Van ECK Associates Corp Increases Holdings in Equinox Gold Corp. $EQX

Key Points

• Van ECK Associates increased its Equinox Gold stake by 2.8% in the second quarter, adding 2.36 million shares to own 87.4 million shares, or 7.49% of the company valued at approximately $849.9 million.
• Equinox Gold reported quarterly revenue of $769.8 million, up 60.8% year over year, though earnings of $0.16 per share slightly missed analyst expectations. The stock opened at $12.99, down 3.4%.
• The company raised its quarterly dividend to $0.0225 per share, equivalent to $0.09 annually and a 0.7% yield. Analysts maintain a generally positive outlook, with an average “Buy” rating and a $13 consensus price target.

Van ECK Associates Corp grew its position in shares of Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) by 2.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 87,435,651 shares of the company's stock after buying an additional 2,355,044 shares during the quarter. Van ECK Associates Corp owned 7.49% of Equinox Gold worth $849,875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FIL Ltd bought a new stake in shares of Equinox Gold in the fourth quarter worth $332,888,000. Norges Bank bought a new position in Equinox Gold in the fourth quarter valued at about $141,388,000. Deutsche Bank AG bought a new position in Equinox Gold in the second quarter valued at about $82,981,000. Boston Partners purchased a new position in Equinox Gold in the fourth quarter worth about $75,290,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Equinox Gold in the second quarter worth about $40,220,000. 38.85% of the stock is owned by institutional investors.

Equinox Gold Stock Down 3.4%

NYSEAMERICAN EQX opened at $12.99 on Friday. The stock's 50-day moving average price is $10.47 and its 200-day moving average price is $12.86. The company has a market capitalization of $15.17 billion, a P/E ratio of 12.99 and a beta of 1.27. The company has a quick ratio of 0.77, a current ratio of 1.33 and a debt-to-equity ratio of 0.09. Equinox Gold Corp. has a 52 week low of $8.24 and a 52 week high of $18.96.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.16 earnings per share (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 firm had revenue of $769.80 million during the quarter, compared to analysts' expectations of $775.79 million. During the same period in the prior year, the company posted $0.11 earnings per share. The company's revenue was up 60.8% compared to the same quarter last year. On average, equities research analysts predict that Equinox Gold Corp. will post 1.1 earnings per share for the current year.

Equinox Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be paid a $0.0225 dividend. This represents a $0.09 dividend on an annualized basis and a dividend yield of 0.7%. This is a boost from Equinox Gold's previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Wednesday, August 19th. Equinox Gold's dividend payout ratio is currently 16.67%.

Analyst Upgrades and Downgrades

EQX has been the topic of several recent research reports. Scotiabank reiterated an "outperform" rating on shares of Equinox Gold in a research note on Friday, August 7th. Royal Bank Of Canada reduced their target price on shares of Equinox Gold from $14.00 to $13.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Zacks Research downgraded shares of Equinox Gold from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 21st. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Equinox Gold in a research report on Thursday, July 16th. 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 analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $13.00.

About Equinox Gold

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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