Ivanhoe Electric FY2024 EPS Forecast Decreased by Scotiabank

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) – Scotiabank dropped their FY2024 earnings estimates for Ivanhoe Electric in a report released on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now anticipates that the company will post earnings per share of ($1.52) for the year, down from their prior estimate of ($1.34). Scotiabank currently has a “Sector Outperform” rating and a $13.50 price objective on the stock. The consensus estimate for Ivanhoe Electric’s current full-year earnings is ($1.41) per share. Scotiabank also issued estimates for Ivanhoe Electric’s FY2026 earnings at ($0.16) EPS.

A number of other equities research analysts also recently commented on the company. Eight Capital raised Ivanhoe Electric to a “strong-buy” rating in a report on Thursday, September 26th. Jefferies Financial Group dropped their price objective on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Monday.

Ivanhoe Electric Stock Performance

Shares of IE stock opened at $6.98 on Friday. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $840.81 million, a P/E ratio of -4.39 and a beta of 0.66. Ivanhoe Electric has a 1 year low of $6.31 and a 1 year high of $12.98.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its holdings in Ivanhoe Electric by 51.2% in the second quarter. Bank of New York Mellon Corp now owns 292,746 shares of the company’s stock valued at $2,746,000 after acquiring an additional 99,106 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in Ivanhoe Electric in the 2nd quarter valued at approximately $106,000. Rhumbline Advisers boosted its position in shares of Ivanhoe Electric by 34.8% during the second quarter. Rhumbline Advisers now owns 104,179 shares of the company’s stock worth $977,000 after buying an additional 26,909 shares during the period. Old West Investment Management LLC grew its stake in shares of Ivanhoe Electric by 2.2% in the second quarter. Old West Investment Management LLC now owns 159,332 shares of the company’s stock valued at $1,495,000 after buying an additional 3,369 shares in the last quarter. Finally, Goehring & Rozencwajg Associates LLC raised its holdings in shares of Ivanhoe Electric by 13.9% in the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock valued at $15,301,000 after buying an additional 199,400 shares during the period. 79.05% of the stock is owned by hedge funds and other institutional investors.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.