Gold Mining ETF in Focus as Major Miners Report Earnings

gold miner pickMany investors will be eyeing the gold mining sector this week, with three of the largest miners due to report their latest quarterly results. Here’s what to expect.

Barrick Gold Corporation (NYSE:ABX)

The largest gold miner by market cap will release its results today after the closing bell. Analysts expect a sharp rise in profit to $0.15 per share, up from $0.05 last year. However, Wall Street anticipates revenue will decline 7% from last year to $2.07 billion. Shares rose $0.36 (+1.76%) to $20.81 in afternoon trading Wednesday in anticipation of the report.

Goldcorp Inc (NYSE:GG)

Goldcorp is another major player on the gold mining scene, boasting a $16 billion market cap. GG will also report late this afternoon, and faces some very easy estimates to beat. Analysts are looking for EPS of $0.02 and revenues of $905.66 million, both down significantly from last year’s $0.08 and $1.19 billion, respectively. Goldcorp shares rose a moderate 0.6% on Wednesday afternoon.

Agnico Eagle Mines Ltd (NYSE:AEM)

AEM also reports today after the bell, and unlike its peers, analyst actually expect higher profits and revenue from last year. Wall Street is looking for EPS of $0.10, up from $0.09, and revenue of $388 million, up slightly from 2015′s $386 million. Agnico boasts more than $12 billion in market cap, and its shares were down slightly to $52.67 on Wednesday afternoon.

On the index side of things, The Market Vectors Gold Miners ETF (NYSE:GDX) rose $0.42 (+1.49%) to $28.92 per share in Wednesday morning trading. The GDX has surged 110% this year amid the gold price and mining recovery. Expect the GDX to move considerably over the next few days with the heavy-hitters above all reporting earnings in such a short window of time.

GDX-2016-07-27

Stay tuned this week as we’ll have in-depth coverage of these gold miners’ quarterly reports and much more.

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