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Mining Companies Hitting 52-Week Highs on Monday

Trench Metals Corp. (V.TMC) hit a new 52-week high of $1.03 on Monday…

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Dorel Industries Inc. (TSX: DII.B) hit a new 52-week high of $23.05 on Monday. Dorel today announced both an extensive equipment investment at three of its Dorel Home North American factories as well as the purchase of Notio Living, an ecommerce home furnishings firm based in Holstebro, Denmark.

 

Trench Metals Corp. (V.TMC) hit a new 52-week high of $1.03 on Monday. Trench Metals has been granted an option to acquire 100% of the Higginson Lake Uranium Project, in Athabasca, Saskatchewan. The project covers an area of approximately 2312 hectares and is 52 kilometers northeast of the town of Stony Rapids

 

Akita Drilling Ltd. (T.AKT.A) hit a new 52-week high of $1.46 on Monday. No news stories available today.

 

Athabasca Oil Corporation (T.ATH) hit a new 52-week high of $1.15 on Monday. No news stories available today.

 

Boston Pizza Royalties Income Fund (T.BPF.UN) hit a new 52-week high of $15.19 on Monday. No news stories available today.

 

Biorem Inc. (V.BRM) hit a new 52-week high of 84 cents on Monday. No news stories available today.

 

Canadian Natural Resources Limited (T.CNQ) hit a new 52-week high of $53.50 on Monday. No news stories available today.

 

Enerflex Ltd. (T.EFX) hit a new 52-week high of $10.90 on Monday. No news stories available today.

 

Emerita Resources Corp. (V.EMO) hit a new 52-week high of $2.54 on Monday. No news stories available today.

 

Enbridge Inc. (T.ENB) hit a new 52-week high of $52.87 on Monday. No news stories available today.

 

Essential Energy Services Ltd. (T.ESN) hit a new 52-week high of 43.5 cents on Monday. No news stories available today.

 

Gensource Potash Corporation (V.GSP) hit a new 52-week high of 32 cents on Monday. No news stories available today.

 

Headwater Exploration Inc. (T.HWX) hit a new 52-week high of $4.86 on Monday. No news stories available today.

 

Imperial Oil Limited (T.IMO) hit a new 52-week high of $43.29 on Monday. No news stories available today.

 

InPlay Oil Corp. (T.IPO) hit a new 52-week high of $1.85 on Monday. No news stories available today.

 

Josemaria Resources Inc. (T.JOSE) hit a new 52-week high of $1.34 on Monday. No news stories available today.

 

Kutcho Copper Corp. (V.KC) hit a new 52-week high of 97 cents on Monday. No news stories available today.

 

Argentina Lithium and Energy Corp. (V.LIT) hit a new 52-week high of 69 cents on Monday. No news stories available today.

 

MEG Energy Corp. (T.MEG) hit a new 52-week high of $11.00 on Monday. No news stories available today.

 

Mullen Group Ltd. (T.MTL) hit a new 52-week high of $14.23 on Monday. No news stories available today.

 

National Bank of Canada (T.NA) hit a new 52-week high of $102.48 on Monday. No news stories available today.

 

Noranda Income Fund (T.NIF.UN) hit a new 52-week high of $1.43 on Monday. No news stories available today.

 

NexGen Energy Ltd. (T.NXE) hit a new 52-week high of $7.88 on Monday. No news stories available today.

 

Ovintiv Inc. (T.OVV) hit a new 52-week high of $49.89 on Monday. No news stories available today.

 

Precision Drilling Corporation (T.PD) hit a new 52-week high of $60.74 on Monday. No news stories available today.

 

Red Pine Petroleum Ltd. (V.RPN) hit a new 52-week high of 56 cents on Monday. No news stories available today.

 

Razor Energy Corp. (V.RZE) hit a new 52-week high of 95 cents on Monday. No news stories available today.

 

Spartan Delta Corp. (T.SDE) hit a new 52-week high of $6.27 on Monday. No news stories available today.

 

Secure Energy Services Inc. (T.SES) hit a new 52-week high of $5.82 on Monday. No news stories available today.

 

Trican Well Service Ltd. (T.TCW) hit a new 52-week high of $3.54 on Monday. No news stories available today.

 

Teck Resources Limited (T.TECK.B) hit a new 52-week high of $36.33 on Monday. No news stories available today.

 

Total Energy Services Inc. (T.TOT) hit a new 52-week high of $5.75 on Monday. No news stories available today.

 

TC Energy Corporation (T.TRP) hit a new 52-week high of $66.57 on Monday. No news stories available today.

 

Vulcan Minerals Inc. (V.VUL) hit a new 52-week high of 30.5 cents on Monday. No news stories available today.

 

 

noranda income fund teck resources limited gensource potash corporation

Precious Metals

Fresnillo (OTCMKTS:FNLPF) Rating Lowered to Sector Perform at Royal Bank of Canada

Fresnillo (OTCMKTS:FNLPF) was downgraded by stock analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in…

Fresnillo (OTCMKTS:FNLPF) was downgraded by stock analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Thursday, The Fly reports.

Several other equities research analysts have also issued reports on the company. Scotiabank reaffirmed a “sector perform” rating on shares of Fresnillo in a research report on Wednesday, October 13th. Jefferies Financial Group lowered Fresnillo from a “buy” rating to a “hold” rating in a research report on Thursday. Zacks Investment Research lowered Fresnillo from a “buy” rating to a “hold” rating in a research report on Wednesday, January 19th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Fresnillo in a research report on Wednesday, September 29th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Fresnillo in a research report on Thursday, October 28th. Nine equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $13.00.

OTCMKTS FNLPF opened at $8.60 on Thursday. The business has a fifty day simple moving average of $11.53 and a 200 day simple moving average of $11.51. Fresnillo has a 12 month low of $8.36 and a 12 month high of $16.14. The company has a debt-to-equity ratio of 0.31, a current ratio of 4.98 and a quick ratio of 4.11.

Fresnillo Company Profile

Fresnillo Plc is a holding company, which engages in the production of gold and silver. It operates through the following segments: Fresnillo, Saucito, Cienega, Herradura, Soledad-Dipolos, Noche Buena, and San Julia. The Fresnillo, and Saucito segments are located in the state of Zacatecas, an underground silver mine.

Recommended Story: How can investors invest in the S&P/TSX Index?

The post Fresnillo (OTCMKTS:FNLPF) Rating Lowered to Sector Perform at Royal Bank of Canada appeared first on ETF Daily News.

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Precious Metals

Alamos Gold: Haywood Lowers Target To $12.75 Following 2022 Guidance

Last week, Alamos Gold Inc. (TSX: AGI) reported its fourth quarter and full-year production results, as well as their 2022
The post Alamos Gold: Haywood…

Last week, Alamos Gold Inc. (TSX: AGI) reported its fourth quarter and full-year production results, as well as their 2022 to 2024 production estimates.

For the fourth quarter, Alamos Gold produced 112,500 ounces of gold, bringing the full year 2021 production to 457,200 ounces, which was the lower range of guidance. Costs have not yet been finalized but the company says that it is expected to be consistent with their guidance.

The company also provided 2022 guidance, which included expected gold production of 440,000 to 480,000 ounces. Cash costs are expected to be between $875 to $925 per ounce and all-in sustaining costs are to be between $1,190 to $1,240 per ounce. Total capital expenditures will be between $305 and $345 million, while exploration is expected to cost $27 million for 2022.

For the longer run, the company expects these numbers to grow to 460,000 to 500,000 ounces of gold in 2024, with cash costs of $650 to $750 per ounce and $950 to $1,050 of all-in sustaining costs per ounce.

Currently Alamos Gold currently has 13 analysts covering the stock with an average 12-month price target of C$12.46, or a 36% upside to the current stock price. Out of the 13 analysts, 1 has a strong buy rating, 6 have buy ratings, 5 have holds and 1 analyst has a sell rating. The street high sits at C$17.50 or a 91% upside to the current stock. While the lowest price target sits at C$9.98.

In Haywood Capital Markets’ note, they reiterate their buy rating but lower their 12-month price target from C$15 to C$12.75, saying, “lower production and higher costs for 2022,” and that inflation is finally starting to impact the production costs.

For the fourth quarter and full-year production numbers, they came in line with Haywood’s estimates although they note that the full-year production numbers came in the lower half of guidance.

For the companies three-year guidance, Haywood expected 2022 production to be 485,000 ounces, below their high-end figure. While cash costs were expected to be $785 per ounce, lower than their guided number. This is the same for all-in sustaining costs as Haywood expected it to be $1,055 per ounce. Haywood says that this cost increase in 2022, “is due to industry-wide cost inflation as well as temporary higher costs at Mulatos.”

Below you can see Haywood’s estimates versus the company’s guidance.


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

The post Alamos Gold: Haywood Lowers Target To $12.75 Following 2022 Guidance appeared first on the deep dive.



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S&P Suffers Worst Start To A Year Since 1939 As Yield Curve Yells ‘Recession’

S&P Suffers Worst Start To A Year Since 1939 As Yield Curve Yells ‘Recession’

Before we start, let’s make this clear right from the start…

S&P Suffers Worst Start To A Year Since 1939 As Yield Curve Yells ‘Recession’

Before we start, let’s make this clear right from the start – despite today’s panic-buying, this is the worst start to a year for the S&P 500 since 1939 (and on course for its worst January ever)…

Nasdaq is down 5 straight weeks (16% from its highs) – the longest losing streak since 2012 – while Small Caps are down 22% from their highs (in a bear market)

Source: Bloomberg

Everything was going so well too… “smooth sailing” they said! “Fed Put” they said! “Transitory inflation” they said…

Today was just a little bit turbo as it seems ugly sentiment data (10 year lows) and plunging growth expectations (Q1 GDP forecasts collapsed), was the ‘bad news’ the dip-buyers needed to reassure themselves that uber-hawkish Powell wouldn’t execte on his plan to crush inflation into a recessionary environment. We have one word for them – stagflation, and it leave Powell in an ugly box.

Atlanta Fed GDP expectations crashed to zero for Q1…

Source: Bloomberg

And as that happened, rate-hike expectations shifted dovishly lower (modestly at the time)…

Source: Bloomberg

Which helped send stocks soaring (particularly hyper-growth, long duration stocks). But that all came to an abrupt end at 1400ET today (for no obvious reason)… which was immediately met with a wall of dip-buyers amid the total lack of liquidity. Then all the majors just went vertical into the last 10 minutes as a significant buy-imbalance appeared (all helped by AAPL’s explosive gains today). Nasdaq was up a shocking 3% today (from down 1% pre-open). The S&P was up 2.5% today (from down 1% pre-open). Russell 2000 closed up almost 2% today from down 2% pre-open…

As one veteran trader noted, “today was a shitshow, no liquidity, gamma-driven gappy jumps everywhere… it was all algos and no average joes.”

Well that idiotic rampage managed to get the Dow, S&P, and Nasdaq unchanged on the week (which appears to be all that mattered to the machines)…

Just look at the volatility (but Monday’s puke lows held… and so did Wednesday’s pre-Fed highs).

Growth stocks were flat on the week as Value was bid (mostly benefitting on Thursday)…

Source: Bloomberg

Both Defensive and Cyclical stocks were hammered equally this week (while obviously cyclicals were more volatile)…

Source: Bloomberg

Today’s bounce was not really triggered by a short-squeeze as the size of the swing higher is very modest and unsustained…

Source: Bloomberg

The energy sector is the only one up in January while Tech and Consumer Discretionary are down hard MTD…

Source: Bloomberg

Real yields continue to rise (to their highest since June 2020 – but still negative), and have recoupled with gold…

Source: Bloomberg

…but have completely decoupled from stocks (Nasdaq should be significantly lower relative to Russell 2000)…

Source: Bloomberg

Notably, if real yields keep rising, then valuations are going to come under significant pressure…

Credit markets saw very little of the chaotic chop in stocks this week as they just fell with HYG (HY Corporate Bond ETF) at its lowest since Nov 2020…

Source: Bloomberg

Treasury yields were extremely mixed on the week with the short-end exploding higher and long-end actually coming all the way back to unchanged…

Source: Bloomberg

This week saw 2Y yields jump most since Oct 2019 (up for the 6th week in a row to the highest since Feb 2020).

Source: Bloomberg

The yield curve was crushed this week, triggered by The Fed’s hawkish tilt…

Source: Bloomberg

…with 7s10s at almost record flats, 20s30s still inverted, and 2s30s at its flattest since March 2020… all screaming The Fed is about to make a big mistake and hinting strongly at recessionary risks rising fast…

Source: Bloomberg

Short-term markets are now fully pricing in 5 rate-hikes by year-end (and a 25% chance of 50bps hike in March)

Source: Bloomberg

Perhaps even more notably, the forward OIS market is pricing in rate-cuts between 2024 and 2025…

Source: Bloomberg

The dollar soared higher for the 5th straight week (best week since June 2021), closing at its highest since July 2020. NOTE, the dollar took out the December USD spike highs and faded…

Source: Bloomberg

Cryptos had a nasty drop on Monday, along with stocks, and another puke after The Fed, but bitcoin ended the week modestly higher, while Ether was down around 5%…

Source: Bloomberg

Commodities were very mixed this week with most lower by hawkish tilts (Silver slammed 8% on the week) while crude rallied on geopolitical tensions…

Source: Bloomberg

Silver dropped back below $23…

WTI came very close to $89 intraday during the week, its highest since Oct 2014 (up for the 6th straight week in a row)…

NatGas went supersonic this week amid chaotic settlement and a new cold front, breaking above the early Jan highs (and up 19%, its best week since Aug 2020)…

Finally, just in case you think the market can handle all this vol, think again – liquidity in the most-liquid global equity futures contract (ES) is at its lowest since the COVID crash in 2020…

Simply put, a moderate-sized order moves ES 10 ticks so how do you think it’s going to handle all the fintwit/tiktokkers “paper hands” puking out of their Robinhood accounts?

The good news is that US COVID cases are following the same trajectories at UK and South Africa and tumbling…

Source: Bloomberg

Nevertheless, as we noted above, GDP in Q1 could well print contractionary.

Tyler Durden
Fri, 01/28/2022 – 16:02









Author: Tyler Durden

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