37.49 +0.12 (0.32%)
Pre-Market: 9:16AM EST
|Bid||37.49 x 800|
|Ask||37.70 x 2200|
|Day's Range||37.03 - 37.63|
|52 Week Range||29.77 - 41.23|
|Beta (3Y Monthly)||-0.04|
|PE Ratio (TTM)||11.08|
|Forward Dividend & Yield||0.56 (1.52%)|
|1y Target Est||N/A|
Plenty of companies have produced double-digit sales increases and wider margins during an otherwise dismal earnings season.
The materials sector includes companies that manufacture of raw materials which are used across many other sectors and industries. Materials stocks include manufacturers of products as varied as plastic, fertilizer, paper, concrete, metals, and more. Some prominent names in the materials sector include fertilizer producer Mosaic Company (MOS) and paper product maker Mercer International Inc. (MERC).
Franco-Nevada Corporation (FNV) reports stellar third-quarter revenues and earnings on record Gold Equivalent Ounces sold, higher gold prices and Cobre Panama starting commercial production.
Gold prices have fallen to their lowest level in three months, hurt by rising global interest rates and the recent strength in the U.S. dollar. Gold was down $9.45, to $1,459 an ounce Friday, leaving it almost $100, or 6%, below its high in early September of $1,552. The drop in gold prices has hit gold mining shares with the exchange-traded fund (GDX) down 15 cents to $26.34 Friday.
(Bloomberg) -- Bullion giant Barrick Gold Corp. pleasantly surprised the market by raising its dividend 25%. Will the move portend a new era of largess from the normally tightfisted gold miners?There are certainly reasons for investors to be hopeful. Producers have been striving to cut costs and consolidate operations, while the price of gold has climbed over 20% in the past year to hover around $1,500 an ounce. Barrick’s move Wednesday was echoed a few hours later when Canadian rival Kirkland Lake Gold Ltd. raised its quarterly payout 50%. B2Gold Corp. preceded both by announcing its first-ever dividend a day earlier.“The companies are positioned to start to pay dividends and give more back to shareholders,” Joe Foster, a portfolio manager and strategist at VanEck, said by phone Wednesday. “It happens to coincide with the rising gold price, so you’re getting to see more aggressive moves on the dividends front than we would have seen if gold was $100 or $200 lower.”Gold miners trimmed costs following the sharp decline of the metal’s price toward the start of the decade. Barrick and B2Gold are both expecting costs this year to come in at or below the lower end of company guidance.Barrick rose Wednesday in New York trading, ending the day up 2.2%. The shares were down 0.4% at 9:24 a.m. pre-market on Thursday as gold prices fell. Kirkland Lake gained 2.8% in Toronto Wednesday, while B2Gold climbed 4%.Not all producers have embraced increased payouts this earnings season. On Tuesday Newmont Goldcorp Corp., the world’s largest gold producer, held its dividend steady as it grapples with integrating problematic assets acquired in its mega-merger with Goldcorp Inc.In an interview after assuming the role of chief executive officer Oct. 1, Newmont’s Tom Palmer used a common phrase in the gold industry: capital allocation discipline. For Palmer, that means the first focus will be paying down debt, then funding projects, and finally increasing dividends.A disciplined approach should continue to translate to shareholder returns, says Stephen Walker, RBC Capital Markets’ head of global mining research.“Shareholders have been asking companies to be more disciplined,” Walker said by phone Wednesday. “The ability to return a portion of excess capital to shareholders” is evidence of their improved cost performance, he said.(Updates with shares in fifth paragraph.)To contact the reporter on this story: Justina Vasquez in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, Steven Frank, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Newmont Goldcorp Corp. fell the most since January as prices of the metal slid and the miner reduced its full-year production forecast amid glitches at assets acquired in its merger with Goldcorp Inc.Shares of the world’s largest gold-mining company fell 4.7% to $37.06 at 11:28 a.m. in New York. The stock dropped as much as 5.8%, the most intraday since Jan. 14. Bullion prices also weighed on shares, with the metal heading for its biggest loss in more than a month.Production is expected to be 6.3 million ounces in 2019, Newmont said in its third-quarter earnings statement on Tuesday. The miner had said last month it expects output of 6.5 million ounces. The outlook was affected by snags at Goldcorp assets, including blockades at the Penasquito mine in Mexico and a conveyor fire at Musselwhite in Canada.The projection may fuel investor concerns over the mega-merger. Chief Executive Officer Tom Palmer took the helm last month, inheriting a company saddled by growing pains as it integrates Goldcorp assets. Those challenges dragged Newmont’s adjusted second-quarter profit to just about half of what analysts were expecting.For the third quarter, the company reported adjusted earnings of 36 cents a share, missing the average analyst estimate of 37 cents.“We are cautious on Newmont due to headwinds from asset integration of the underperforming Goldcorp assets, which we believe will outweigh positive news flow from potential synergies,” CIBC analysts including Anita Soni said in a note.\--With assistance from Vinicy Chan.To contact the reporters on this story: Laura Millan Lombrana in Santiago at firstname.lastname@example.org;Aoyon Ashraf in Toronto at email@example.comTo contact the editors responsible for this story: Luzi Ann Javier at firstname.lastname@example.org, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Newmont Goldcorp's (NEM) gold production in North America surges 296% in Q3. The company expects attributable gold production for 2019 to be 6.3 million ounces.
Shares of Newmont Goldcorp fell Tuesday after third-quarter earnings for the world's largest goldminer missed analysts' expectations. Earnings adjustments included a gain on the formation of Nevada Gold Mines, transaction costs associated with the Newmont Goldcorp transaction, tax and valuation allowance adjustments, changes in the fair value of investments, and reclamation and remediation charges, Newmont Goldcorp said. Nevada Gold Mines is a joint venture between Newmont Goldcorp and Barrick Gold, which officially began July 1.
Newmont (NEM) delivered earnings and revenue surprises of -10.00% and -10.07%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Newmont Goldcorp missed Wall Street estimates for quarterly profit due to higher costs and the world's biggest gold miner cut its annual output target on Tuesday as production remained suspended at one of its largest mines in Mexico. The company said it expects attributable production for the year to be 6.3 million ounces, down from a prior forecast of 6.5 million ounces. The gold miner had said in October a blockade that had restricted production and exports of lead and zinc concentrates from its Penasquito mine in Mexico has been lifted, though operations still remained suspended.
After a difficult 2018, gold stocks are poised to rebound this year and as the ‘peak gold’ narrative grows stronger, there are 5 gold stocks that every investor should keep an eye on
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