Skeena Resources (NYSE:SKE) Rating Lowered to Strong Sell at Zacks Research

Skeena Resources (NYSE:SKE) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday, Zacks reports.

Other analysts also recently issued reports about the company. Weiss Ratings restated a “sell (d-)” rating on shares of Skeena Resources in a research report on Thursday, October 15th. Wall Street Zen upgraded shares of Skeena Resources from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Royal Bank Of Canada raised shares of Skeena Resources to a “moderate buy” rating in a research note on Tuesday, September 15th. Three research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, Skeena Resources presently has a consensus rating of “Hold”.

Skeena Resources Trading Down 2.6%

Shares of Skeena Resources stock opened at $27.99 on Thursday. The company has a debt-to-equity ratio of 5.66, a current ratio of 3.15 and a quick ratio of 3.15. Skeena Resources has a 1 year low of $15.43 and a 1 year high of $38.77. The company has a market capitalization of $3.51 billion, a P/E ratio of -18.66 and a beta of 1.18. The business has a 50 day moving average price of $31.82 and a 200 day moving average price of $30.22.

Skeena Resources (NYSE:SKE) last posted its earnings results on Thursday, August 13th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.10). Sell-side analysts anticipate that Skeena Resources will post -1.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Skeena Resources

A number of large investors have recently modified their holdings of the company. Van ECK Associates Corp grew its holdings in shares of Skeena Resources by 99.7% during the 2nd quarter. Van ECK Associates Corp now owns 9,017,001 shares of the company’s stock worth $240,403,000 after purchasing an additional 4,501,723 shares during the period. Bornite Capital Management LP increased its position in Skeena Resources by 23.4% during the 2nd quarter. Bornite Capital Management LP now owns 1,620,600 shares of the company’s stock worth $43,152,000 after purchasing an additional 307,600 shares in the last quarter. Royal Bank of Canada increased its position in Skeena Resources by 4.5% during the 1st quarter. Royal Bank of Canada now owns 1,291,911 shares of the company’s stock worth $38,395,000 after purchasing an additional 55,463 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Skeena Resources in the second quarter valued at approximately $19,768,000. Finally, Groupe la Francaise raised its holdings in Skeena Resources by 1.1% in the second quarter. Groupe la Francaise now owns 455,000 shares of the company’s stock valued at $12,132,000 after buying an additional 5,000 shares during the period. 45.15% of the stock is currently owned by hedge funds and other institutional investors.

Skeena Resources Company Profile

Skeena Resources Limited (NYSE:SKE) is a Canadian mineral exploration and development company focused on advancing precious-metal projects in British Columbia. Its primary asset is the Eskay Creek gold-silver project in the Golden Triangle region of northwest British Columbia.

Eskay Creek was previously an operating underground mine and produced gold and silver before closing in 2008. Skeena acquired the project in 2017 and is working to redevelop it as a modern open-pit mining operation.