We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Agnico Eagle (AEM) Touches New 52-Week High at $50.80
Read MoreHide Full Article
Shares of Agnico Eagle Mines Limited (AEM - Free Report) scaled a new 52-week high of $50.80 on Monday before retracing to end the day at $50.26.
The gold producer, with a market cap of roughly $11.08 billion, has delivered a year-to-date return of about 91.86%, higher than the S&P 500’s corresponding return of around 4.22%. Average volume of shares traded over the last three months is roughly 2,681K.
Growth Drivers
Agnico Eagle reported adjusted earnings of 6 cents per share in first-quarter 2016, comfortably beating the Zacks Consensus Estimate of 2 cents. Revenues rose 1.4% year over year to $490.5 million in the quarter and surpassed the Zacks Consensus Estimate of $477 million.
Agnico Eagle continues to concentrate on mine exploration for output expansion. Total gold production of 411,336 ounces in the last reported quarter was up 1.8% year over year. The company is carrying out several studies to exploit the total potential of its mines. At the LaRonde mine, studies are being conducted to extract higher grade gold ounces, while further exploration is underway at other mines including Kittila, the Barsele project and El Barquno. The company is now expected to produce the higher end of its previously stated guidance range of 1.525−1.565 million ounces of gold in 2016.
Additionally, management has developed a revised life of mine plan. The new plan predicts a shorter life span of the mine and lower gold production, but allows the company to generate significant free cash flow over the next 6 years.
Agnico Eagle has consistently provided returns to shareholders in the form of dividends and share buybacks. In the first quarter of 2016, the company declared a dividend of 8 cents a share.
Agnico Eagle currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked companies in the same space are B2Gold Corp. (BTG - Free Report) , sporting a Zacks Rank #1 (Strong Buy), Harmony Gold Mining Company Limited (HMY - Free Report) and Alamos Gold, Inc. (AGI - Free Report) , both carrying a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Agnico Eagle (AEM) Touches New 52-Week High at $50.80
Shares of Agnico Eagle Mines Limited (AEM - Free Report) scaled a new 52-week high of $50.80 on Monday before retracing to end the day at $50.26.
The gold producer, with a market cap of roughly $11.08 billion, has delivered a year-to-date return of about 91.86%, higher than the S&P 500’s corresponding return of around 4.22%. Average volume of shares traded over the last three months is roughly 2,681K.
Growth Drivers
Agnico Eagle reported adjusted earnings of 6 cents per share in first-quarter 2016, comfortably beating the Zacks Consensus Estimate of 2 cents. Revenues rose 1.4% year over year to $490.5 million in the quarter and surpassed the Zacks Consensus Estimate of $477 million.
Agnico Eagle continues to concentrate on mine exploration for output expansion. Total gold production of 411,336 ounces in the last reported quarter was up 1.8% year over year. The company is carrying out several studies to exploit the total potential of its mines. At the LaRonde mine, studies are being conducted to extract higher grade gold ounces, while further exploration is underway at other mines including Kittila, the Barsele project and El Barquno. The company is now expected to produce the higher end of its previously stated guidance range of 1.525−1.565 million ounces of gold in 2016.
Additionally, management has developed a revised life of mine plan. The new plan predicts a shorter life span of the mine and lower gold production, but allows the company to generate significant free cash flow over the next 6 years.
Agnico Eagle has consistently provided returns to shareholders in the form of dividends and share buybacks. In the first quarter of 2016, the company declared a dividend of 8 cents a share.
Agnico Eagle currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked companies in the same space are B2Gold Corp. (BTG - Free Report) , sporting a Zacks Rank #1 (Strong Buy), Harmony Gold Mining Company Limited (HMY - Free Report) and Alamos Gold, Inc. (AGI - Free Report) , both carrying a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>