Nexa Resources (NYSE:NEXA) Shares Gap Up Following Better-Than-Expected Earnings

Nexa Resources S.A. (NYSE:NEXA) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $12.02, but opened at $12.86. Nexa Resources shares last traded at $13.9740, with a volume of 431,268 shares changing hands.

The company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.45 by $0.15. The firm had revenue of $903.00 million during the quarter, compared to analyst estimates of $823.27 million. Nexa Resources had a negative net margin of 0.57% and a negative return on equity of 8.80%.

Wall Street Analysts Forecast Growth

NEXA has been the topic of a number of research analyst reports. Citigroup boosted their price target on shares of Nexa Resources from $5.50 to $13.00 and gave the stock a “neutral” rating in a report on Tuesday, February 3rd. Scotiabank restated a “sector perform” rating on shares of Nexa Resources in a research note on Monday, January 26th. Zacks Research raised shares of Nexa Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, February 13th. Weiss Ratings reissued a “hold (c-)” rating on shares of Nexa Resources in a report on Monday, December 29th. Finally, Morgan Stanley set a $7.70 target price on Nexa Resources and gave the stock an “underweight” rating in a research report on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $7.81.

Hedge Funds Weigh In On Nexa Resources

A number of large investors have recently modified their holdings of the company. Sagil Capital LLP purchased a new position in Nexa Resources during the fourth quarter valued at approximately $11,651,000. Marshall Wace LLP bought a new stake in Nexa Resources during the fourth quarter valued at $8,653,000. Walleye Capital LLC purchased a new position in Nexa Resources during the fourth quarter worth about $4,628,000. Renaissance Technologies LLC increased its stake in Nexa Resources by 120.8% in the 4th quarter. Renaissance Technologies LLC now owns 852,800 shares of the company’s stock worth $7,547,000 after acquiring an additional 466,500 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Nexa Resources during the fourth quarter worth about $2,404,000.

Nexa Resources Stock Performance

The company has a market capitalization of $1.87 billion, a P/E ratio of -116.41, a PEG ratio of 0.23 and a beta of 0.55. The company has a quick ratio of 0.60, a current ratio of 0.91 and a debt-to-equity ratio of 1.37. The company’s 50-day moving average is $11.25 and its two-hundred day moving average is $7.62.

Nexa Resources Company Profile

Nexa Resources SA is a Brazil-based metals and mining company with a primary focus on zinc and copper. Listed on the New York Stock Exchange under the ticker NEXA, the firm develops, extracts and processes mineral resources for industrial applications worldwide. Headquartered in São Paulo, Brazil, Nexa is a leading participant in Latin America’s mining sector with a diversified portfolio of upstream and downstream operations.

The company’s operations span multiple mining and smelting complexes in Brazil’s Minas Gerais and Mato Grosso regions, as well as in Peru’s coastal and Andean zones.