7 Cheap Canadian Stocks To Invest In

4. Equinox Gold (NYSE:EQX)  

Upside Potential: 12.89%  

Forward P/E Ratio as of September 28: 16.88

Number of Hedge Fund Investors: 17

Equinox Gold (NYSE:EQX) is a Canadian mining company engaged in the exploration, development, and operation of gold projects across the Americas. The company’s portfolio includes several producing mines and development projects including Mexico, Brazil and Canada.

On August 29, Equinox Gold (NYSE:EQX) celebrated the official opening of its Greenstone Mine in Geraldton, Ontario, positioning the company as one of Canada’s largest and lowest-cost gold producers. The Greenstone Mine is now 100%owned by Equinox Gold (NYSE:EQX); the mine first produced gold in May and has since continued to ramp up to commercial production. In the months of May, June, and July, the mine produced approximately 2,625 ounces, 13,625 ounces, and 19,750 ounces, respectively, with average throughput exceeding 60% of design capacity in August to date. As the mine continues to reach its full potential, Equinox Gold’s (NYSE:EQX) management is optimistic about its future prospects and the role it will play in the company’s growth and success.

Gold prices are experiencing a significant surge, on August 27, gold prices reached an all-time high of $2,531.70 per ounce, due to strong demand and favorable market conditions. J.P. Morgan Research forecasts that gold will maintain a stable price of $2,500 per ounce by the end of 2024 and rise to $2,600 per ounce in the first half of 2025. Equinox Gold (NYSE:EQX) is exceptionally well-positioned to capitalize on the upward trend in gold prices. Equinox Gold (NYSE:EQX) is trading 16.88 times its earnings. The company’s earnings are expected to grow by 134.88% this year. Industry analysts have a consensus on the stock’s Buy rating, setting an average share price target at $7.35, which is a 12.89% upside potential from its current level.