Equinox Gold (NYSEAMERICAN:EQX) Stock Rating Upgraded by Royal Bank Of Canada

Equinox Gold (NYSEAMERICAN:EQX) was upgraded by equities research analysts at Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a research note issued on Wednesday, MarketBeat reports. The firm currently has a $17.00 target price on the stock, up from their previous target price of $11.00. Royal Bank Of Canada’s target price suggests a potential upside of 54.97% from the company’s current price.

EQX has been the topic of several other research reports. CIBC reaffirmed a “neutral” rating on shares of Equinox Gold in a research note on Tuesday, July 15th. Zacks Research raised shares of Equinox Gold from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 13th. National Bankshares reaffirmed an “outperform” rating on shares of Equinox Gold in a research note on Friday, August 15th. TD Securities reaffirmed a “buy” rating on shares of Equinox Gold in a research note on Friday, September 5th. Finally, Cormark raised shares of Equinox Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Equinox Gold presently has an average rating of “Moderate Buy” and an average price target of $26.00.

Equinox Gold Trading Up 2.1%

Shares of EQX opened at $10.97 on Wednesday. Equinox Gold has a twelve month low of $4.95 and a twelve month high of $11.02. The company has a market cap of $8.34 billion, a P/E ratio of -182.80 and a beta of 1.11. The company has a current ratio of 0.94, a quick ratio of 0.53 and a debt-to-equity ratio of 0.29. The company’s fifty day simple moving average is $7.33 and its 200-day simple moving average is $6.81.

Equinox Gold (NYSEAMERICAN:EQX) last announced its earnings results on Wednesday, August 13th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.09. Equinox Gold had a negative net margin of 1.21% and a positive return on equity of 3.54%. The business had revenue of $478.64 million for the quarter, compared to the consensus estimate of $470.00 million. During the same quarter in the prior year, the firm posted ($0.01) earnings per share. The business’s revenue for the quarter was up 77.7% on a year-over-year basis. As a group, analysts expect that Equinox Gold will post 0.85 EPS for the current year.

Hedge Funds Weigh In On Equinox Gold

Several institutional investors have recently made changes to their positions in EQX. L1 Capital Pty Ltd increased its holdings in shares of Equinox Gold by 120.4% during the 2nd quarter. L1 Capital Pty Ltd now owns 23,908,865 shares of the company’s stock valued at $137,476,000 after purchasing an additional 13,060,846 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Equinox Gold by 44,440.1% during the 2nd quarter. Franklin Resources Inc. now owns 10,364,487 shares of the company’s stock valued at $59,850,000 after purchasing an additional 10,341,217 shares in the last quarter. Maple Rock Capital Partners Inc. increased its holdings in shares of Equinox Gold by 102.1% during the 2nd quarter. Maple Rock Capital Partners Inc. now owns 14,308,748 shares of the company’s stock valued at $82,398,000 after purchasing an additional 7,229,260 shares in the last quarter. Ruffer LLP increased its holdings in shares of Equinox Gold by 322.1% during the 2nd quarter. Ruffer LLP now owns 7,499,601 shares of the company’s stock valued at $43,267,000 after purchasing an additional 5,722,871 shares in the last quarter. Finally, Helikon Investments Ltd increased its holdings in shares of Equinox Gold by 229.3% during the 1st quarter. Helikon Investments Ltd now owns 5,614,735 shares of the company’s stock valued at $38,629,000 after purchasing an additional 3,909,705 shares in the last quarter. 38.85% of the stock is owned by hedge funds and other institutional investors.

About Equinox Gold

Equinox Gold Corp. engages in the exploration, acquisition, development, and operation of mineral properties in the Americas. It explores gold and silver deposits. It holds interest in properties in California located in the United States; Guerrero State located in Mexico; Maranhão, Bahia, and Mina Gerais state located in Brazil; and Ontario, Canada.