Copper closed at $5,741 per metric ton on March 23. Copper has risen 4.0% in 2017. In 2016, copper prices rose 17.4% and ended a five-year price drought.
Freeport-McMoRan closed at $12.83 on March 23—0.23% lower than its closing the previous day. So far, 2017 has been a somber year for Freeport investors.
After a weak performance on Thursday, crude oil prices are slightly higher on Friday. Higher US crude oil inventory levels are weighing on the oil market.
Mining funds such as the leveraged Direxion Daily Gold Miners (NUGT) and the Direxion Daily Junior Bull Gold 3X (JNUG) rose substantially at the beginning of 2017.
The past few weeks have been choppy for metals due to concerns surrounding the Fed’s interest rate hike.
Mining funds such as the iShares MSCI Global Gold Min (RING) and the leveraged ProShares Ultra Gold (AGQ) have also seen significant correlations with their respective precious metals.
When analyzing the precious metals market, it’s important to take a look at the relationship between gold and silver.
Coeur Mining and its closest peers are currently trading below their 20-day and 50-day moving averages.
Coeur Mining (CDE) is trading at a forward EV-to-EBITDA multiple of 5.3x. That’s the lowest among its peer group (SIL).
The market consensus rating for Coeur Mining stock is a “buy” from 67.0% of analysts. About 33.0% are recommending a “hold.”
Wall Street analysts covering Coeur Mining (CDE) are projecting sales of $768.6 million for 2017. That implies a 15.4% rise in revenue YoY.
Coeur Mining’s (CDE) management is focused on generating significant FCF. In 4Q16, FCF was -$4.5 million after having positive FCF in the first two quarters.
Coeur Mining (CDE) ended 2016 with an outstanding debt of $210.9 million. That’s 57.0% less than at the end of 2015.
Coeur Mining stated in its reserves and resources statement that its near-mine exploration targets have started to pay off.
Coeur Mining (CDE) has traditionally been a high-cost producer, thus suffering huge losses. Investor confidence in the stock has eroded.
In 4Q16, Coeur Mining (CDE) reported a record quarterly silver equivalent production of 10.0 million ounces.
Coeur Mining (CDE) was one of the most successful mining stocks in 2016, rising more than 268.0%. In 2017, its has become one of the worst performers.
As of March 23, 2017, 21 brokerage firms were actively tracking PPG Industries (PPG) stock.
Considering Akzo’s stock price growth, PPG Industries’ (PPG) revised offer of 90 euros per share seems attractive.
In the past three weeks, PPG Industries (PPG) has made two proposals in an attempt to take over rival AkzoNobel.