Gold soared from about $2,064 per ounce at the start of the year to a $2,748 high at the end of October, hitting high after high along the way. No. 1 ranked gold mining firm Agnico Eagle Mines (AEM) helped set the pace for that gain.
Agnico Eagle stock has mostly moved sideways after the October high for gold’s price. But it continues to report remarkable gains in profit. It rose 165% in its most recent quarter. On Monday, the IBD SmartSelect Composite Rating for Agnico Eagle Mines jumped to 96, up from 94 the day before.
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Agnico Eagle Among Top 4% Of All Stocks
The upgraded rating is a sign Agnico Eagle stock is outpacing 96% of all stocks when it comes to the most important stock-picking criteria. The best stocks tend to have a 95 or better grade as they kick off a significant move. AEM stock just rose into that elite group of best stocks to buy and watch.
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AEM stock earns a 97 EPS Rating, meaning its recent quarterly and annual earnings growth tops 97% of all stocks. It also boasts a 96 Composite Rating and an A SMR Rating (sales + profit margins + return on equity).
Its C+ Accumulation/Distribution Rating on an A+ to E scale shows that funds are buying slightly more shares than they’re selling.
Agnico Eagle Mines stock is currently forming a consolidation, with an 89 entry. Look for the stock to break out in heavy trade at least 40% higher than normal. Amid huge growth in early 2024, it more than doubled from a 44.37 intraday low on Feb. 14 to an 89 high on Oct. 29. It traded around 78 Monday afternoon, down fractionally for the day.
Profits, Sales Up Sharply
In Q3, the Toronto-based company posted 165% earnings growth, to $1.14 per share. That means it’s now generated two straight quarters of rising EPS gains. Revenue growth increased 31%, to $2.16 billion, up from 21% growth in the prior quarter.
For the current quarter, analyst consensus is for EPS to jump 114% on a 32% increase in revenue, according to FactSet.
Agnico Eagle Mines holds the No. 1 rank among its peers in the 77-stock Mining-Gold/Silver/Gems industry group. Alamos Gold (AGI) and Triple Flag Precious Metals (TFPM) are also among the group’s highest-rated stocks.
Please follow James DeTar on Twitter @JimDeTar
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