An investor could get dizzy following the meanderings of Coeur Mining (NYSE: CDE) stock.
Rising sharply last week and through Monday of this week, this gold miner (Coeur also mines silver, zinc and lead) saw its shares fall on Tuesday, rebound on Wednesday, stumble through Thursday, and today, they’re up 7.1% as of 11:45 a.m. ET.
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At least we know why it has gone up today: because the price of gold has gone up! After reaching an all-time high of $5,419.80 per ounce on Jan. 28, gold prices fell to nearly $4,500 in early February, according to data from TradingEconomics.com. Gold breached the $5,000 threshold again last week, fell below it yesterday, and is back above $5,000 today: $5,015 an ounce, to be precise.
The story of silver is similar. Silver prices peaked on January 28 at $116.58 per ounce. Silver prices fell to $66, then recovered above $80, to drop almost 10% yesterday. According to the latest report, silver is up a modest 0.7% today and is approaching $78.
It makes sense that with gold and silver rising today, Coeur Mining stock has also risen.
What’s next for Coeur stock? Potentially another higher leg. Yesterday, analysts at RBC Capital raised Coeur’s price target to $26, citing the company’s acquisition of New Gold and “high near-term free cash flow.”
By the way, Coeur is already generating strong FCF: nearly $370 million in the trailing 12 months, supporting 90% of Coeur’s reported $409 million in net profits. And analysts surveyed by S&P Global Market Intelligence believe Coeur could earn more than $2.3. billion in FCF this year, bringing its price-to-free cash flow ratio below 6.0.
It seems pretty cheap to me.
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