Equinox Gold (NYSEAMERICAN:EQX) Trading 6.2% Higher – Time to Buy?

Equinox Gold Corp. (NYSEAMERICAN:EQX)’s stock price was up 6.2% during mid-day trading on Wednesday . The company traded as high as $9.60 and last traded at $9.6250. 2,004,528 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 10,848,679 shares. The stock had previously closed at $9.06.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on EQX. The Goldman Sachs Group raised Equinox Gold from a “buy” rating to a “buy” rating in a research report on Monday, June 8th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Equinox Gold in a research report on Thursday, July 16th. Zacks Research upgraded shares of Equinox Gold from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 22nd. Finally, Royal Bank Of Canada reduced their price target on shares of Equinox Gold from $14.00 to $13.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $13.00.

Equinox Gold Stock Up 5.1%

The firm has a 50 day moving average of $10.85 and a 200-day moving average of $13.58. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.24 and a quick ratio of 0.75. The stock has a market capitalization of $7.52 billion, a P/E ratio of 11.92 and a beta of 1.26.

Equinox Gold (NYSEAMERICAN:EQX) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). Equinox Gold had a return on equity of 10.26% and a net margin of 21.72%.The firm had revenue of $861.59 million during the quarter, compared to the consensus estimate of $896.94 million. During the same quarter in the prior year, the business posted ($0.08) EPS. Equinox Gold’s revenue was up 224.3% compared to the same quarter last year. On average, equities research analysts expect that Equinox Gold Corp. will post 1.12 earnings per share for the current fiscal year.

Equinox Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Thursday, May 21st were paid a $0.015 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Thursday, May 21st. Equinox Gold’s dividend payout ratio is presently 11.11%.

Institutional Investors Weigh In On Equinox Gold

Institutional investors and hedge funds have recently bought and sold shares of the business. FIL Ltd acquired a new position in shares of Equinox Gold in the 4th quarter valued at $332,888,000. Norges Bank acquired a new stake in shares of Equinox Gold during the 4th quarter valued at about $141,388,000. Boston Partners acquired a new stake in shares of Equinox Gold during the 4th quarter valued at about $75,290,000. Arrowstreet Capital Limited Partnership bought a new stake in Equinox Gold in the fourth quarter valued at about $55,875,000. Finally, The Manufacturers Life Insurance Company increased its stake in Equinox Gold by 163.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 5,946,309 shares of the company’s stock valued at $83,576,000 after acquiring an additional 3,688,805 shares during the period. 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.