The Manufacturers Life Insurance Company Decreases Position in NexGen Energy $NXE

Key Points

• The Manufacturers Life Insurance Company reduced its NexGen Energy stake by 16.8% in the first quarter, selling 940,965 shares and retaining 4.67 million shares worth approximately $54.1 million.
• Institutional ownership remains significant at 42.43%, with Millennium Management, NewEdge Advisors, Goldman Sachs and UBS among investors increasing their positions during the quarter.
• NexGen shares opened at $8.91, below their 50-day and 200-day moving averages. Analysts maintain a “Moderate Buy” consensus, although ratings range from Buy to Sell.

The Manufacturers Life Insurance Company trimmed its holdings in NexGen Energy (NYSE:NXE - Free Report) by 16.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,672,514 shares of the company's stock after selling 940,965 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.71% of NexGen Energy worth $54,113,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in NXE. Millennium Management LLC lifted its position in shares of NexGen Energy by 15.3% during the 1st quarter. Millennium Management LLC now owns 4,101,588 shares of the company's stock worth $18,407,000 after buying an additional 543,179 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of NexGen Energy by 7.3% in the 1st quarter. NewEdge Advisors LLC now owns 151,423 shares of the company's stock valued at $680,000 after buying an additional 10,266 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in NexGen Energy by 1.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,986,982 shares of the company's stock worth $13,412,000 after acquiring an additional 36,510 shares in the last quarter. Caxton Associates LLP acquired a new stake in NexGen Energy during the 1st quarter worth $165,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in NexGen Energy by 13.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 705,024 shares of the company's stock valued at $3,166,000 after acquiring an additional 81,167 shares during the last quarter. 42.43% of the stock is currently owned by hedge funds and other institutional investors.

NexGen Energy Price Performance

Shares of NexGen Energy stock opened at $8.91 on Thursday. The firm's fifty day simple moving average is $9.99 and its 200-day simple moving average is $11.30. The stock has a market capitalization of $5.97 billion, a price-to-earnings ratio of -18.19 and a beta of 1.39. NexGen Energy has a 12 month low of $6.26 and a 12 month high of $13.96.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NXE. Scotiabank reaffirmed an "outperform" rating on shares of NexGen Energy in a report on Friday, May 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of NexGen Energy in a report on Tuesday, June 2nd. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, NexGen Energy has an average rating of "Moderate Buy".

NexGen Energy Company Profile

NexGen Energy is a Canada-based uranium exploration and development company focused on advancing its flagship Rook I project in the Athabasca Basin of northern Saskatchewan. The company's primary activities include resource delineation, feasibility studies, and permitting for its high-grade Arrow deposit, one of the largest undeveloped uranium discoveries in the region. NexGen's technical team employs advanced drilling, geophysical and geochemical techniques to expand and define its resource base, with the aim of delivering a robust, low-cost supply of uranium to global nuclear power markets.

The Rook I project sits within one of the world's most prolific uranium districts, offering excellent infrastructure access, a skilled local workforce and a supportive regulatory regime.

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