Are These Gold Stocks On Your List This Week?
The past few weeks have been quite positive for gold, and the precious metal started the week on a positive note as well. Gold prices rose as high as $1594.60 during the early Tuesday session.
The rise in gold believed to be a direct consequence of the continued fears in the investment community with regards to the coronavirus scare. Since gold prices are rising, it could be a good time to consider watching gold stocks. Here is a look at 5 of those.
Top Gold Stocks To Watch #1 IMC International Mining
First on this list of gold stocks, IMC International Mining (IMCX – Free Report) (IMIMF) has surged this year. After starting 2020 off at $0.25CAD, shares have climbed as high as $0.50. Last week saw the gold stock trading around $0.44CAD.
Besides rising gold prices, IMC International has benefited from several key milestones. First, the company began trading in the US under the symbol IMIMF. This was at the end of January. Then, last week, IMC International reported that it has entered into a letter of intent to acquire Thane Minerals. The significance of this deal is that it could put IMC in a prominent area of British Colombia.
Thane holds 100% interest in the Cathedral Property in an area called the “Quesnel Terrane”. This is rich in mineralization and ideal for gold discovery. In fact, just North West of this region is an area called “The Golden Triangle,” which hosts some of the richest gold ore bodies in the world.
Furthermore, the Quesnel Terrane hosts past and planned production of 50 billion pounds of copper, 28 million ounces of gold, and has 16 producing and development projects. Thanks to this, in addition to the company’s current assets, the market has taken notice of IMC International. Will this trend continue as gold closes in on new February highs?
Top Gold Stocks To Watch #2 Yamana Gold
The next gold stock to consider in this situation is that of Yamana Gold (AUY – Free Report). The company announced its earnings for the fourth quarter this past Friday. Yamana managed to meet analysts’ expectations but year on year growth remained flat.
Yamana’s gold production for the quarter stood at 221595 ounces, while silver productions touched 2.97 million ounces. The full-year production of gold actually surpassed the company’s projections and hit 900,339 ounces. The all-in sustaining costs were also in line with Yamana Gold’s expectations.
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Thanks to progress like this, optimism continued to push AUY stock higher. Yamana gold stock managed to reach new 52-week highs of $4.31. Furthermore, the analyst community has taken notice of the company’s successes as well. Last week, Canaccord Genuity raised its price target for the stock. The firm boosted its $6.25CAD target to $6.50CAD.
Top Gold Stocks To Watch #3 Sandstorm Gold
Another gold mining company that reported its fourth-quarter financial results on Friday was Sandstorm Gold (SAND – Free Report). The company managed to beat expectations marginally. The company’s revenues rose by 37% year on year to $24 million, while attributable gold equivalent ounces jumped by 13.6% and hit 16113.
In addition to that, the company also received permission to be listed on the New York Stock Exchange. Prior to this, it had been trading on the NYSE American. Beginning February 21 it will start trading on the NYSE.
After dipping to lows this year of $6.42, Sandstorm has been on the rebound. Aside from the rising price of gold, the company’s earnings growth has been well-received. Shares have managed to move to highs of $7.25 during premarket trading on Tuesday.
Top Gold Stocks To Watch #4 Agnico Eagle Mines
Agnico Eagle Mines (AEM – Free Report) could also be in focus this week. The company beat expectations in the fourth quarter. But the stock slipped after Agnico decided to dial down its production projections for 2020. The company revealed that the operations at its Nunavut location in Canada has been slow in ramping up.
Despite beating on its Q4 earnings, Agnico missed on revenue. The company recorded $753.1 million in revenue from mining operations. This came in short of the $757.5 million that analysts on Wall Street estimated. However, the company will still pay a quarterly dividend. This time it will actually be $0.025 higher than its previous dividend of $0.175 per share. After dropping thanks to the revenue miss will Agnico gold stock be able to recover in light of the latest move in gold price?
Top Gold Stocks To Watch #5: SSR Mining
Finally, SSR Mining (SSRM – Free Report) has managed to hit a stride this month. After dropping in January, shares of SSR gold stock have managed to reverse the trend in February. Aside from bullish gold prices, SSR has also benefited from strong corporate progress this month.
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Last week the company announced that it intends to redeem all of its outstanding 2.875% senior convertible notes in an all-cash transaction. Following the redemption of the 2013 Notes, no 2013 Notes will remain outstanding. In light of this latest update, shares of SSR gold stock have managed to steadily creep higher. Last week shares moved from $18.85 to over $18 by Friday’s close.
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