Equinox Gold (NYSEAMERICAN:EQX) Stock Dropped to Strong Sell by Zacks Research

Zacks Research lowered shares of Equinox Gold (NYSEAMERICAN:EQX) from a hold rating to a strong sell rating in a research report sent to investors on Wednesday morning,Zacks reports.

Other equities analysts also recently issued reports about the company. Royal Bank Of Canada raised their price objective on Equinox Gold from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. TD Securities reiterated a “buy” rating on shares of Equinox Gold in a report on Thursday, September 17th. Scotiabank reissued an “outperform” rating on shares of Equinox Gold in a research report on Friday, August 7th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Equinox Gold in a research report on Friday, October 16th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Equinox Gold has an average rating of “Moderate Buy” and an average target price of $14.00.

Equinox Gold Price Performance

EQX stock opened at $10.36 on Wednesday. The company has a market capitalization of $12.09 billion, a P/E ratio of 10.36 and a beta of 1.32. The company has a fifty day moving average price of $11.97 and a 200-day moving average price of $11.81. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.77 and a current ratio of 1.33. Equinox Gold has a 52-week low of $8.48 and a 52-week high of $18.96.

Equinox Gold (NYSEAMERICAN:EQX) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The company had revenue of $769.80 million during the quarter, compared to analyst estimates of $775.79 million. Equinox Gold had a net margin of 26.30% and a return on equity of 10.91%. The business’s revenue for the quarter was up 60.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.11 earnings per share. As a group, equities analysts expect that Equinox Gold will post 1.02 EPS for the current year.

Equinox Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were given a $0.0225 dividend. This is a boost from Equinox Gold’s previous quarterly dividend of $0.0150. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.09 annualized dividend and a dividend yield of 0.9%. Equinox Gold’s dividend payout ratio is 16.67%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Wealth Advisors LLC acquired a new stake in Equinox Gold during the third quarter worth approximately $189,000. Cardinal Point Capital Management ULC increased its holdings in Equinox Gold by 52.0% in the third quarter. Cardinal Point Capital Management ULC now owns 140,250 shares of the company’s stock worth $1,562,000 after purchasing an additional 47,950 shares in the last quarter. Innova Wealth Partners acquired a new position in Equinox Gold in the third quarter valued at approximately $330,000. Net Worth Advisory Group lifted its stake in Equinox Gold by 5.4% in the third quarter. Net Worth Advisory Group now owns 21,259 shares of the company’s stock valued at $230,000 after buying an additional 1,090 shares during the period. Finally, CWA Asset Management Group LLC acquired a new position in Equinox Gold in the third quarter valued at approximately $16,071,000. 38.85% of the stock is owned by institutional investors and hedge funds.

Equinox Gold Company Profile

Equinox Gold Corp. is a precious metals mining company focused primarily on the acquisition, development and operation of gold mines. The company produces gold and conducts exploration and development activities intended to expand its mineral reserves and production base.

Equinox Gold’s operations and projects have been located across the Americas, including Canada, the United States, Mexico and Brazil. Its portfolio has included the Greenstone Mine in Ontario, the Mesquite and Castle Mountain projects in California, the Los Filos complex in Mexico, and the Aurizona, Fazenda and Santa Luz operations in Brazil.

The company was formed in 2017 through the merger of Trek Mining and NewCastle Gold and has since grown through acquisitions, mine development and exploration.