Empowered Funds LLC Invests $1.01 Million in Equinox Gold Corp. $EQX

Key Points

• Empowered Funds LLC acquired 104,035 shares of Equinox Gold during the second quarter, valued at approximately $1.01 million. Institutional investors collectively own 38.85% of the company.
• Equinox Gold reported quarterly revenue of $769.8 million, up 60.8% year over year, but its $0.16 earnings per share missed analysts’ $0.17 estimate. Shares recently opened at $12.81.
• The company increased its quarterly dividend from $0.01 to $0.0225 per share, representing an annualized payout of $0.09 and a 0.7% yield. Analysts maintain a consensus “Buy” rating with an average price target of $13.00.

Empowered Funds LLC bought a new stake in Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 104,035 shares of the company's stock, valued at approximately $1,011,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Mcguire Capital Advisors Inc. purchased a new position in Equinox Gold during the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC grew its holdings in shares of Equinox Gold by 96.7% in the first quarter. EverSource Wealth Advisors LLC now owns 1,997 shares of the company's stock valued at $29,000 after purchasing an additional 982 shares in the last quarter. Quarry LP increased its stake in Equinox Gold by 329.9% during the 4th quarter. Quarry LP now owns 2,734 shares of the company's stock worth $38,000 after buying an additional 2,098 shares during the period. Banque Cantonale Vaudoise acquired a new stake in Equinox Gold during the 4th quarter worth approximately $39,000. Finally, Purpose Unlimited Inc. acquired a new stake in Equinox Gold during the 4th quarter worth approximately $42,000. 38.85% of the stock is currently owned by hedge funds and other institutional investors.

Equinox Gold Stock Performance

Shares of Equinox Gold stock opened at $12.81 on Friday. Equinox Gold Corp. has a 12 month low of $8.48 and a 12 month high of $18.96. The stock has a market capitalization of $14.96 billion, a price-to-earnings ratio of 12.81 and a beta of 1.32. The firm's fifty day simple moving average is $10.77 and its 200-day simple moving average is $12.75. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.33 and a quick ratio of 0.77.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). Equinox Gold had a return on equity of 10.91% and a net margin of 26.30%.The company had revenue of $769.80 million for the quarter, compared to analysts' expectations of $775.79 million. During the same quarter last year, the company earned $0.11 EPS. Equinox Gold's revenue for the quarter was up 60.8% compared to the same quarter last year. As a group, equities analysts forecast that Equinox Gold Corp. will post 1.1 earnings per share for the current year.

Equinox Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were issued a dividend of $0.0225 per share. This is an increase from Equinox Gold's previous quarterly dividend of $0.01. This represents a $0.09 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, August 19th. Equinox Gold's payout ratio is presently 16.67%.

Analyst Ratings Changes

A number of analysts have recently weighed in on EQX shares. Zacks Research lowered Equinox Gold from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 21st. Royal Bank Of Canada cut their price target on Equinox Gold from $14.00 to $13.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Equinox Gold in a research note on Thursday, July 16th. Scotiabank reissued an "outperform" rating on shares of Equinox Gold in a research report on Friday, August 7th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $13.00.

Equinox Gold Company Profile

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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