worth approximately $1,146,000. Finally, Vanguard Group Inc. grew its holdings in Equinox Gold by 11.8% during the fourth quarter. Vanguard Group Inc. now owns 30,714,751 shares of the company's stock valued at $431,665,000 after purchasing an additional 3,250,135 shares during the last quarter. 38.85% of the stock is currently owned by institutional investors.

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.

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