McEwen (MUX) shares rose 5.4% to $7.37 previous trading session. Volume was high, with more shares traded than usual. The stock rose 1.6% in the previous four weeks.
McEwen Mining reported 29,600 gold equivalent ounces (“GEOs”) of consolidated production for October-November, up from the previous nine months. The Gold Bar mine in Nevada saw an increase in fourth-quarter 2023 because to improved ore crushing rates and heap leach pad development, the firm said. The business predicted 41,800 GEOs of mining output in 2023.
McEwen Mining raised its 2023 total prediction to 154,200 GEOs, expecting the mine's strong performance to offset Fox and San José's reduced output. McEwen generated 37,280 GEOs in Q4 2022 and 133,300 in 2022. The Gold Bar mine produced 26,620 GEOs last year. The company's fourth-quarter earnings should reflect year-over-year production and gold price gains.
This gold and silver mining firm is predicted to announce a $0.33 per share quarterly loss, up 58.2% year-over-year. Revenues should reach $49.2 million, increasing 74.2% from the previous quarter.
The strength of a firm may be gauged by profits and revenue growth projections, however empirical research demonstrates that earnings estimate revision patterns highly correspond with near-term stock price changes.
McEwen's 30-day consensus EPS forecast for the quarter has stayed constant. A stock's price seldom rises without an earnings estimate revision trend. Stay tuned to MUX to see whether this recent spike may lead to greater strength.
This stock has a Zacks Rank #2 (Buy). Full list of today's Zacks Rank #1. McEwen is in Zacks Mining - Miscellaneous. Another industrial stock, MP Materials Corp. (MP), rose 6.4% to $17.19. Over the past month, MP is down 13.7%.
MP Materials Corp.'s average EPS estimate for the report has dropped -128.6% to -$0.03 in the past month. From last year, the firm reported -107.1%. MP Materials Corp. is #4 (Sell) on Zacks.
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