Bornite Capital Management LP Purchases 307,600 Shares of Skeena Resources Limited $SKE

Bornite Capital Management LP raised its position in Skeena Resources Limited (NYSE:SKE) by 23.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,620,600 shares of the company’s stock after purchasing an additional 307,600 shares during the period. Skeena Resources comprises approximately 5.4% of Bornite Capital Management LP’s portfolio, making the stock its 9th biggest holding. Bornite Capital Management LP’s holdings in Skeena Resources were worth $43,152,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Rockefeller Capital Management L.P. raised its stake in shares of Skeena Resources by 41.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,555 shares of the company’s stock worth $37,000 after buying an additional 455 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Skeena Resources in the 4th quarter valued at about $43,000. PNC Financial Services Group Inc. grew its stake in Skeena Resources by 431.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,390 shares of the company’s stock valued at $44,000 after acquiring an additional 1,940 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Skeena Resources during the 4th quarter valued at about $45,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Skeena Resources during the 1st quarter valued at about $89,000. Hedge funds and other institutional investors own 45.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Zacks Research raised shares of Skeena Resources from a “strong sell” rating to a “hold” rating in a report on Friday, July 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Skeena Resources in a research note on Friday, July 17th. Finally, Wall Street Zen upgraded Skeena Resources from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Skeena Resources presently has an average rating of “Moderate Buy”.

Skeena Resources Stock Performance

Shares of SKE opened at $30.25 on Wednesday. The company has a debt-to-equity ratio of 5.66, a quick ratio of 3.15 and a current ratio of 3.15. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of -20.17 and a beta of 1.16. The company’s 50 day simple moving average is $29.37 and its 200 day simple moving average is $30.39. Skeena Resources Limited has a 1 year low of $15.43 and a 1 year high of $38.77.

Skeena Resources (NYSE:SKE) last announced its earnings results on Thursday, August 13th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.10). On average, sell-side analysts predict that Skeena Resources Limited will post -1.22 EPS for the current year.

Skeena Resources Company Profile

Skeena Resources Limited explores for and develops mineral properties in Canada. The company explores for gold, silver, copper, and other precious metal deposits. It holds 100% interests in the Snip gold mine comprising one mining lease and nine mineral tenures that covers an area of approximately 4,724 hectares; and the Eskay Creek gold mine that consists of eight mineral leases, two surface leases, and various unpatented mining claims comprising 7,666 hectares located in British Columbia, Canada.