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Jul. 20, 2015, 10:39 AM
- Several gold miner stocks strike new 52-week lows in early trading, as gold prices plunge below $1,100/oz. overnight and adding pressure to a sector that already faces razor-thin margins.
- Investors have turned sharply negative on gold as the U.S. dollar rises ahead of a likely rise in interest rates, and a report out of China shows lower than expected holdings of the metal.
- While most senior gold miners can generate decent margins at $1,100 gold, many small and mid-tier producers are underwater at the price, and some of the seniors are struggling with heavy debt.
- Hitting new 52-week lows today: ABX -9.3%, GG -7.7%, GFI -10.7%, KGC -9.4%, AGI -6.6%, AU -9.7%, SBGL -7.8%, BTG -9.3%, EGO -2.9%, NGD -8%, AUY -8.8%, RGLD -8.2%, FNV -6.8%, SLW -5%.
- Also lower: NEM -9.4%, AEM -7.9%, NG -7%, GOLD -4.8%, IAG -5.1%, HL -5.4%.
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, SIL, JNUG, GLDX, JDST, SGDM, ASA, SLVP, SILJ, RING, JUNR, PSAU, TGLDX, GDJJ, GDXS, GDXX, GDJS
Jul. 20, 2015, 9:14 AM
Jul. 17, 2015, 2:58 PM
- Barrick Gold (ABX -4.9%) sinks to 24-year lows in Toronto trading, leading a rout among bullion miners as the yellow metal extends its selloff to five-year lows.
- ABX is under particular pressure, as the fall in gold casts doubt on the company’s strategy of shedding assets to pay down its $12.9B debt, as it "becomes harder and harder to sell those assets at any kind of reasonable value if metal prices are unwinding," Macquarie analyst Ron Stewart says.
- ABX reportedly is nearing a deal to sell its Zaldivar copper mine in Chile, and is looking for buyers for its 50% stake in its Kalgoorlie mine, among other properties.
- NEM -2.6%, GG -5.7%, GFI -1.1%, KGC -5.2%, AEM -5.1%, NG -2.2%, AGI -6.6%, AU -5.7%, GOLD -2.5%, SBGL -4.2%, BTG -6.4%, IAG -7.6%, EGO -7.6%, HL -3.5%, NGD -8.4%, AUY -2.9%, RGLD -2.9%, FNV -3.6%, SLW -3.3%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, SGDM, ASA, SLVP, RING, PSAU, TGLDX, GDXS, GDXX
Jun. 16, 2015, 6:19 AM
- Agnico Eagle Mines (NYSE:AEM) rated new Market Perform, price-target $35.
- Yamana Gold (NYSE:AUY) rated new Market Perform, price-target $3.75.
- Goldcorp (NYSE:GG) rated new Outperform, price-target $22.
- Barrick Gold (NYSE:ABX) rated new Outperform, price-target $16.
- Kinross Gold (NYSE:KGC) rated new Market Perform, price-target $2.75.
- Eldorado Gold (NYSE:EGO) rated new Market Perform, price-target C$6.00.
Apr. 30, 2015, 5:07 PM
- Agnico Eagle (NYSE:AEM): Q1 EPS of $0.15 beats by $0.05.
- Revenue of $483.6M (-2.9% Y/Y) misses by $17.5M.
Apr. 29, 2015, 5:35 PM
- ABAX, ADNC, ADUS, AEM, AIG, AIV, ARAY, ATHN, ATR, AVD, AXTI, BCOR, BCOV, BMRN, BRKS, BYD, CALD, CAP, CATM, CEMP, CENX, CLD, CLMS, CMLS, COLM, CPSI, CPT, CTCT, CTRL, CUBE, DCT, DGI, DWA, EEP, EGO, ELLI, EMN, EPAY, EVHC, EXEL, EXPE, EZPW, FBHS, FEYE, FLR, FLS, FLT, FRGI, FSLR, G, GB, GILD, HABT, HCI, HLS, HME, HTCH, IART, IMMR, INT, ISBC, JDSU, KRG, LEG, LLNW, LNKD, LNT, LRE, LYV, MITK, MOBL, MRC, MRH, MXL, NFG, NKTR, NR, NTRI, OMCL, PCCC, PDFS, PKI, PODD, POL, PSA, PXLW, QLGC, RGC, RKUS, ROVI, SEM, SGEN, SKYW, SPF, SPN, SPWR, SWKS, SYNC, TER, THG, TMST, TNAV, TNDM, TRMB, TS, TSRO, TSYS, TUES, TXTR, UIL, V, VR, WU, WWWW, YRCW
Apr. 14, 2015, 6:57 PM
- The merger of equals between Alamos Gold (NYSE:AGI) and AuRico Gold (NYSE:AUQ) makes no sense for AGI shareholders, as the deal "effectively rescues" AUQ from its balance sheet troubles and provides AGI no premium in exchange, says TD Securities analyst Steven Green.
- The deal's enterprise value of $392 for AGI vs. AUQ's EV of a bit more than $1B means the merger undervalues AGI, Green says in downgrading AGI to Hold from Buy and cuts his stock price target to $9 from $11.
- The deal effectively puts both miners into M&A play, Green says, speculating that Agnico Eagle Mines (NYSE:AEM), Kinross Gold (NYSE:KGC) and Iamgold (NYSE:IAG) could be interested in AGI.
Apr. 10, 2015, 4:58 PM
- Credit Suisse sees potential for a near-term rally in gold prices, and expects copper prices to do well this year.
- The firm upgrades First Quantum Minerals (OTCPK:FQVLF) to Outperform from Neutral on positive copper and stock re-rating catalysts in H2 2015, and likes HudBay Minerals (NYSE:HBM) and Tahoe Resources (NYSE:TAHO); it downgrades Teck Resources (NYSE:TCK) to Neutral from Outperform based on a weaker outlook for coking coal and valuation.
- Among gold miners, CS prefers Agnico Eagle Mines (NYSE:AEM) for its lower cost assets, operational consistency, strong free cash flow and organic exploration and growth opportunities, and Goldcorp (NYSE:GG) for its growth and relatively strong balance sheet; Yamana Gold (NYSE:AUY) and Detour Gold (OTCPK:DRGDF) provide leverage to a gold price rally.
Mar. 20, 2015, 9:19 AM
- Agnico Eagle Mines (NYSE:AEM) names former Barrick Gold CFO Ammar Al-Joundi as its new president, grooming him as a potential CEO.
- Al-Joundi had been AEM's CFO for about two years until June 2012 when he joined ABX; prior to joining AEM in Sept. 2010, he spent 11 years at ABX in various senior financial positions.
Feb. 18, 2015, 3:59 PM
- Agnico-Eagle Mines (AEM +2%) is upgraded to Overweight from Neutral with a $41 price target, up from $38, at J.P. Morgan, which says it has the right assets and an experienced management team for the tricky gold market.
- The firm notes that AEM’s operations in Canada, Mexico and Finland shield its costs from the strong U.S. dollar, while its sizable portfolio of underground mines provides the flexibility to adjust to moves in the price of gold.
- JPM likes AEM's portfolio of longer lived assets and running list of projects that should not only replace production from maturing mines but could enhance the miner's production profile beyond 2017.
Feb. 11, 2015, 5:08 PM
- Agnico Eagle (NYSE:AEM): Q4 EPS of $0.08 beats by $0.05.
- Revenue of $503.9M (+15.2% Y/Y) beats by $46.71M.
Feb. 10, 2015, 5:35 PM
- ABCO, ACHC, AEM, AMAT, AMBR, AUY, BIDU, CAKE, CJES, CPA, CRAY, CSCO, CSOD, CTL, CVA, CXW, CYS, DDR, DIOD, EFC, EFX, EXL, FET, FEYE, FORR, GAS, HIVE, HNI, HOS, IO, ITRI, LPSN, MET, NSIT, NTAP, NTWK, NU, NVDA, OII, PNRA, PPC, QDEL, REG, SCSS, SKX, SLF, SPRT, STMP, SWM, TAL, TCX, TRIP, TSLA, TSO, TTGT, WFM, ZEN, ZU
Feb. 10, 2015, 11:38 AM
- Goldcorp (GG -1.1%) and Agnico Eagle Mines (AEM -1.7%) are highlighted as the two top picks in the gold mining sector at Credit Suisse.
- GG is the firm's preferred senior gold equity due to its growth profile, dividend yield, strong balance sheet and low debt level, and longer average mine life with strong exploration potential at key assets.
- AEM is a top pick because of its strong free cash flow outlook, operational track record and relatively de-risked 2015 outlook, but the firm is slightly cautious since the stock has been a top performer YTD and its valuation could now be reflecting better than analyst expectations on costs.
Jan. 27, 2015, 3:10 PM
- Gold miner (NYSEARCA:GDX) earnings reports are on the way, and Barclays analysts foresee Q4 earnings to come in lower across the board with margins under pressure as metals prices fall; for gold, they see producers’ margins falling ~12% Q/Q.
- Barclays believes lower gold prices also will mean writedowns of assets for many companies, while mining depletion will combine with limited exploration budgets to bring down reserves.
- Most senior and mid-tier gold producers will not see Y/Y production growth in 2015, the firm says; Goldcorp (GG +2.9%), Agnico Eagle Mines (AEM +4.6%), Yamana Gold (AUY +3.2%) and New Gold (NGD +4.2%) should enjoy production growth, while royalty companies Royal Gold (RGLD +1.8%) and Franco-Nevada (FNV +4.6%) should have revenue growth despite lower commodity pricing.
Jan. 14, 2015, 6:25 PM
- Goldcorp (NYSE:GG) could soon join a group of large gold miners that have a net loss to show for their entire history as corporate entities, Financial Post's Peter Koven writes.
- GG warned this week that it expects to record a $2.3B-$2.7B impairment charge on its Cerro Negro mine in Argentina; since the miner’s retained earnings were $2.2B as of Sept. 30, they may be completely wiped out in its next quarterly report.
- That's not unusual in the gold industry, where writedowns have destroyed historic profits in recent years: Barrick Gold (NYSE:ABX) has retained earnings of -$7.8B, Kinross Gold (NYSE:KGC) has -$8.5B in historic losses, AngloGold Ashanti (NYSE:AU) has -$4B, and Agnico Eagle Mines (NYSE:AEM) has a mere -$740M.
- The writedowns are non-cash and have no impact on day-to-day operations, but they have damaged the reputations of gold miners and drove away investors who have proven tough to woo back, Koven writes.
Jan. 6, 2015, 5:35 PM
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