NexGen Energy (NYSE:NXE) Reaches New 1-Year High – Time to Buy?

NexGen Energy (NYSE:NXE) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $9.95 and last traded at $9.9450, with a volume of 5840050 shares traded. The stock had previously closed at $9.31.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NXE. Raymond James Financial reiterated an “outperform” rating on shares of NexGen Energy in a research note on Friday, October 10th. Weiss Ratings restated a “sell (d)” rating on shares of NexGen Energy in a report on Wednesday, October 8th. Zacks Research upgraded NexGen Energy from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Finally, TD Securities reissued a “buy” rating on shares of NexGen Energy in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

NexGen Energy Trading Up 6.8%

The firm’s 50 day moving average price is $8.73 and its two-hundred day moving average price is $7.59. The company has a market capitalization of $6.51 billion, a price-to-earnings ratio of -24.26 and a beta of 1.54.

NexGen Energy (NYSE:NXE) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). As a group, equities research analysts predict that NexGen Energy will post -0.05 EPS for the current year.

Hedge Funds Weigh In On NexGen Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Cetera Investment Advisers raised its position in shares of NexGen Energy by 21.3% in the first quarter. Cetera Investment Advisers now owns 126,918 shares of the company’s stock valued at $570,000 after purchasing an additional 22,307 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of NexGen Energy by 7.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 185,416 shares of the company’s stock worth $831,000 after buying an additional 12,459 shares during the period. Mackenzie Financial Corp grew its stake in NexGen Energy by 1.3% in the 1st quarter. Mackenzie Financial Corp now owns 233,457 shares of the company’s stock valued at $1,046,000 after buying an additional 2,933 shares during the last quarter. ABC Arbitrage SA bought a new position in NexGen Energy in the 1st quarter valued at about $177,000. Finally, Legacy Capital Group California Inc. raised its holdings in NexGen Energy by 31.5% in the 1st quarter. Legacy Capital Group California Inc. now owns 51,793 shares of the company’s stock valued at $233,000 after acquiring an additional 12,402 shares during the period. 42.43% of the stock is currently owned by institutional investors and hedge funds.

NexGen Energy Company Profile

NexGen Energy Ltd., an exploration and development stage company, engages in the acquisition, exploration, and evaluation and development of uranium properties in Canada. It holds a 100% interest in the Rook I project that consists of 32 contiguous mineral claims totaling an area of 35,065 hectares located in the southwestern Athabasca Basin of Saskatchewan.