Canaccord Genuity Increases NexGen Energy (NYSEAMERICAN:NXE) Price Target to $6.75

NexGen Energy (NYSEAMERICAN:NXE) had its target price raised by research analysts at Canaccord Genuity from $5.00 to $6.75 in a research report issued on Tuesday, The Fly reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity’s price objective would suggest a potential upside of 68.33% from the company’s current price.

Several other brokerages have also recently commented on NXE. Raymond James increased their target price on NexGen Energy from $4.25 to $5.00 and gave the stock an “outperform” rating in a report on Friday, January 15th. Zacks Investment Research downgraded NexGen Energy from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 20th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $4.13.

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Shares of NXE stock opened at $4.01 on Tuesday. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -44.55 and a beta of 2.15. The company has a current ratio of 12.44, a quick ratio of 12.44 and a debt-to-equity ratio of 1.07. NexGen Energy has a 12 month low of $0.50 and a 12 month high of $4.27. The stock’s 50 day simple moving average is $2.31.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Old West Investment Management LLC grew its holdings in shares of NexGen Energy by 7.1% in the third quarter. Old West Investment Management LLC now owns 5,711,009 shares of the company’s stock valued at $9,880,000 after acquiring an additional 380,751 shares in the last quarter. Bienville Capital Management LLC grew its holdings in shares of NexGen Energy by 1.4% in the fourth quarter. Bienville Capital Management LLC now owns 4,802,764 shares of the company’s stock valued at $13,256,000 after acquiring an additional 64,751 shares in the last quarter. Morgan Stanley grew its holdings in shares of NexGen Energy by 88.5% in the fourth quarter. Morgan Stanley now owns 1,554,500 shares of the company’s stock valued at $4,291,000 after acquiring an additional 729,853 shares in the last quarter. Dudley & Shanley Inc. grew its holdings in shares of NexGen Energy by 0.7% in the third quarter. Dudley & Shanley Inc. now owns 1,245,000 shares of the company’s stock valued at $2,153,000 after acquiring an additional 9,000 shares in the last quarter. Finally, Sprott Inc. grew its holdings in shares of NexGen Energy by 1.0% in the third quarter. Sprott Inc. now owns 1,217,234 shares of the company’s stock valued at $2,768,000 after acquiring an additional 12,558 shares in the last quarter. 13.96% of the stock is owned by hedge funds and other institutional investors.

NexGen Energy Company Profile

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

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