Cormark Issues Pessimistic Outlook for Equinox Gold Earnings

Equinox Gold Corp. (NYSEAMERICAN:EQX - Free Report) - Investment analysts at Cormark lowered their FY2024 EPS estimates for Equinox Gold in a research note issued on Friday, November 8th. Cormark analyst R. Gray now expects that the company will post earnings of $0.24 per share for the year, down from their previous forecast of $0.27. The consensus estimate for Equinox Gold's current full-year earnings is $0.36 per share.

Equinox Gold (NYSEAMERICAN:EQX - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.01). Equinox Gold had a net margin of 19.83% and a return on equity of 0.73%. The business had revenue of $428.40 million for the quarter, compared to analysts' expectations of $437.84 million. The firm's quarterly revenue was up 50.5% compared to the same quarter last year.

Equinox Gold Stock Performance

Shares of NYSEAMERICAN EQX traded down $0.38 during midday trading on Monday, reaching $5.44. The stock had a trading volume of 7,297,293 shares, compared to its average volume of 3,126,968. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.10 and a quick ratio of 0.45. The stock has a market cap of $2.48 billion, a PE ratio of 11.10 and a beta of 1.31. Equinox Gold has a 12-month low of $3.95 and a 12-month high of $6.50.

Hedge Funds Weigh In On Equinox Gold

A number of hedge funds and other institutional investors have recently modified their holdings of EQX. Maple Rock Capital Partners Inc. bought a new position in Equinox Gold during the first quarter valued at $29,741,000. Donald Smith & CO. Inc. lifted its position in Equinox Gold by 35.5% during the third quarter. Donald Smith & CO. Inc. now owns 18,050,439 shares of the company's stock valued at $109,927,000 after purchasing an additional 4,727,570 shares during the last quarter. Van ECK Associates Corp lifted its position in Equinox Gold by 10.5% during the second quarter. Van ECK Associates Corp now owns 38,166,859 shares of the company's stock valued at $199,609,000 after purchasing an additional 3,628,998 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Equinox Gold by 54.6% in the 2nd quarter. Mackenzie Financial Corp now owns 8,953,104 shares of the company's stock worth $46,732,000 after acquiring an additional 3,162,992 shares during the last quarter. Finally, Gemsstock Ltd. bought a new stake in shares of Equinox Gold in the 2nd quarter worth about $13,045,000. Institutional investors own 38.85% of the company's stock.

Equinox Gold Company Profile

Equinox Gold Corp. engages in the exploration, acquisition, development, and operation of mineral properties in the Americas. It explores gold and silver deposits. It holds interest in properties in California located in the United States; Guerrero State located in Mexico; Maranhão, Bahia, and Mina Gerais state located in Brazil; and Ontario, Canada.