Equinox Gold (NYSEAMERICAN:EQX) Stock Price Up 8.7% – Here’s What Happened

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 changed hands during mid-day trading, a decline of 77% from the average session volume of 11,524,569 shares. The stock had previously closed at $11.45.

Analysts Set New Price Targets

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

Equinox Gold Stock Up 9.7%

The firm has a 50 day moving average of $10.04 and a 200-day moving average of $12.92. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.33 and a quick ratio of 0.77. The stock has a market capitalization of $14.66 billion, a P/E ratio of 12.59 and a beta of 1.27.

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

Equinox Gold Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be given a $0.0225 dividend. This represents a $0.09 annualized dividend and a yield of 0.7%. This is an increase from Equinox Gold’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Wednesday, August 19th. Equinox Gold’s dividend payout ratio (DPR) is 11.11%.

Institutional Investors Weigh In On Equinox Gold

A number of institutional investors have recently added to or reduced their stakes in EQX. Mcguire Capital Advisors Inc. acquired a new position in Equinox Gold during the fourth quarter worth $25,000. EverSource Wealth Advisors LLC lifted its position in shares of Equinox Gold by 96.7% during the first quarter. EverSource Wealth Advisors LLC now owns 1,997 shares of the company’s stock worth $29,000 after purchasing an additional 982 shares in the last quarter. Quarry LP lifted its position in shares of Equinox Gold by 329.9% during the fourth quarter. Quarry LP now owns 2,734 shares of the company’s stock worth $38,000 after purchasing an additional 2,098 shares in the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of Equinox Gold during the fourth quarter valued at approximately $39,000. Finally, Purpose Unlimited Inc. bought a new stake in shares of Equinox Gold during the fourth quarter valued at approximately $42,000. 38.85% of the stock is owned by institutional investors and hedge funds.

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.