McEwen (MUX - Free Report) shares soared 9.3% in the last trading session to close at $11.94. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 13.4% gain over the past four weeks.
McEwen Mining has experienced an uptick in its stock value due to the recent surge in gold and silver prices, attributed to the weaker-than-expected U.S. GDP results. The U.S. GDP increased at an annualized rate of 1.6% in the first quarter of 2024, marking its slowest pace in nearly two years.
McEwen Mining recently announced that it has entered into a definitive agreement to acquire Timberline Resources Corporation. This move will boost McEwen’s existing portfolio of development and exploration projects in Nevada.
Timberline shareholders will have the right to receive 0.01 of a share of McEwen’s common stock for each share of Timberline’s common stock, representing a value of $0.102 per Timberline share. McEwen currently owns 6.25 million Timberline shares representing approximately 3.3% of Timberline’s basic common shares and 6.25 million Timberline warrants. Excluding McEwen’s existing ownership, McEwen expects to issue approximately 1.84 million shares on closing, for a transaction value of $18.8 million.
This gold and silver mining company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +78.6%. Revenues are expected to be $39.8 million, up 14.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For McEwen, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MUX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
McEwen belongs to the Zacks Mining - Miscellaneous industry. Another stock from the same industry, Uranium Energy (UEC - Free Report) , closed the last trading session 0.6% higher at $6.66. Over the past month, UEC has returned -1.2%.
For Uranium Energy, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.01. This represents a change of +150% from what the company reported a year ago. Uranium Energy currently has a Zacks Rank of #3 (Hold).
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McEwen (MUX - Free Report) shares soared 9.3% in the last trading session to close at $11.94. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 13.4% gain over the past four weeks.
McEwen Mining has experienced an uptick in its stock value due to the recent surge in gold and silver prices, attributed to the weaker-than-expected U.S. GDP results. The U.S. GDP increased at an annualized rate of 1.6% in the first quarter of 2024, marking its slowest pace in nearly two years.
McEwen Mining recently announced that it has entered into a definitive agreement to acquire Timberline Resources Corporation. This move will boost McEwen’s existing portfolio of development and exploration projects in Nevada.
Timberline shareholders will have the right to receive 0.01 of a share of McEwen’s common stock for each share of Timberline’s common stock, representing a value of $0.102 per Timberline share. McEwen currently owns 6.25 million Timberline shares representing approximately 3.3% of Timberline’s basic common shares and 6.25 million Timberline warrants. Excluding McEwen’s existing ownership, McEwen expects to issue approximately 1.84 million shares on closing, for a transaction value of $18.8 million.
This gold and silver mining company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +78.6%. Revenues are expected to be $39.8 million, up 14.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For McEwen, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MUX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
McEwen belongs to the Zacks Mining - Miscellaneous industry. Another stock from the same industry, Uranium Energy (UEC - Free Report) , closed the last trading session 0.6% higher at $6.66. Over the past month, UEC has returned -1.2%.
For Uranium Energy, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.01. This represents a change of +150% from what the company reported a year ago. Uranium Energy currently has a Zacks Rank of #3 (Hold).
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Biden or Trump? Zacks is releasing a FREE Special Report, Profit from the 2024 Presidential Election (no matter who wins).
Since 1950, presidential election years have been strong for the market. This report names 5 timely stocks to ride the wave of electoral excitement.
They include a medical manufacturer that gained +11,000% in the last 15 years… a rental company absolutely crushing its sector… an energy powerhouse planning to grow its already large dividend by 25%... an aerospace and defense standout that just landed a potentially $80 billion contract… and a giant chipmaker building huge plants in the U.S.
Don’t Wait. Download FREE >>
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