Bank of America Corp DE Purchases 1,456,264 Shares of NexGen Energy $NXE

Key Points

• Bank of America purchased 1,456,264 NexGen Energy shares in the second quarter, worth approximately $13.7 million and representing about 0.22% of the company.
• Institutional ownership of NexGen Energy stands at 42.43%, with several major investors increasing their holdings, including CIBC Asset Management, VanECK Associates and L1 Capital.
• Analysts have a generally positive outlook, with five Buy ratings, one Hold and one Sell; the consensus rating is Moderate Buy with a $14.00 price target versus the stock’s recent $9.21 price.

Bank of America Corp DE purchased a new position in shares of NexGen Energy (NYSE:NXE - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,456,264 shares of the company's stock, valued at approximately $13,674,000. Bank of America Corp DE owned approximately 0.22% of NexGen Energy as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. L1 Capital Pty Ltd boosted its holdings in NexGen Energy by 9.1% in the 4th quarter. L1 Capital Pty Ltd now owns 33,642,681 shares of the company's stock valued at $309,145,000 after purchasing an additional 2,804,090 shares during the period. Van ECK Associates Corp grew its holdings in shares of NexGen Energy by 23.4% during the 4th quarter. Van ECK Associates Corp now owns 29,157,056 shares of the company's stock worth $268,240,000 after purchasing an additional 5,523,932 shares in the last quarter. Hancock Prospecting Pty Ltd increased its position in shares of NexGen Energy by 10.0% during the fourth quarter. Hancock Prospecting Pty Ltd now owns 9,078,245 shares of the company's stock valued at $83,656,000 after purchasing an additional 828,245 shares during the period. CIBC Asset Management Inc increased its position in shares of NexGen Energy by 341.9% during the fourth quarter. CIBC Asset Management Inc now owns 8,821,855 shares of the company's stock valued at $81,312,000 after purchasing an additional 6,825,731 shares during the period. Finally, Norges Bank acquired a new position in shares of NexGen Energy in the fourth quarter valued at $72,303,000. 42.43% of the stock is owned by institutional investors.

NexGen Energy Price Performance

Shares of NYSE:NXE opened at $9.21 on Friday. The company has a 50 day moving average of $10.01 and a 200-day moving average of $10.73. The stock has a market cap of $6.16 billion, a price-to-earnings ratio of -23.01 and a beta of 1.40. NexGen Energy has a one year low of $7.33 and a one year high of $13.96.

Analysts Set New Price Targets

Several research firms recently commented on NXE. Jefferies Financial Group began coverage on NexGen Energy in a research report on Thursday, September 3rd. They set a "buy" rating for the company. Wall Street Zen upgraded NexGen Energy from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of NexGen Energy in a report on Friday, August 28th. Finally, JPMorgan Chase & Co. initiated coverage on shares of NexGen Energy in a research note on Monday, September 21st. They issued an "overweight" rating and a $14.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $14.00.

NexGen Energy Company Profile

NexGen Energy Ltd. is a Canadian uranium exploration and development company focused on advancing mineral projects in the Athabasca Basin of Saskatchewan, Canada. The company's primary asset is the Rook I project, which includes the Arrow uranium deposit and other prospective discoveries.

NexGen is working to develop Rook I into a large-scale uranium mining operation through exploration, resource evaluation, environmental studies, permitting and project planning. The company is not primarily a uranium producer; its activities are centered on discovering and advancing uranium resources for potential future development.

Founded in 2011, NexGen Energy is headquartered in Vancouver, British Columbia, and its operations are focused in Saskatchewan's Athabasca Basin, one of the world's major uranium-producing regions.

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