Shell Asset Management Co. Raises Position in Equinox Gold Corp. $EQX

Key Points

• Shell Asset Management Co. increased its stake in Equinox Gold Corp. by 19.8%, owning approximately 1,363,469 shares valued at $7,864,000.
• Equinox Gold received positive ratings upgrades from multiple brokerages, with price targets raised, including a new target of $17.00 from Royal Bank of Canada.
• The company reported a 77.7% year-over-year increase in revenue, totaling $478.64 million, and beat earnings estimates with an EPS of $0.11.

Shell Asset Management Co. lifted its stake in shares of Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) by 19.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,363,469 shares of the company's stock after buying an additional 224,911 shares during the period. Shell Asset Management Co. owned about 0.18% of Equinox Gold worth $7,864,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Parsons Capital Management Inc. RI lifted its stake in Equinox Gold by 227.5% during the 1st quarter. Parsons Capital Management Inc. RI now owns 131,000 shares of the company's stock valued at $901,000 after acquiring an additional 91,000 shares in the last quarter. Tobam purchased a new stake in shares of Equinox Gold in the first quarter valued at about $29,000. Grimes & Company Inc. bought a new position in shares of Equinox Gold during the first quarter valued at about $147,000. Builder Investment Group Inc. ADV boosted its holdings in Equinox Gold by 2.3% during the first quarter. Builder Investment Group Inc. ADV now owns 1,063,984 shares of the company's stock worth $7,320,000 after purchasing an additional 23,500 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its position in Equinox Gold by 2.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 86,161 shares of the company's stock worth $592,000 after purchasing an additional 1,990 shares in the last quarter. Institutional investors own 38.85% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on EQX. Zacks Research upgraded Equinox Gold from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. Royal Bank Of Canada upgraded Equinox Gold from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $11.00 to $17.00 in a report on Wednesday, September 10th. National Bankshares reissued an "outperform" rating on shares of Equinox Gold in a research report on Friday, August 15th. TD Securities reaffirmed a "buy" rating on shares of Equinox Gold in a research report on Friday, September 5th. Finally, CIBC reiterated a "neutral" rating on shares of Equinox Gold in a research note on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $26.00.

Equinox Gold Stock Performance

NYSEAMERICAN EQX opened at $11.10 on Tuesday. The firm has a market cap of $8.69 billion, a P/E ratio of -184.97 and a beta of 1.14. The company has a quick ratio of 0.53, a current ratio of 0.94 and a debt-to-equity ratio of 0.29. The company's 50 day moving average is $8.89 and its 200-day moving average is $7.30. Equinox Gold Corp. has a 12-month low of $4.95 and a 12-month high of $11.52.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last released its quarterly earnings data on Wednesday, August 13th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.02 by $0.09. Equinox Gold had a negative net margin of 1.21% and a positive return on equity of 3.54%. The company had revenue of $478.64 million during the quarter, compared to the consensus estimate of $470.00 million. During the same period last year, the firm earned ($0.01) EPS. Equinox Gold's revenue for the quarter was up 77.7% on a year-over-year basis. Sell-side analysts predict that Equinox Gold Corp. will post 0.85 earnings per share for the current year.

Equinox Gold Profile

Equinox Gold Corp. engages in the exploration, acquisition, development, and operation of mineral properties in the Americas. It explores gold and silver deposits. It holds interest in properties in California located in the United States; Guerrero State located in Mexico; Maranhão, Bahia, and Mina Gerais state located in Brazil; and Ontario, Canada.

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