Equinox Gold (NYSEAMERICAN:EQX) Trading Up 5.7% Following Analyst Upgrade

Equinox Gold Corp. (NYSEAMERICAN:EQX)’s share price was up 5.7% during mid-day trading on Monday after Canadian Imperial Bank of Commerce upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $17.64 and last traded at $17.7650. Approximately 1,133,692 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 10,587,960 shares. The stock had previously closed at $16.81.

Other equities research analysts have also recently issued research reports about the company. BMO Capital Markets restated an “outperform” rating on shares of Equinox Gold in a research note on Tuesday, January 27th. Zacks Research upgraded Equinox Gold from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Stifel Nicolaus assumed coverage on Equinox Gold in a research report on Tuesday, December 2nd. They issued a “buy” rating on the stock. Finally, Scotiabank reissued an “outperform” rating on shares of Equinox Gold in a report on Monday, January 26th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Equinox Gold presently has a consensus rating of “Buy” and an average price target of $17.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp lifted its holdings in Equinox Gold by 91.3% during the third quarter. Van ECK Associates Corp now owns 96,024,048 shares of the company’s stock valued at $1,077,394,000 after purchasing an additional 45,820,861 shares during the last quarter. FIL Ltd bought a new stake in shares of Equinox Gold in the fourth quarter valued at approximately $332,888,000. L1 Capital Pty Ltd raised its position in shares of Equinox Gold by 120.4% in the second 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 during the period. Franklin Resources Inc. lifted its stake 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 buying an additional 10,341,217 shares in the last quarter. Finally, Norges Bank bought a new position in Equinox Gold in the 4th quarter worth approximately $141,388,000. Institutional investors own 38.85% of the company’s stock.

Equinox Gold Price Performance

The business’s 50 day moving average is $15.11 and its two-hundred day moving average is $12.52. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.27 and a current ratio of 1.56. The firm has a market capitalization of $14.23 billion, a PE ratio of 75.46 and a beta of 1.24.

Equinox Gold Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Thursday, March 12th will be paid a $0.015 dividend. The ex-dividend date is Thursday, March 12th. This represents a $0.06 annualized dividend and a yield of 0.3%.

Equinox Gold Company Profile

Equinox Gold Corp is a Canadian gold mining company headquartered in Vancouver, British Columbia. The company focuses on the acquisition, development, and operation of gold properties, with an emphasis on open-pit heap leach mining. Since its inception, Equinox Gold has pursued a strategy of combining assets in established jurisdictions to build a diversified portfolio that balances production and growth, while maintaining rigorous safety and environmental standards.

Equinox Gold’s operating portfolio spans three countries.