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Strength Seen in Agnico (AEM): Can Its 4.4% Jump Turn into More Strength?
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Agnico Eagle Mines (AEM - Free Report) shares ended the last trading session 4.4% higher at $161.19. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 13.2% gain over the past four weeks.
The rise in AEM’s shares reflects continued strength in gold prices following the U.S. Federal Reserve’s interest rate cut and prospects of more rate cuts this year amid concerns over the labor markets.
This gold mining company is expected to post quarterly earnings of $1.74 per share in its upcoming report, which represents a year-over-year change of +52.6%. Revenues are expected to be $2.73 billion, up 26.5% 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 Agnico, the consensus EPS estimate for the quarter has been revised 1.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on AEM going forward to see if this recent jump can turn into more strength down the road.
Agnico is part of the Zacks Mining - Gold industry. Newmont Corporation (NEM - Free Report) , another stock in the same industry, closed the last trading session 4.3% higher at $81.72. NEM has returned 11.7% in the past month.
Newmont's consensus EPS estimate for the upcoming report has changed +1.9% over the past month to $1.27. Compared to the company's year-ago EPS, this represents a change of +56.8%. Newmont currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Agnico (AEM): Can Its 4.4% Jump Turn into More Strength?
Agnico Eagle Mines (AEM - Free Report) shares ended the last trading session 4.4% higher at $161.19. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 13.2% gain over the past four weeks.
The rise in AEM’s shares reflects continued strength in gold prices following the U.S. Federal Reserve’s interest rate cut and prospects of more rate cuts this year amid concerns over the labor markets.
This gold mining company is expected to post quarterly earnings of $1.74 per share in its upcoming report, which represents a year-over-year change of +52.6%. Revenues are expected to be $2.73 billion, up 26.5% 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 Agnico, the consensus EPS estimate for the quarter has been revised 1.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on AEM going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Agnico is part of the Zacks Mining - Gold industry. Newmont Corporation (NEM - Free Report) , another stock in the same industry, closed the last trading session 4.3% higher at $81.72. NEM has returned 11.7% in the past month.
Newmont's consensus EPS estimate for the upcoming report has changed +1.9% over the past month to $1.27. Compared to the company's year-ago EPS, this represents a change of +56.8%. Newmont currently boasts a Zacks Rank of #3 (Hold).