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Royal Gold (RGLD) Issues Stream Segment Sales Update for Q1
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Royal Gold, Inc. (RGLD - Free Report) issued a stream sales update for first-quarter 2023. During the quarter, RGLD Gold AG — the fully-owned subsidiary of Royal Gold — sold 60,800 gold equivalent ounces (GEOs), comprising 42,100 gold ounces, 808,100 silver ounces and 2,000 tons of copper related to its streaming agreements. The reported figure exceeded the company's guidance for stream segment sales of 54,000-59,000 GEOs.
The average realized price of gold was $1,869 per ounce in the first quarter of 2023 compared with $1,710 per ounce in the fourth quarter of 2022. The average realized price of silver was $22.66 per ounce, up from the last reported quarter’s figure of $20.09. Average realized copper prices were $8,851 per ton, up 10.6% sequentially. The company ended the quarter with 18,600 ounces of gold and 512,300 ounces of silver in inventory.
During the three months ended Mar 31, 2023, cost of sales came in at around $411 per GEO compared with the prior quarter’s reported figure of $396 per GEO.
In the fourth quarter of 2022, the company delivered adjusted earnings per share of 91 cents, beating the Zacks Consensus Estimate of 83 cents. The bottom line declined 13% year over year due to lower revenues and higher interest expenses. RGLD generated revenues of $163 million, down 3% year over year.
The downside resulted primarily from lower sales at Andacollo, Pueblo Viejo and Penasquito. However, these factors were partly offset by an increase in gold and copper sales at Mount Milligan, as well as contributions from the recently acquired royalties at Cortez.
Price Performance
Royal Gold’s shares have lost 3.7% in the past year compared with the industry’s fall of 11%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Royal Gold currently carries a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for Olympic Steel’s fiscal 2023 earnings per share is pegged at $3.50. Earnings estimates have moved 61% north in the past 60 days. ZEUS has a trailing four-quarter earnings surprise of 26.2% on average. Its shares have gained 36.3% in the past year.
The Zacks Consensus Estimate for Steel Dynamics’ earnings per share is pegged at $15.42 for 2023. Earnings estimates have been revised 32.8% upward in the past 60 days. STLD has a trailing four-quarter average surprise of 11.2% on average. The company has gained 27.6% in a year.
The Zacks Consensus Estimate for Alamos Gold’s earnings per share is pegged at 44 cents for 2023. Earnings estimates have been revised 12.8% upward in the past 60 days. AGI has gained 50.4% in a year.
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Royal Gold (RGLD) Issues Stream Segment Sales Update for Q1
Royal Gold, Inc. (RGLD - Free Report) issued a stream sales update for first-quarter 2023. During the quarter, RGLD Gold AG — the fully-owned subsidiary of Royal Gold — sold 60,800 gold equivalent ounces (GEOs), comprising 42,100 gold ounces, 808,100 silver ounces and 2,000 tons of copper related to its streaming agreements. The reported figure exceeded the company's guidance for stream segment sales of 54,000-59,000 GEOs.
The average realized price of gold was $1,869 per ounce in the first quarter of 2023 compared with $1,710 per ounce in the fourth quarter of 2022. The average realized price of silver was $22.66 per ounce, up from the last reported quarter’s figure of $20.09. Average realized copper prices were $8,851 per ton, up 10.6% sequentially. The company ended the quarter with 18,600 ounces of gold and 512,300 ounces of silver in inventory.
During the three months ended Mar 31, 2023, cost of sales came in at around $411 per GEO compared with the prior quarter’s reported figure of $396 per GEO.
In the fourth quarter of 2022, the company delivered adjusted earnings per share of 91 cents, beating the Zacks Consensus Estimate of 83 cents. The bottom line declined 13% year over year due to lower revenues and higher interest expenses. RGLD generated revenues of $163 million, down 3% year over year.
The downside resulted primarily from lower sales at Andacollo, Pueblo Viejo and Penasquito. However, these factors were partly offset by an increase in gold and copper sales at Mount Milligan, as well as contributions from the recently acquired royalties at Cortez.
Price Performance
Royal Gold’s shares have lost 3.7% in the past year compared with the industry’s fall of 11%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Royal Gold currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Olympic Steel Inc. (ZEUS - Free Report) , Steel Dynamics (STLD - Free Report) , and Alamos Gold Inc. (AGI - Free Report) . ZEUS and STLD currently flaunt a Zacks Rank #1 (Strong Buy) while AGI carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Olympic Steel’s fiscal 2023 earnings per share is pegged at $3.50. Earnings estimates have moved 61% north in the past 60 days. ZEUS has a trailing four-quarter earnings surprise of 26.2% on average. Its shares have gained 36.3% in the past year.
The Zacks Consensus Estimate for Steel Dynamics’ earnings per share is pegged at $15.42 for 2023. Earnings estimates have been revised 32.8% upward in the past 60 days. STLD has a trailing four-quarter average surprise of 11.2% on average. The company has gained 27.6% in a year.
The Zacks Consensus Estimate for Alamos Gold’s earnings per share is pegged at 44 cents for 2023. Earnings estimates have been revised 12.8% upward in the past 60 days. AGI has gained 50.4% in a year.