Wall Street Bullish on Orla Mining Ltd. (ORLA) as Q3 Results Impress with Record Free Cash Flow

Orla Mining Ltd (NYSE:ORLA) is one of the best 52-week high stocks to buy right now. Orla Mining Ltd (NYSE:ORLA) commands a strong Buy rating from 6 Wall Street analysts. The average price target for the stock is $17.54, implying 31.40% upside from $13.35 a share.

On November 11, Chief Executive Officer Jason Simpson confirmed that the company had a strong third quarter, achieving a record free cash flow of $93 million. The bolstered balance sheet positions the company to self-finance the next stage of growth at the South Railroad project. Gold production in the quarter rose to 79,645 ounces.

Likewise, the company sold 78,857 ounces of gold and generated $257 million in revenue. Its net income totaled $49.3 million or $0.15 a share. Adjusted earnings totaled $73 million or $0.22 a share. Following the strong third-quarter results, BMO Capital analyst Andrew Mikitchook reiterated a Buy rating on the stock. Stifel Nicolaus analyst Ingrid Rico also maintains a Buy rating on the stock.

Orla Mining Ltd. (NYSE:ORLA) acquires, develops, and operates mineral properties, with a focus on gold and silver. It owns and operates the Camino Rojo gold and silver mine in Mexico, is developing the South Railroad project in Nevada, and recently acquired the Musselwhite gold mine in Ontario, Canada.

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Disclosure: None. This article is originally published at Insider Monkey.