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

Shares of 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.

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

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Morgan Stanley set a $7.70 price target on Nexa Resources and gave the company an “underweight” rating in a research report on Monday, December 15th. JPMorgan Chase & Co. raised their price target on shares of Nexa Resources from $7.00 to $7.50 and gave the stock a “neutral” rating in a report on Thursday. Citigroup increased their price objective on shares of Nexa Resources from $5.50 to $13.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 3rd. Scotiabank reaffirmed a “sector perform” rating on shares of Nexa Resources in a research report on Monday, January 26th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Nexa Resources in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $7.81.

Institutional Trading of Nexa Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sagil Capital LLP bought a new position in shares of Nexa Resources in the fourth quarter valued at $11,651,000. Marshall Wace LLP bought a new position in Nexa Resources in the 4th quarter valued at about $8,653,000. Dimensional Fund Advisors LP increased its holdings in Nexa Resources by 19.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 878,227 shares of the company’s stock worth $7,774,000 after purchasing an additional 146,051 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Nexa Resources by 120.8% in the fourth quarter. Renaissance Technologies LLC now owns 852,800 shares of the company’s stock worth $7,547,000 after purchasing an additional 466,500 shares during the last quarter. Finally, Walleye Capital LLC bought a new position in shares of Nexa Resources in the fourth quarter valued at approximately $4,628,000.

Nexa Resources Stock Performance

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 has a 50-day moving average of $11.25 and a 200-day moving average of $7.62. The company has a market cap of $1.87 billion, a PE ratio of -116.41, a PEG ratio of 0.23 and a beta of 0.55.

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.