Waratah Capital Advisors Ltd. has significantly reduced its stake in Equinox Gold Corp. (NYSEAMERICAN:EQX), selling 1,534,682 shares during the second quarter of 2023. This move represents a 78.1% decrease in their holdings, leaving the institutional investor with 431,193 shares valued at approximately $2,479,000 as of the end of the quarter.
Several other institutional investors have also adjusted their positions in Equinox Gold. Notably, Ruffer LLP increased its stake by 322.1%, acquiring an additional 5,722,871 shares to hold a total of 7,499,601 shares, now valued at $43,267,000. Similarly, PKO Investment Management Joint Stock Co. boosted its holdings by 50.6%, resulting in ownership of 281,387 shares worth $1,617,000 after purchasing an additional 94,500 shares.
In the first quarter, Eschler Asset Management LLP entered the market with a new position valued at approximately $968,000. Invenomic Capital Management LP raised its position by 8.2%, bringing its total to 1,320,532 shares valued at $9,085,000. Additionally, Credit Industriel ET Commercial acquired a new interest in Equinox Gold valued at around $149,000. Institutional investors and hedge funds now collectively own 38.85% of the company’s stock.
Analyst Ratings and Market Performance
Equinox Gold has recently been the subject of various analyst reports. On November 6, 2023, Scotiabank upgraded the company from a “hold” rating to an “outperform” rating. Zacks Research also improved its stance, raising the rating from “strong sell” to “hold.” Cormark followed suit, moving from a “hold” to a “moderate buy” rating on August 15, 2023. TD Securities maintained a “buy” rating, while Cibc World Markets increased their rating from “hold” to “strong-buy” on October 9, 2023.
Currently, two analysts have given Equinox Gold a “Strong Buy” rating, while five have assigned a “Buy” rating and three have issued a “Hold” rating. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” with an average price target of $26.00.
On the trading front, Equinox Gold’s shares opened at $12.75 on November 5, 2023. The company holds a market capitalization of $10.01 billion and has a P/E ratio of 255.05. Over the past twelve months, the stock has fluctuated between a low of $4.95 and a high of $13.53.
Financial Performance and Future Outlook
In its latest earnings report released on November 5, 2023, Equinox Gold reported earnings of $0.19 per share, surpassing analysts’ estimates of $0.13 by $0.06. The company generated revenue of $819.01 million for the quarter, significantly above the anticipated $607.81 million. Year-over-year, the company’s revenue increased by 91.2%, highlighting its robust growth trajectory.
Equinox Gold currently anticipates an earnings per share (EPS) of $0.85 for the current fiscal year, indicating a positive outlook as it continues to explore and develop mineral properties across the Americas.
Equinox Gold Corp. is engaged in the exploration, acquisition, development, and operation of mineral properties, focusing on gold and silver deposits across several locations, including California, Guerrero State in Mexico, and various regions in Brazil and Canada. The company’s strategic positioning and recent financial performance suggest it is well-poised for future growth within the competitive mining sector.
