Shares of NexGen Energy (NYSE:NXE) have received a consensus recommendation of “Moderate Buy” from analysts covering the stock, according to data from Marketbeat. The consensus stems from evaluations by seven ratings firms, which include a mix of recommendations: one “sell,” one “hold,” four “buy,” and one “strong buy.”
Several research analysts have recently assessed NexGen’s stock performance. On January 22, 2024, Weiss Ratings reaffirmed a “sell (d)” rating for NexGen Energy. Earlier, on January 14, 2024, Raymond James Financial indicated an “outperform” rating in their research note, suggesting positive expectations for the stock’s performance.
Institutional Investment Trends
Recent activity among institutional investors reveals increased interest in NexGen Energy. Wealthspire Retirement LLC acquired a new stake in the company during the fourth quarter, investing approximately $143,000. Mackenzie Financial Corp significantly raised its position in NexGen by 87.4%, now holding 554,087 shares valued at around $5,039,000 after purchasing an additional 258,415 shares.
Regal Partners Ltd also expanded its holdings in NexGen Energy, increasing its stake by 412.5% to 205,000 shares, valued at $1,886,000. Similarly, NewEdge Advisors LLC lifted its holdings by 5.2%, now owning 176,900 shares worth approximately $1,627,000. Furthermore, Wellington Management Group LLP grew its stake by 165.8%, owning 1,691,552 shares valued at about $15,566,000. Overall, institutional investors now control 42.43% of NexGen Energy’s stock.
Current Stock Performance
As of January 25, 2024, NexGen Energy shares opened at $12.80. The company boasts a market capitalization of $8.45 billion and a price-to-earnings ratio of -31.21, indicating a negative earnings outlook. Over the past year, the stock has experienced fluctuations, with a low of $3.91 and a high of $13.96. The company’s 50-day moving average price stands at $11.28, while the 200-day moving average is at $9.39.
NexGen Energy is primarily engaged in uranium exploration and development, focusing on its flagship Rook I project located in the Athabasca Basin of northern Saskatchewan. The company’s key activities include resource delineation, feasibility studies, and obtaining necessary permits for its high-grade Arrow deposit, which is noted as one of the largest undeveloped uranium discoveries in the region.
With a technical team utilizing advanced drilling, geophysical, and geochemical techniques, NexGen Energy aims to enhance its resource base and provide a reliable, low-cost supply of uranium to the global nuclear power sector. The Rook I project is situated in a highly productive uranium district, benefiting from excellent infrastructure, a skilled workforce, and a supportive regulatory environment.
