Equinox Gold (NYSEAMERICAN:EQX) Sets New 1-Year High Following Better-Than-Expected Earnings

Equinox Gold Corp. (NYSEAMERICAN:EQX) shares hit a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $7.80 and last traded at $7.63, with a volume of 12090759 shares changing hands. The stock had previously closed at $6.79.

The company reported $0.11 EPS 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 4.06%. The firm had revenue of $478.64 million for the quarter, compared to the consensus estimate of $470.00 million. During the same period in the previous year, the company earned ($0.01) earnings per share. The company’s quarterly revenue was up 77.7% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on EQX shares. BMO Capital Markets began coverage on shares of Equinox Gold in a research note on Wednesday, June 18th. They issued an “outperform” rating on the stock. TD Securities raised shares of Equinox Gold from a “hold” rating to a “buy” rating in a research report on Wednesday, July 16th. National Bankshares reaffirmed an “outperform” rating on shares of Equinox Gold in a research report on Friday, June 13th. Finally, CIBC reaffirmed a “neutral” rating on shares of Equinox Gold in a research report on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Equinox Gold presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Cetera Investment Advisers bought a new stake in shares of Equinox Gold in the 4th quarter valued at $95,000. Deutsche Bank AG increased its stake in shares of Equinox Gold by 67.1% in the 4th quarter. Deutsche Bank AG now owns 39,222 shares of the company’s stock valued at $197,000 after acquiring an additional 15,749 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Equinox Gold by 134.2% in the 4th quarter. Bank of America Corp DE now owns 327,058 shares of the company’s stock valued at $1,642,000 after acquiring an additional 187,432 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Equinox Gold by 16.3% in the 4th quarter. Wells Fargo & Company MN now owns 20,358 shares of the company’s stock valued at $102,000 after acquiring an additional 2,855 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Equinox Gold in the 4th quarter valued at $3,085,000. Institutional investors own 38.85% of the company’s stock.

Equinox Gold Stock Up 15.2%

The firm’s 50 day moving average price is $6.30 and its two-hundred day moving average price is $6.41. The company has a market cap of $5.94 billion, a P/E ratio of -130.31 and a beta of 1.10. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.50 and a current ratio of 0.85.

Equinox Gold Company Profile

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.