Equinox Gold (NYSEAMERICAN:EQX) Sets New 52-Week High – Still a Buy?

Shares of Equinox Gold Corp. (NYSEAMERICAN:EQX) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $18.96 and last traded at $18.11, with a volume of 7820611 shares changing hands. The stock had previously closed at $18.54.

Analyst Ratings Changes

EQX has been the subject of a number of analyst reports. BMO Capital Markets reaffirmed an “outperform” rating on shares of Equinox Gold in a report on Tuesday, January 27th. Stifel Nicolaus assumed coverage on Equinox Gold in a research note on Tuesday, December 2nd. They issued a “buy” rating for the company. Scotiabank reaffirmed an “outperform” rating on shares of Equinox Gold in a report on Monday, January 26th. Zacks Research raised shares of Equinox Gold from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Finally, Canadian Imperial Bank of Commerce upgraded shares of Equinox Gold from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $17.00.

Equinox Gold Stock Performance

The firm has a market capitalization of $14.79 billion, a PE ratio of 78.17 and a beta of 1.24. The company has a quick ratio of 1.27, a current ratio of 1.56 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average of $15.38 and a 200 day moving average of $12.68.

Equinox Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 12th will be given a $0.015 dividend. This represents a $0.06 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Thursday, March 12th.

Institutional Investors Weigh In On Equinox Gold

Several hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp increased its holdings in shares of Equinox Gold by 91.3% in the 3rd quarter. Van ECK Associates Corp now owns 96,024,048 shares of the company’s stock worth $1,077,394,000 after buying an additional 45,820,861 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Equinox Gold by 11.8% during the 4th quarter. Vanguard Group Inc. now owns 30,714,751 shares of the company’s stock worth $431,665,000 after acquiring an additional 3,250,135 shares during the last quarter. Donald Smith & CO. Inc. grew its position in Equinox Gold by 11.1% in the second quarter. Donald Smith & CO. Inc. now owns 26,507,615 shares of the company’s stock worth $152,419,000 after acquiring an additional 2,643,856 shares in the last quarter. L1 Capital Pty Ltd grew its position in Equinox Gold by 120.4% in the second quarter. L1 Capital Pty Ltd now owns 23,908,865 shares of the company’s stock worth $137,476,000 after acquiring an additional 13,060,846 shares in the last quarter. Finally, FIL Ltd bought a new position in Equinox Gold in the fourth quarter valued at $332,888,000. 38.85% of the stock is currently owned by institutional investors.

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.