Equinox Gold (NYSEAMERICAN:EQX) Trading 8.7% Higher – Here’s Why

Equinox Gold Corp. (NYSEAMERICAN:EQX)’s share price rose 8.7% during trading on Wednesday . The company traded as high as $12.31 and last traded at $12.4490. Approximately 2,632,715 shares traded hands during trading, a decline of 77% from the average session volume of 11,524,569 shares. The stock had previously closed at $11.45.

Analyst Upgrades and Downgrades

Several research firms have weighed in on EQX. Zacks Research cut Equinox Gold from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 21st. The Goldman Sachs Group raised Equinox Gold from a “buy” rating to a “buy” rating in a report on Monday, June 8th. Royal Bank Of Canada lowered their target price on Equinox Gold from $14.00 to $13.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Equinox Gold in a report on Thursday, July 16th. Finally, Scotiabank restated an “outperform” rating on shares of Equinox Gold in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $13.00.

Equinox Gold Trading Up 1.7%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.77 and a current ratio of 1.33. The stock’s fifty day moving average is $10.15 and its 200 day moving average is $12.89. The stock has a market cap of $15.04 billion, a P/E ratio of 12.88 and a beta of 1.27.

Equinox Gold (NYSEAMERICAN:EQX) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). Equinox Gold had a return on equity of 10.91% and a net margin of 26.30%.The company had revenue of $769.80 million for the quarter, compared to the consensus estimate of $775.79 million. During the same period in the previous year, the firm earned $0.11 earnings per share. The company’s revenue was up 60.8% compared to the same quarter last year. As a group, equities research analysts predict that Equinox Gold Corp. will post 1.12 earnings per share for the current fiscal year.

Equinox Gold Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th will be issued a $0.0225 dividend. This is a positive change from Equinox Gold’s previous quarterly dividend of $0.01. The ex-dividend date is Wednesday, August 19th. This represents a $0.09 dividend on an annualized basis and a dividend yield of 0.7%. Equinox Gold’s dividend payout ratio (DPR) is presently 16.67%.

Institutional Trading of Equinox Gold

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Gamco Investors INC. ET AL increased its holdings in Equinox Gold by 0.4% during the 4th quarter. Gamco Investors INC. ET AL now owns 190,855 shares of the company’s stock worth $2,680,000 after purchasing an additional 795 shares during the period. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Equinox Gold by 3.2% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 30,247 shares of the company’s stock worth $425,000 after buying an additional 940 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Equinox Gold by 96.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,997 shares of the company’s stock worth $29,000 after buying an additional 982 shares during the period. HighTower Advisors LLC grew its position in shares of Equinox Gold by 8.3% during the 4th quarter. HighTower Advisors LLC now owns 13,067 shares of the company’s stock worth $183,000 after buying an additional 1,003 shares in the last quarter. Finally, Integrated Advisors Network LLC grew its position in shares of Equinox Gold by 1.2% during the 1st quarter. Integrated Advisors Network LLC now owns 93,075 shares of the company’s stock worth $1,346,000 after buying an additional 1,075 shares in the last quarter. Hedge funds and other institutional investors own 38.85% of the company’s stock.

About Equinox Gold

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.