NexGen Energy (NYSE:NXE) Stock Rating Lowered by Wall Street Zen

NexGen Energy (NYSE:NXE) was downgraded by equities researchers at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued on Saturday, Wall Street Zen reports.

Several other equities analysts have also issued reports on NXE. Jefferies Financial Group started coverage on NexGen Energy in a research report on Thursday, September 3rd. They set a “buy” rating on the stock. JPMorgan Chase & Co. assumed coverage on NexGen Energy in a research report on Monday, September 21st. They issued an “overweight” rating and a $14.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of NexGen Energy in a research report on Friday, August 28th. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

NexGen Energy Trading Down 0.1%

NYSE NXE opened at $8.37 on Friday. NexGen Energy has a 1-year low of $7.33 and a 1-year high of $13.96. The stock has a 50-day moving average of $9.82 and a 200-day moving average of $10.41. The firm has a market cap of $5.60 billion, a PE ratio of -20.91 and a beta of 1.45.

Institutional Trading of NexGen Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp lifted its stake in shares of NexGen Energy by 26.9% in the 2nd quarter. Van ECK Associates Corp now owns 39,859,017 shares of the company’s stock valued at $374,256,000 after purchasing an additional 8,459,150 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of NexGen Energy during the second quarter valued at approximately $68,283,000. Bank of New York Mellon Corp purchased a new stake in NexGen Energy in the second quarter worth $43,366,000. Deutsche Bank AG purchased a new stake in NexGen Energy in the second quarter worth $38,301,000. Finally, Old West Investment Management LLC purchased a new stake in NexGen Energy in the second quarter worth $19,115,000. 42.43% of the stock is currently owned by hedge funds and other institutional investors.

NexGen Energy Company Profile

NexGen Energy Ltd. is a mineral exploration and development company focused on uranium assets in the Athabasca Basin of Saskatchewan, Canada. The company’s primary project is the Rook I property, which hosts the Arrow uranium deposit in the western Athabasca Basin.

NexGen is advancing Rook I through exploration, technical studies, permitting and development activities. Its work includes drilling, resource evaluation, environmental assessment and infrastructure planning related to the potential future production of uranium.