Editor’s Note: Related tickers: Barrick Gold Corporation (NYSE:ABX), Goldcorp Inc. (NYSE:GG), NovaGold Resources Inc. (NYSEAMEX:NG), Newmont Mining Corp (NYSE:NEM), Kinross Gold Corporation (NYSE:KGC), Goldman Sachs Group, Inc. (NYSE:GS), Deutsche Bank AG (NYSE:DB)
Barrick Gold Profit Falls (WSJ)
Barrick Gold Corporation (NYSE:ABX) +1.60% the world’s largest gold producer by output, reported a decline in first-quarter profit on lower commodity prices but lowered it cost forecast for the full year, offering a rare bit of good news for investors Barrick also said that it is continuing to evaluate all alternatives for its flagship Pascua-Lama gold-and-silver mine on the border of Chile and Argentina, including the possibility of suspending the project. Barrick shares closed up $1.32, or 7.5%, at $18.91 in New York Stock Exchange composite trading. Despite the investor enthusiasm, shareholders at the company’s annual meeting here Wednesday voted against Barrick’s executive-compensation proposals, in a nonbinding, but symbolic, protest vote against a $17 million pay package for the company’s new co-chairman, John Thornton.
Barrick shareholders reject executive compensation resolution at tumultuous AGM (TheStarPhoenix)
Barrick Gold Corporation (NYSE:ABX) said it would “carefully consider” an unprecedented rejection by shareholders of the company’s executive compensation plan on Wednesday, even as management strongly defended a record payment given to the co-chairman. The rejection at Barrick’s annual meeting here was a direct challenge to a board that last year agreed to pay US$17-million to co-chairman John Thornton, which included a staggering US$11.9-million signing bonus. Barrick founder and chairman Peter Munk was defiant during the meeting, defending his company’s decision to bring on Mr. Thornton, a former president at Goldman Sachs Group, Inc. (NYSE:GS).
Keeping the Faith at Barrick’s Annual Meeting (WSJ)
Barrick Gold Corporation (NYSE:ABX) +1.50% has mined gold for 30 years, and many of the small investors who’ve been with it from the start are keeping faith in both the company and the yellow metal. But some of them are divided on the future of another Barrick constant–Chairman and Founder Peter Munk. Barrick’s retail investors gathered in force at the company’s annual meeting in Toronto Wednesday, eating Vietnamese spring rolls and Stilton cheese while talking gold and other company-related matters.
Barrick Gold reveals talks over Dominican Republic mine pact (DominicanToday)
Barrick Gold Corporation (NYSE:ABX) president and CEO Jamie Sokalsky on Wednesday revealed that the company is in a dialogue with Dominican Republic’s authorities over the Pueblo Viejo mining contract, local media report. In a statement, the executive said the net profits for Barrick, the world’s biggest gold producer, were US$ 847 million in the first quarter, or 18.5% lower than the same year ago period. Barrick said its 60% stake in Pueblo Viejo earned it 96,000 ounces of gold during the quarter. The remaining 40% is held by Goldcorp.
Goldcorp Price Target Cut to $40.50 by Analysts at Scotiabank (GG) (DailyPolitical)
Analysts at Scotiabank decreased their price target on shares of Goldcorp (NYSE: GG) from $47.50 to $40.50 in a research report issued to clients and investors on Wednesday, Analyst Ratings Network.com reports. A number of other firms have also recently commented on GG. Analysts at Deutsche Bank AG (NYSE:DB) cut their price target on shares of Goldcorp from $31.00 to $28.00 in a research note to investors on Monday. They now have a “hold” rating on the stock. Separately, analysts at Barclays Capital cut their price target on shares of Goldcorp from $50.00 to $40.00 in a research note to investors on Monday. They now have an “overweight” rating on the stock. Finally, analysts at RBC Capital cut their price target on shares of Goldcorp from $49.00 to $36.00 in a research note to investors on Friday, April 19th. They now have an “outperform” rating on the stock.
Soaring Barrick helps propel TSX to biggest jump in 8 months (Reuters)
Canada’s main stock index jumped more than 1 percent on Wednesday, its sharpest one-day percentage gain in more than eight months, as higher commodity prices fueled a rise in shares of gold and oil and gas producers. The surge in gold-mining shares, which have languished this year, played the biggest role in driving up the market as they rose about 7 percent as physical buyers scooped up the precious metal on the back of a recent selloff. …Miner Goldcorp Inc. (NYSE:GG) rose 6.4 percent to C$30.25. Energy shares climbed 2.3 percent as oil prices rose. Shares of Cenovus Energy, Canada’s No. 2 independent oil producer, rose 2.1 percent to C$29.36 after it posted a quarterly operating profit that beat analysts’ estimates.
Notable Gainers: Goldcorp Inc, Alpha Natural Resources, Owens & Minor, Joe’s Jeans Inc (SBWire)
ThePennyStockProfiler, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:- Goldcorp Inc. (NYSE:GG) increased 6.05% and closed at $29.43 on a traded volume of 8.05 million shares. So far this year, the stock is down over 17%. The 52-week range for the stock is $27.11 and $47.42. Goldcorp Inc. (NYSE:GG) is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico and Central and South America.
NovaGold Resources Inc. (USA) (NYSEAMEX:NG) trades flat, GT Advanced Technologies Inc (NASDAQ:GTAT) (NISMagazine)
NovaGold Resources Inc. (NYSEAMEX:NG) fell 0.42% and closed at $2.39 with a total traded volume of 4.78 million shares in comparison to the 30 days average of 3.39 million. The share closed below its 50 days moving average of $3.60. The stock ranged in a price band of $2.34 and $2.48, after having opened the day at $2.41 as compared to the previous trading day’s close of $2.54. The RSI of the stock is 22.76. NovaGold is ahead of its 52 week low 6.31%, the previous month return for the stock was -39.24% and its last month price volatility remained 7.15%. The long 200 days moving average is trading above the short 50 days moving average reflecting that the chart is technically weak. The total market capitalization is $749.61 million. Its beta coefficient was 1.50 with a target price of $8.04. The return on equity and return on asset of the NovaGold Resources Inc. (NYSEAMEX:NG) are 6.71% and 4.87% respectively. The total floated share in the market is 226.28 million shares as compared to the total 316.64 million outstanding shares of NovaGold.
Volume Gainers of the Gold Industry (TechSonian)
NovaGold Resources Inc. (NYSEAMEX:NG) ended lower -0.42% and completed the day at $2.39. The total number of shares that changed hands during the day was 4.78 million. After opening at $2.41, the stock hit a high of $2.48. However, it traded between $2.22 and $7.30 over the last twelve months. NovaGold Resources Inc. (NYSEAMEX:NG) engages in the exploration and development of mineral properties primarily in Alaska, the United States and British Columbia, Canada. The company primarily explores for gold, silver, copper, zinc, and lead ores.
Newmont Mining dividend falls by nearly 18 percent (BusinessWeek)
Newmont Mining Corp (NYSE:NEM) said Wednesday that its dividend, which is directly tied to the price of gold, is falling by nearly 18 percent. The Denver-based mining company declared a dividend of 35 cents per share, which is payable June 27 to shareholders of record as of June 12. That is compared with its most recent dividend payment of 42.5 cents per share, paid in March. Newmont said the dividend price for the second quarter was based on gold prices during the first quarter. The company’s shares jumped nearly 6 percent to close regular trading at $34.33 Wednesday and fell 55 cents in after-hours trading.
Newmont Declares Quarterly Dividend of $0.35 per share (NewsWire)
Newmont Mining Corp (NYSE:NEM) (“Newmont” or the “Company”) announced today its Board of Directors declared a quarterly dividend of $0.35 per share of common stock, payable on June 27, 2013, to holders of record at the close of business on June 12, 2013. The second quarter 2013 dividend of $0.35 per share was based on the average London P.M. Fix of $1,632 per ounce for the first quarter 2013. In addition, Newmont Mining Corporation of Canada Limited (TSX: NMC) today declared a regular quarterly dividend of CAD $0.3595 per share on its exchangeable shares, payable June 27, 2013, to holders of record at the close of business on June 12, 2013. This dividend is designated as an “eligible dividend” for Canadian tax purposes.
Newmont Mining Downgraded to “Sell” at Deutsche Bank (NEM) (DailyPolitical)
Deutsche Bank AG (NYSE:DB) cut shares of Newmont Mining Corp (NYSE:NEM) from a hold rating to a sell rating in a research report sent to investors on Monday morning, TheFlyOnTheWall.com reports. The firm currently has $24.00 price target on the stock, down from their previous price target of $31.00. “Recent performance has been driven by rising gold prices, delivery of strong quarterly earnings and implementation of innovative gold-linked dividend. Medium-term performance should be driven by Akyem (Africa), resumption of phase 6 mining at Batu Hijau, and recently acquired Long Canyon (Nevada) projects, which should boost gold output from 5.0m oz in 2012 to 6.0m oz in 2018.
Kinross Gold Corp Given New $7.50 Price Target at Scotiabank (KGC) (MideastTime)
Equities researchers at Scotiabank dropped their target price on shares of Kinross Gold Corporation (NYSE:KGC) from $10.00 to $7.50 in a report issued on Wednesday, ARN reports. Kinross Gold Corp (NYSE: KGC) traded up 4.81% on Wednesday, hitting $5.66. Kinross Gold Corporation (NYSE:KGC) has a 1-year low of $4.97 and a 1-year high of $11.20. The stock’s 50-day moving average is currently $7.17. The company’s market cap is $6.454 billion.
Teck Resources Limited and Kinross Gold Corporation Custom Reports Available on Stock Board (MarketWatch)
Stockboard.com is an investment website that makes it easy to keep track of your stocks. Custom stock reports and news alerts for Teck Resources Limited CA:TCK.B +2.65% and Kinross Gold Corporation (NYSE:KGC) -0.17% are now available on Stockboard.com …By registering at Stockboard.com, shareholders will never again miss the news releases for the above mentioned companies, as well as any third party coverage posted to that company via our users’ personal Stockboard. Stockboard also gives you direct access to insider information, analyst ratings, videos, corporate coverage, calendars, financials, and in-depth stock charts for the above mentioned companies.
Kinross Gold Corp Rating Lowered to Hold at Deutsche Bank (KGC) (MideastTime)
Deutsche Bank AG (NYSE:DB) cut shares of Kinross Gold Corporation (NYSE:KGC) from a buy rating to a hold rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has $6.00 target price on the stock, down from their previous target price of $9.00. “Recent performance has been driven by increased risk associated with its sharp diversification into West Africa (Ghana and Mauritania). Near-term growth is dependent on remediation of issues at Tasiast (Mauritania) and successful execution of Dvoinoye (Russia). Longer-term, Kinross’ outlook hinges on projects such as Tasiast expansion, Lobo Marte (Chile) and Fruta del Norte (Ecuador)…
