Maple Rock Capital Partners Inc. Sells 1,893,400 Shares of Equinox Gold Corp. $EQX

Key Points

• Maple Rock Capital Partners cut its Equinox Gold stake by 9.7%, selling 1,893,400 shares in the second quarter. It still held 17.5 million shares, valued at approximately $170.4 million and representing about 1.5% of Equinox Gold.
• Equinox Gold reported quarterly revenue of $769.8 million, up 60.8% year over year, but missed earnings and revenue estimates slightly. The company also increased its quarterly dividend to $0.0225 per share, implying an annual yield of about 0.7%.
• Analyst sentiment remains broadly positive, with one Strong Buy, six Buy, and one Hold rating; the average rating is Buy, with a consensus price target of $13.00.

Maple Rock Capital Partners Inc. reduced its stake in Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) by 9.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,531,248 shares of the company's stock after selling 1,893,400 shares during the period. Equinox Gold makes up about 3.4% of Maple Rock Capital Partners Inc.'s investment portfolio, making the stock its 7th biggest holding. Maple Rock Capital Partners Inc. owned approximately 1.50% of Equinox Gold worth $170,436,000 as of its most recent filing with the Securities and Exchange Commission.

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

Equinox Gold Price Performance

EQX opened at $12.86 on Tuesday. The company has a 50-day moving average of $10.52 and a 200-day moving average of $12.82. The company has a market capitalization of $15.01 billion, a P/E ratio of 12.86 and a beta of 1.27. Equinox Gold Corp. has a 1-year low of $8.24 and a 1-year high of $18.96. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.77 and a current ratio of 1.33.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last issued 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). The company had revenue of $769.80 million for 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%.The business's revenue for the quarter was up 60.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.11 EPS. Equities analysts expect that Equinox Gold Corp. will post 1.1 EPS 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. Shareholders of record on Wednesday, August 19th will be issued a dividend of $0.0225 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.09 dividend on an annualized basis and a yield of 0.7%. This is a boost from Equinox Gold's previous quarterly dividend of $0.01. Equinox Gold's dividend payout ratio (DPR) is 16.67%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on EQX. Zacks Research cut Equinox Gold from a "strong-buy" rating to a "hold" rating in a 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. Royal Bank Of Canada reduced their target price on shares of Equinox Gold from $14.00 to $13.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Equinox Gold in a research note on Thursday, July 16th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Equinox Gold in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $13.00.

Equinox Gold 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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