Agnico Eagle Mines (AEM) shares rallied 5.7% in the last trading session to close at $105.80. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 0.4% loss over the past four weeks.
AEM’s shares rallied on a surge in gold prices on safe-haven demand after President Trump hiked tariffs on China to 125%, stoking fears of deeper trade disruptions.
This gold mining company is expected to post quarterly earnings of $1.09 per share in its upcoming report, which represents a year-over-year change of +43.4%. Revenues are expected to be $2.24 billion, up 22.4% 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 16.4% 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), another stock in the same industry, closed the last trading session 8.4% higher at $48.75. NEM has returned 3.6% in the past month.
For Newmont
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
Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report Newmont Corporation (NEM): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
