Royal Gold (RGLD) Issues Stream Segment Sales Update for Q3
Royal Gold, Inc. RGLD issued a stream sales update for third-quarter 2023. In the quarter, RGLD Gold AG — the fully-owned subsidiary of Royal Gold — sold 51,300 gold equivalent ounces (GEOs), comprising 37,500 gold ounces, 613,700 silver ounces and 1,500 tons of copper related to its streaming agreements.
The average realized price of gold was $1,933 per ounce in the third quarter compared with $1,983 per ounce in second-quarter 2023 . The average realized price of silver stood at $23.50 per ounce, down from the second quarter’s $24.01. Average realized copper prices were $8,241 per ton, down 5.5% sequentially. The company ended the quarter with 18,600 ounces of gold, and 269,600 ounces of silver in inventory.
In the three months ended Sep 30, 2023, the cost of sales was $416 per GEO compared with the prior quarter’s $436 per GEO.
Royal Gold reported adjusted earnings per share of 88 cents in second-quarter 2023, in line with the Zacks Consensus Estimate. The bottom line increased 9% year over year.
The company generated revenues of $144 million, down 1.4% year over year. The downside resulted primarily from declines in gold sales at Andacollo, copper sales at Mount Milligan, and gold and silver production at Peñasquito.
Price Performance
In the past year, shares of Royal Gold have gained 13.3% compared with the industry’s growth of 19.4%.
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Zacks Rank & Other Stocks to Consider
Royal Gold currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the basic materials space are Yara International ASA YARIY, Carpenter Technology Corporation CRS and L.B. Foster Company FSTR. YARIY sports a Zacks Rank #1 (Strong Buy) at present, and CRS and FSTR carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Yara International has an average trailing four-quarter earnings surprise of 56%. The Zacks Consensus Estimate for YARIY’s fiscal 2023 earnings is pegged at $1.27 per share. The consensus estimate for 2023 earnings has moved 9% north in the past 60 days. Its shares gained 5.2% in the last year.
Carpenter Technology has an average trailing four-quarter earnings surprise of 10%. The Zacks Consensus Estimate for CRS’s fiscal 2024 earnings is pegged at $3.48 per share. The consensus estimate for 2023 earnings has moved 8% north in the past 60 days. Its shares gained 109.6% in the last year.
L.B. Foster has an average trailing four-quarter earnings surprise of 134.5%. The Zacks Consensus Estimate for FSTR’s 2023 earnings is pegged at 53 cents per share. Earnings estimates have been unchanged in the past 60 days. FSTR’s shares gained 98.4% in the last year.
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