Editor’s Note: Related Tickers: Barrick Gold Corporation (USA) (NYSE:ABX), Goldcorp Inc. (USA) (NYSE:GG), Newmont Mining Corp (NYSE:NEM), Yamana Gold Inc. (USA) (NYSE:AUY), Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Plains Exploration & Production Company (NYSE:PXP), Mcmoran Exploration Co (NYSE:MMR), BB&T Corporation (NYSE:BBT), Deutsche Bank AG (USA) (NYSE:DB), Citigroup Inc. (NYSE:C)
Barrick Gold Struggling But Timing May Be Right For Shares (SmallCap Network)
Barrick Gold (ABX) has seen better days. The price for gold is going south. The company’s operations are in a state of flux with new leadership at the top. And the hits keep on coming. On Friday, shares fell 9% after a Chilean court-ordered halt to construction of Barrick Gold Corporation (USA) (NYSE:ABX)’s $8 billion Pascua-Lama mine in the Andes. To make matters worse, Barrick also faces environmental resistance in Argentina, which shares the Pascua-Lama mine project. Also, the Dominican Republic’s government is insisting on rewriting the royalty contract for its $4 billion Pueblo Viejo mine.
In trading on Monday, shares of Goldcorp Inc. (USA) (NYSE:GG) entered into oversold territory, changing hands as low as $27.20 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. In the case of Goldcorp Inc, the RSI reading has hit 25.2 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 34.8, the RSI of Spot Gold is at 17.4, and the RSI of Spot Silver is presently 17.2.
Newmont Mining PT Lowered to $55.00 (NEM) (The Utah People’s Post)
Equities researchers at BMO Capital Markets dropped their target price on shares of Newmont Mining Corp (NYSE:NEM) from $65.00 to $55.00 in a report issued on Monday, AnalystRatings.Net reports. The firm currently has an “outperform” rating on the stock. Shares of Newmont Mining traded down 5.80% during mid-day trading on Monday, hitting $34.26. Newmont Mining has a one year low of $36.35 and a one year high of $57.93. The stock’s 50-day moving average is currently $40.01. The company has a market cap of $17.018 billion and a P/E ratio of 10.02.
Gold Stock Price Update for Today, April 17 (MarketsNTrade)
Yamana Gold Inc. (USA) (NYSE:AUY) is currently trading at $11.65. AUY’s RSI is currently at 26.48 which indicates that the stock is oversold. AUY is trading -21.16% below its 50 day moving average and -29.62% below its 200 day moving average. AUY is -42.97% below its 52-week high and 0.78% above its 52-week low. AUY’s PE ratio is 20.09 and their market cap is $8.76B. Yamana Gold Inc. is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties and land positions in Brazil, Chile, Argentina, Mexico and Colombia.
Will Freeport-McMoRan Tank in 2013? (Wall St. Cheat Sheet)
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) has made some big bets in regards to acquisitions. These big bets focused on oil and natural gas, and they included the acquisitions of Plains Exploration & Production Company (NYSE:PXP) as well as Mcmoran Exploration Co (NYSE:MMR). For the most part, investors haven’t been fond of these moves. They feel that these acquisitions spread the company too thin. Freeport-McMoRan has stated that these decisions were…
…made based on “magnificent opportunity.” Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) also sees oil and natural gas as good hedge against its current mining operations. In a way, both parties are correct. Will these acquisitions spread the company too thin? Probably. Are these good hedges against current mining operations? They have that potential.
Barrick taps two new execs for troubled Pascua-Lama project (Reuters)
Barrick Gold Corporation (USA) (NYSE:ABX) said on Tuesday it has tapped two high-profile mining executives to work on its suspended Pascua-Lama gold and silver mine project as it seeks to meet Chilean regulatory requirements to re-activate the project. Industry veteran Marcelo Awad, formerly the head of Chilean miner Antofagasta Minerals, has been named deputy director and will be in charge of advising the company on regulation and government relations. Eduardo Flores, the former general manager of Goldcorp Inc’s suspended El Morro project, will become Pascua-Lama’s senior vice-president. He will be the company’s representative to local and national authorities, Barrick Gold Corporation (USA) (NYSE:ABX) added in its statement.
Randgold Resources Ltd. (ADR) (GOLD), Yamana Gold Inc. (USA) (AUY): Gold Miners Are Hitting Deep Value Territory, Here Are Five Cheap Miners for Your Watch List (Insider Monkey)
Yamana Gold Inc. (USA) (NYSE:AUY) has demonstrated fairly impressive growth over the past ten years, and its share price has declined the least of the bunch over the trailing 12-month period (-11.7%). The company has also managed its costs well, but sports the highest TTM P/E. Unfortunately it is not as undervalued based on discounted cash flow, and a clear picture of its proven reserves could not be obtained from either analyst stock reports or its annual report.
Goldcorp Rating Reiterated by TheStreet (GG) (Mideast Time)
Goldcorp Inc. (USA) (NYSE:GG)‘s stock had its “hold” rating reaffirmed by research analysts at TheStreet in a report released on Tuesday, AnalystRatingsNetwork reports. The analysts wrote, “Goldcorp (GG) has been reiterated by TheStreet Ratings as a hold with a ratings score of C+. Goldcorp (NYSE: GG) traded up 0.94% on Tuesday, hitting $27.90. Goldcorp Inc. (USA) (NYSE:GG) has a 1-year low of $27.20 and a 1-year high of $47.42. The stock’s 50-day moving average is currently $32.34. The company has a market cap of $22.655 billion and a price-to-earnings ratio of 14.16.
Newmont Mining Rating Reiterated by BB&T (NEM) (The Utah People’s Post)
BB&T Corporation (NYSE:BBT) reiterated their buy rating on shares of Newmont Mining Corp (NYSE:NEM) in a research note issued to investors on Monday, Stock Ratings Network.com reports. The firm currently has a $52.00 target price on the stock. Several other analysts have also recently commented on the stock. Analysts at TheStreet reiterated a hold rating on shares of Newmont Mining in a research note to investors on Thursday, April 11th. Separately, analysts at Deutsche Bank AG (USA) (NYSE:DB) reiterated a hold rating on shares of Newmont Mining Corp (NYSE:NEM) in a research note to investors on Thursday, April 11th. They now have a $40.00 price target on the stock, down previously from $47.00.
Weak Copper Prices Will Dull Freeport McMoran’s Earnings (Trefis)
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), the world’s largest copper miner, is set to release its Q1 earnings on Thursday, April 18. The majority of the company’s revenues are derived from copper, which is extremely sensitive to cyclical industries like construction and industrial machinery manufacturing. These industries in turn are heavily influenced by…
…the macroeconomic sentiment and outlook. Macroeconomic factors in the first quarter haven’t been very encouraging, particularly as far as China is concerned. This has led to much lower copper prices year-over-year as well as sequentially and will have a negative impact on Freeport’s revenues.
Freeport McMoRan Copper and Gold Given Buy Rating at BB&T (FCX) (Daily Political)
BB&T Corporation (NYSE:BBT) reissued their buy rating on shares of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) in a research report released on Monday morning, Analyst Ratings Network reports. BB&T currently has a $44.00 price target on the stock. A number of other analysts have also recently weighed in on FCX. Analysts at Citigroup Inc. (NYSE:C) downgraded shares of Freeport McMoRan Copper and Gold from a neutral rating to a sell rating in a research note to investors on Monday. They now have a $25.00 price target on the stock, down previously from $35.00. Separately, analysts at FBR Capital Markets initiated coverage on shares of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) in a research note to investors on Friday, April 5th.
Barrick Gold: Is Pascua-Lama A Mine That Should Not Be Built? (Seeking Alpha)
The uphill struggle for Barrick Gold Corporation (USA) (NYSE:ABX) to finally bring the Pascua-Lama mine into production hit another snag last week when a Chilean court ordered all works on the Chilean side of the project to cease pending a decision on a complaint filed by a group of native indigenous people. Court sources quoted by Reuters anticipate the dispute to go to the Chilean Supreme Court, which could mean delays to the order of several months. The suspension is the latest in a series of setbacks to the Pascua-Lama project. Target dates for initial production have been delayed, and cost estimates had to be corrected at least twice.
Yamana Gold Rating Reiterated by Cowen (AUY) (Daily Political)
Cowen reaffirmed their buy rating on shares of Yamana Gold Inc. (USA) (NYSE:AUY) in a research note released on Monday morning, Stock Ratings Network reports. They currently have a $16.40 price target on the stock. A number of other analysts have also recently weighed in on AUY. Analysts at BMO Capital Markets reiterated a buy rating on shares of Yamana Gold in a research note to investors on Monday. They now have a $21.50 price target on the stock, down previously from $24.00. Separately, analysts at Canaccord Genuity cut their price target on shares of Yamana Gold Inc. (USA) (NYSE:AUY) from $24.00 to $20.75 in a research note to investors on Thursday, April 11th.
