Canaccord Genuity Upgraded Nevsun Resources Shares to “Buy”

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ENDORSEMENT. Leading Investment Banking and Wealth Management Group Canaccord Genuity today announced the upgrading of Nevsun Resources shares from a “Hold” rating to a “Buy” rating

By Paymon,

CANACCORD Genuity upgraded shares of Nevsun Resources (NYSE:NSU) from a ‘hold‘ rating to a ‘buy‘ rating

Nevsun Resources traded up 1.82% during mid-day trading on Thursday, hitting $3.35. 117,161 shares of the company’s stock traded hands. Nevsun Resources has a one year low of $3.17 and a one year high of $4.51. The stock has a 50-day moving average of $3. and a 200-day moving average of $3. The company has a market cap of $668.85 million and a price-to-earnings ratio of 7.19. 

Nevsun Resources last announced its earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.13 by $0.02. On average, analysts predict that Nevsun Resources will post $0.33 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 4.86%. The ex-dividend date is Friday, March 27th.

Separately, analysts at Scotiabank reiterated a sector perform rating on shares of Nevsun Resources in a research note on Tuesday, March 24th.

Nevsun Resources Ltd. is a Canada-based mineral company. The Company is engaged in the production and sale of metals from its Bisha Mine in Eritrea, northeast Africa. Nevsun is a 60% shareholder in Bisha Mining Share Company (BMSC), which owns and operates the Bisha Mine.