Scotiabank Decreases Earnings Estimates for Ivanhoe Electric

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) – Analysts at Scotiabank lowered their FY2024 earnings estimates for shares of Ivanhoe Electric in a report released on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now forecasts that the company will post earnings per share of ($1.52) for the year, down from their prior forecast 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.

IE has been the topic of several other research reports. Eight Capital raised shares of Ivanhoe Electric to a “strong-buy” rating in a research note on Thursday, September 26th. Jefferies Financial Group dropped their target price on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, January 6th.

Ivanhoe Electric Stock Performance

NYSEAMERICAN:IE opened at $7.27 on Friday. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26. The firm has a market cap of $875.74 million, a P/E ratio of -4.57 and a beta of 0.66. Ivanhoe Electric has a twelve month low of $6.31 and a twelve month high of $12.98.

Institutional Investors Weigh In On Ivanhoe Electric

A number of large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in Ivanhoe Electric by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock valued at $566,000 after buying an additional 1,643 shares during the period. Tidal Investments LLC increased its stake in Ivanhoe Electric by 14.5% in the 3rd quarter. Tidal Investments LLC now owns 366,222 shares of the company’s stock valued at $3,098,000 after buying an additional 46,345 shares during the period. Barclays PLC grew its position in Ivanhoe Electric by 358.9% in the third quarter. Barclays PLC now owns 135,903 shares of the company’s stock worth $1,150,000 after acquiring an additional 106,288 shares in the last quarter. Vestcor Inc grew its position in Ivanhoe Electric by 11.6% in the third quarter. Vestcor Inc now owns 247,981 shares of the company’s stock worth $2,098,000 after acquiring an additional 25,700 shares in the last quarter. Finally, State Street Corp grew its position in Ivanhoe Electric by 94.5% in the third quarter. State Street Corp now owns 3,207,117 shares of the company’s stock worth $27,132,000 after acquiring an additional 1,558,467 shares in the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.

About Ivanhoe Electric

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.