NexGen Energy (NYSE:NXE) Coverage Initiated at JPMorgan Chase & Co.

Stock analysts at JPMorgan Chase & Co. initiated coverage on shares of NexGen Energy (NYSE:NXE) in a research note issued to investors on Monday, Marketbeat reports. The brokerage set an “overweight” rating and a $14.00 price target on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 39.90% from the company’s current price.

A number of other research analysts have also recently commented on the stock. Jefferies Financial Group assumed coverage on shares of NexGen Energy in a report on Thursday, September 3rd. They issued a “buy” rating for the company. Wall Street Zen upgraded shares of NexGen Energy from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NexGen Energy in a research note on Friday, August 28th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

NexGen Energy Stock Performance

Shares of NXE stock opened at $10.01 on Monday. The stock’s fifty day moving average price is $9.99 and its two-hundred day moving average price is $10.78. The company has a market cap of $6.70 billion, a PE ratio of -25.02 and a beta of 1.40. NexGen Energy has a fifty-two week low of $7.33 and a fifty-two week high of $13.96.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its position in shares of NexGen Energy by 26.9% during the second quarter. Van ECK Associates Corp now owns 39,859,017 shares of the company’s stock worth $374,256,000 after buying an additional 8,459,150 shares during the period. L1 Capital Pty Ltd raised its position in shares of NexGen Energy by 9.1% in the 4th quarter. L1 Capital Pty Ltd now owns 33,642,681 shares of the company’s stock worth $309,145,000 after acquiring an additional 2,804,090 shares in the last quarter. Hancock Prospecting Pty Ltd lifted its stake in shares of NexGen Energy by 10.0% in the 4th quarter. Hancock Prospecting Pty Ltd now owns 9,078,245 shares of the company’s stock valued at $83,656,000 after purchasing an additional 828,245 shares during the period. CIBC Asset Management Inc lifted its stake in shares of NexGen Energy by 341.9% in the 4th quarter. CIBC Asset Management Inc now owns 8,821,855 shares of the company’s stock valued at $81,312,000 after purchasing an additional 6,825,731 shares during the period. Finally, Norges Bank bought a new stake in shares of NexGen Energy during the 4th quarter valued at about $72,303,000. Institutional investors own 42.43% of the company’s stock.

About NexGen Energy

NexGen Energy Ltd. is a Canadian uranium exploration and development company focused on advancing mineral projects in the Athabasca Basin of Saskatchewan, Canada. The company’s primary asset is the Rook I project, which includes the Arrow uranium deposit and other prospective discoveries.

NexGen is working to develop Rook I into a large-scale uranium mining operation through exploration, resource evaluation, environmental studies, permitting and project planning. The company is not primarily a uranium producer; its activities are centered on discovering and advancing uranium resources for potential future development.

Founded in 2011, NexGen Energy is headquartered in Vancouver, British Columbia, and its operations are focused in Saskatchewan’s Athabasca Basin, one of the world’s major uranium-producing regions.