NexGen Energy (NYSE:NXE) Trading Up 3.9% – Here’s What Happened

Shares of NexGen Energy Ltd. (NYSE:NXE) traded up 3.9% during mid-day trading on Friday . The stock traded as high as $7.76 and last traded at $7.67. 2,350,210 shares were traded during trading, a decline of 59% from the average session volume of 5,696,898 shares. The stock had previously closed at $7.38.

Analyst Upgrades and Downgrades

Separately, National Bank Financial raised shares of NexGen Energy to a “strong-buy” rating in a research note on Tuesday, September 3rd. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Strong Buy” and a consensus price target of $11.00.

NexGen Energy Price Performance

The stock has a 50 day moving average price of $6.89 and a two-hundred day moving average price of $6.87. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of 48.80 and a beta of 1.90.

NexGen Energy (NYSE:NXE) last announced its earnings results on Thursday, November 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.01). During the same period in the prior year, the business posted ($0.04) EPS. Sell-side analysts forecast that NexGen Energy Ltd. will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On NexGen Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in NexGen Energy by 5,020.5% during the 1st quarter. Vanguard Group Inc. now owns 16,222,256 shares of the company’s stock worth $126,047,000 after acquiring an additional 15,905,444 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of NexGen Energy by 792.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 7,115,250 shares of the company’s stock valued at $46,434,000 after buying an additional 6,317,538 shares during the period. Mountaineer Partners Management LLC increased its position in shares of NexGen Energy by 536.6% in the 3rd quarter. Mountaineer Partners Management LLC now owns 3,686,231 shares of the company’s stock valued at $24,071,000 after buying an additional 3,107,214 shares in the last quarter. Van ECK Associates Corp raised its stake in NexGen Energy by 50.5% during the 3rd quarter. Van ECK Associates Corp now owns 4,718,270 shares of the company’s stock worth $30,810,000 after buying an additional 1,582,705 shares during the period. Finally, L1 Capital Pty Ltd lifted its holdings in NexGen Energy by 6.3% during the first quarter. L1 Capital Pty Ltd now owns 24,083,310 shares of the company’s stock worth $187,127,000 after acquiring an additional 1,423,317 shares in the last quarter. 42.43% of the stock is owned by institutional investors.

About NexGen Energy

NexGen Energy Ltd., an exploration and development stage company, engages in the acquisition, exploration, and evaluation and development of uranium properties in Canada. It holds a 100% interest in the Rook I project that consists of 32 contiguous mineral claims totaling an area of 35,065 hectares located in the southwestern Athabasca Basin of Saskatchewan.