For the unaware, gold stocks are stocks of companies involved in gold exploration, production, and distribution. Gold is a precious metal valued for its scarcity, durability, and applications in jewelry and investment products. As a result, gold stocks are regarded as an important component of many investment portfolios, particularly those centered on commodities or precious metals.
Gold stock performance is closely linked to the price of gold price, which is influenced by a variety of factors such as supply and demand, economic indicators, and geopolitical events. During times of economic uncertainty or inflation, gold is often viewed as a safe haven investment, and its price can also be influenced by currency fluctuations and changes in interest rates.
Investing in gold stocks necessitates a thorough understanding of the financials, mining operations, and market position of each individual company. It is critical to assess reserves, production costs, and political stability in the regions where the company operates. Moreover, if this has you keen on investing in the gold sector, here are three names that are trending higher in the stock market this past month.
Gold Stocks To Buy [Or Sell] Now
- Franco-Nevada Corporation (NYSE: FNV)
- Agnico Eagle Mines (NYSE: AEM)
- Wheaton Precious Metals Corp (NYSE: WPM)
Franco-Nevada Corp. (FNV Stock)
Starting off, Franco-Nevada Corporation (FNV) is a gold-focused royalty and streaming company that provides funding to mining companies in exchange for a share of their future production. The company has interests in a wide range of mining operations across the Americas, Europe, and Australia.
Earlier this month, Franco-Nevada reported better-than-expected fourth-quarter 2022 financial results. Specifically, the company posted earnings of $0.86 per share, with revenue of $320.4 million. This is versus consensus estimates that were earnings of $0.85 per share, on revenue estimates of $286.2 million.
In the last month of trading action, shares of FNV stock have advanced by 12.32%. Meanwhile, as of Monday morning’s trading session, FNV stock opened lower by 1.31% on the day so far at $142.54 a share.
[Read More] REIT Stocks To Buy Now? 2 To Know
Agnico Eagle Mines (AEM Stock)
Second, Agnico Eagle Mines (AEM) is a Canadian-based gold mining company with operations in Canada, Finland, and Mexico. The company produces and explores for gold and other precious metals, including silver and copper.
Last month, Angico-Eagle Mines reported its fourth quarter 2022 earnings results. In detail, the company reported earnings of $0.41 per share, with revenue of $1.4 billion. This is in comparison to the street’s consensus estimates for Q4 2022 which were earnings of $0.39 per share, on revenue of $1.4 billion. Additionally, revenue grew by 45.9% versus the same period, the previous year.
Moving along, looking at the last month of trading, AEM stock has rebounded by 11.19%. While, on Monday morning, shares of AEM stock are red off the open by 1.10% at $51.11 a share.
[Read More] Best Dividend Stocks To Watch In 2023? 3 To Know
Wheaton Precious Metals (WPM Stock)
Last but not least, Wheaton Precious Metals Corp (WPM) is a precious metal streaming company that provides funding to mining companies in exchange for the right to purchase a share of their future precious metals production at a fixed price. The company has interests in a wide range of mining operations across the Americas, Europe, and Asia.
Earlier this month, Wheaton Precious Metals announced its first quarter 2023 quarterly dividend. Specifically, the company reported that its Board of Directors has approved its Q1 2023 cash dividend payment of $0.15 per common share. Today, WPM offers its shareholders an annual dividend yield of 1.29%.
Meanwhile, in the last month of trading, shares of WPM stock have rallied by 13.38%. In addition, during Monday morning’s trading session, WPM stock opened slightly lower by 0.84% so far, trading at $46.66 a share.