Hudbay Minerals (NYSE:HBM) Stock, Quote.Headers.trade-ideas

Hudbay Minerals

Hudbay Minerals Inc is a Canadian mining company with its operations, property developments, and exploration activities across the United States. The major mines that Hudbay operates are located in Manitoba, Canada, Arizona, United States; and Peru. The company is principally focused on the discovery, production, and marketing of base and precious metals. Hudbay produces copper concentrate, which contains copper, gold, and silver, as well as zinc metal. More than half the company's revenue is attributable to the copper business. The company sells copper concentrates to smelters across Asia, America, and Europe, and sells Zinc metal, the next biggest source of revenue, to industrial customers across North America.

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BJ&#39;s Restaurants Posts Downbeat Earnings, Joins nVent Electric, Amcor And Other Big Stocks Moving Lower In Friday&#39;s Pre-Market Session

Copper.Shutterstock

Freeport-McMoRan stock and other copper tied stocks are trading higher Tuesday after China Central Bank announced a new stimulus package.

What&#39;s Going On With Freeport-McMoRan Shares Tuesday?

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Hudbay Minerals secures Aquifer Protection Permit for Copper World project in Arizona, inching closer to becoming one of the largest US copper sources.

Hudbay Minerals Nears Final Permit For Copper World Project in Arizona

Hudbay Minerals Inc. Ordinary Shares (Canada)

Hudbay Minerals Inc

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Hudbay Minerals shares are trading higher after the company reported better-than-expected Q3 financial results.

Guidance

Hudbay Minerals Revised 2024 Annual Consolidated Cash Cost Guidance Range To $0.65-$0.85 Per Pound From $0.90-$1.10 Per Pound

Hudbay Minerals Reaffirms FY24 Copper Production Of 137,000 - 176,000 Tonnes And Gold Production Of 263,000 - 319,000 Ounces

Earnings

Hudbay Minerals Reported Q3 Consolidated Copper Production Of 31,354 Tonnes And Consolidated Gold Production Of 89,073 Ounces

Hudbay Minerals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBM#NYSE">HBM</a>) reported quarterly earnings of $0.13 per share which beat the analyst consensus estimate of $0.04 by 225 percent. The company reported quarterly sales of $485.773 million which beat the analyst consensus estimate of $455.400 million by 6.67 percent. This is a 1.11 percent increase over sales of $480.456 million the same period last year.

Earnings Beats

Hudbay Minerals Q3 2024 Adj. EPS $0.13 Beats $0.04 Estimate, Sales $485.773M Beat $455.400M Estimate

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Earnings Scheduled For November 13, 2024

U.S. stock futures were higher this morning, with the Dow futures gaining around 0.5% on Friday.
Shares of BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>) fell in today's pre-market trading after the company announced <a href="https://www.benzinga.com/quote/BJRI">worse-than-expected third-quarter EPS results.</a>
BJ&#8217;s Restaurants reported quarterly losses of 13 cents per share which missed the analyst consensus estimate of 2 cents per share. The company reported quarterly sales of $325.70 million which beat the analyst consensus estimate of $325.29 million.
BJ&#8217;s Restaurants shares fell 5.6% to $35.00 in the pre-market trading session.
Here are some other stocks moving lower in pre-market trading.
<ul>
<li>ASP Isotopes Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASPI#NASDAQ">ASPI</a>) fell 8.4% to $6.40 in pre-market trading after the company announced a proposed public offering.</li>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) dipped 7.8% to $32.60 in pre-market trading after dipping 12% on Thursday.</li>
<li>nVent Electric plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVT#NYSE">NVT</a>) shares fell 6.1% to $70.00 in pre-market trading after the company reported third-quarter results.</li>
<li>DigitalBridge Group, Inc.  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBRG#NASDAQ">DBRG</a>) declined 6% to $14.75 in pre-market trading after the company reported weaker-than-expected third-quarter results.</li>
<li>Amcor plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMCR#NYSE">AMCR</a>) fell 4.5% to $10.63 in pre-market trading after the company reported worse-than-expected first-quarter financial results.</li>
<li>Hudbay Minerals Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBM#NYSE">HBM</a>) fell 3.7% to $8.62 in pre-market trading.</li>
</ul>
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BJ's Restaurants Posts Downbeat Earnings, Joins nVent Electric, Amcor And Other Big Stocks Moving Lower In Friday's Pre-Market Session

Hudbay Minerals Reaches Final Settlement With All Plaintiffs In Three Civil Lawsuits Regarding Former Guatemala Operations

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Shares of copper companies are trading higher following a report suggesting China will issue up to $284 billion of sovereign debt as part of a stimulus.

Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) shares, among other metal and mining stocks, are moving higher Tuesday after China Central Bank announced a <a href="https://www.benzinga.com/markets/asia/24/09/41007724/gold-breaks-records-on-chinas-policy-stimulus-mining-metal-stocks-exhibit-strongest-1-day-rally-in-2">new stimulus package.</a>
What Happened: The stimulus package includes cutting the reserve requirement ratio (RRR) by .5 percentage points and lowering both the loan prime rate and deposit rates by 0.2 to 0.25 percentage points.
In addition, the central bank cut the seven-day reverse repurchase rate to 1.5% and lowered the minimum down-payment ratio to 15%. The announcement of these economic measures comes amid a slowdown in China&#8217;s markets and could help support investment and support metals demand. 
Larry Hu, head of China economics at Macquarie Group Limited, told Bloomberg, "The purpose of today's briefing is to inject confidence into the market, judging by the fact that the authorities revealed measures in one go. The stimulus push will still need coordination from other policies — particularly follow-up policies from the fiscal side.&#8221;
Other copper related stocks that are trading higher following the bank&#8217;s announcement include Hudbay Minerals Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBM#NYSE">HBM</a>) and Rio Tinto Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>).
How To Buy Freeport-McMoRan Shares
Besides going to a brokerage platform to purchase a share &#8211; or fractional share &#8211; of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. 
For example, in Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)'s case, it is in the Materials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
Related Link: <a href="https://www.benzinga.com/markets/equities/24/09/41010971/kbr-lands-113m-air-force-deal-to-drive-next-gen-refueling-systems-and-cybersecurity-innovation">KBR Lands $113M Air Force Deal To Drive Next-Gen Refueling Systems And Cybersecurity Innovation</a>
FCX Price Action: At the time of publication, Freeport-McMoRan shares are trading 7.72% higher at $48.63, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: Photo via Shutterstock

What's Going On With Freeport-McMoRan Shares Tuesday?

Shares of copper stocks are trading higher after China Central Bank announced a new stimulus package.

Shares of copper stocks are trading higher amid a rise in the metal's price after the Fed cut rates by 50 basis points at the FOMC yesterday.

Shares of US-listed copper companies are trading lower amid reports suggesting that Goldman Sachs cut the commodity's forecast due to softer Chinese demand.

Hudbay Minerals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBM#NYSE">HBM</a>) has secured the second-last permit to begin constructing its Copper World project in Arizona.
The Aquifer Protection Permit, granted by the Arizona Department of Environmental Quality, inches the company closer to opening Copper World, a project with the potential to be one of the largest domestic sources of <a target="_blank" href="https://www.benzinga.com/topic/copper" rel="noreferrer noopener">copper cathode</a>.
"Receiving the aquifer protection permit is a significant de-risking event for Copper World as it brings us one step closer to being fully permitted," <a target="_blank" href="https://hudbayminerals.com/investors/press-releases/press-release-details/2024/Hudbay-Receives-Aquifer-Protection-Permit-for-Copper-World/default.aspx" rel="noreferrer noopener">said</a> Hudbay's president and CEO Peter Kukielski.
Now read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40577535/bhp-reports-13-7b-profits-eyes-additional-copper-expansion" rel="noreferrer noopener">BHP Reports $13.7B Profits, Eyes Additional Copper Expansion</a>
The final hurdle before construction can commence is the acquisition of an air quality permit, which Kukielski expects to be completed by the end of the year. Then, Hudbay plans to conduct a definitive feasibility study by 2025 and seek a joint venture partner to share costs and expertise, ensuring the project is financially and operationally robust.
Copper World, located in Pima County, Arizona, around 30 miles southeast of Tucson, is set to be a transformative project for Hudbay and the U.S. copper industry.
The project, encompassing seven deposits discovered in 2021, is expected to produce 85,000 tons of copper annually over a 20-year mine life. This output would increase Hudbay's annual copper production by more than 50%, making Copper World the third-largest copper cathode producer in the United States once operational in 2029.
The company estimates that the project would contribute over $850 million in taxes throughout its mine life and create more than 400 direct jobs, alongside up to 3,000 indirect jobs.
While Hudbay's adjacent Rosemont project stalled in 2019 following a federal court ruling that cited concerns about its potential impact on federal lands and local water resources, Copper World's advantage is that it is primarily developed on private land.
In 2023, the U.S. <a target="_blank" href="https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-copper.pdf" rel="noreferrer noopener">produced</a> approximately 1.1 million tons of recoverable copper. Thus, by adding 85,000 tons annually, Copper World could increase domestic production by about 8%, reinforcing the U.S. supply chain and reducing dependency on foreign sources—an increasingly important fact in a world where mineral development slowly becomes a matter of national security.
Also read:
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Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a target="_blank" href="mailto:licensing@benzinga.com" rel="noreferrer noopener">licensing@benzinga.com</a> to get started!

Hudbay Receives An Aquifer Protection Permit For Copper World Project From The Arizona Department Of Environmental Quality

General

Hudbay Minerals shares are trading higher after Jefferies upgraded the stock from Hold to Buy.

Jefferies analyst Matthew Murphy upgrades Hudbay Minerals (TSX:<a class="ticker" href="https://www.benzinga.com/stock/HBM#TSX">HBM</a>) from Hold to Buy and announces C$14 price target.

Upgrades

Price Target

Analyst Ratings

TSX:HBM

Jefferies Upgrades Hudbay Minerals to Buy, Announces C$14 Price Target

U.S. stock futures were mixed this morning, with the Dow futures falling around 50 points on Tuesday.
Shares of On Holding AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONON#NYSE">ONON</a>) fell sharply in today's pre-market trading following m<a href="https://www.benzinga.com/quote/ONON/earnings">ixed second-quarter financial results.</a>
On Holding reported quarterly earnings of 15 cents per share which missed the analyst consensus estimate of 16 cents per share. The company reported quarterly sales of $627.683 million which beat the analyst consensus estimate of $561.038 million.
On Holding shares dipped 8.6% to $36.15 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Viasat, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSAT#NASDAQ">VSAT</a>) fell 7.5% to $19.99 pre-market trading after declining 5% on Monday.</li>
<li>UTime Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTO#NASDAQ">WTO</a>) shares declined 6.8% to $1.36 after jumping around 22% on Monday.</li>
<li>Tencent Music Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TME#NYSE">TME</a>) shares fell 6.3% to $12.30 in pre-market trading following a second-quarter revenue miss.</li>
<li>Hudbay Minerals Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBM#NYSE">HBM</a>) shares declined 4.9% to $7.00 in pre-market trading following a second-quarter revenue miss.</li>
<li>Genmab A/S (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GMAB#NASDAQ">GMAB</a>) shares fell 4.2% to $25.41.</li>
<li>Lumen Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) declined 3% to $4.50 after dipping around 17% on Monday.</li>
</ul>
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On Holding Reports Mixed Q2 Results, Joins Tencent Music Entertainment And Other Big Stocks Moving Lower In Tuesday Pre-Market Session

Hudbay Minerals shares are trading lower following a Q2 revenue miss.

Hudbay Minerals Revised 2024 Annual Consolidated Cash Cost Guidance Range To $0.90-$1.10 Per Pound From $1.05-$1.25

Hudbay Minerals (TSE:HBM) has released an update. Hudbay Minerals reported a strong third quarter in 2024 with record gold production in Manitoba a...

Hudbay Minerals Reports Strong Q3 with Record Gold Output

Hudbay Minerals rises after Q3 earnings beat as copper production costs drop

Hudbay Minerals Inc. (HBM) Q3 2024 Earnings Call Transcript

In a report released today, Bryce Adams from CIBC reiterated a Buy rating on Hudbay Minerals (HBM – Research Report), with a price target of C$15.5...

CIBC Sticks to Their Buy Rating for Hudbay Minerals (HBM)

Stifel Nicolaus analyst Cole McGill maintained a Buy rating on Hudbay Minerals (HBM – Research Report) yesterday. The company's shares closed yeste...

Hudbay Minerals (HBM) Gets a Buy from Stifel Nicolaus

COPX: Copper Mining ETF A Hold Amid Commodity Price Slide

As industries evolve and economies expand, materials like gold, copper, and steel are key to driving progress. From infrastructure to innovative technologies, the materials industry is vital for global development. Thus, investors looking to capitalize on this growth could explore stable stocks Freeport-McMoRan (FCX), Nucor (NUE), and Hudbay Minerals (HBM). Read on… The materials industry has experienced robust growth, driven by increasing demand across key sectors like construction, technology, renewable energy and more. As infrastructure projects expand globally and urbanization accelerates, materials such as steel, copper, and gold are in high demand.
Against this backdrop, stocks of Freeport-McMoRan Inc. (<a href="https://stocknews.com/stock/FCX/">FCX</a>), Nucor Corporation (<a href="https://stocknews.com/stock/NUE/">NUE</a>) and Hudbay Minerals Inc. (<a href="https://stocknews.com/stock/HBM/">HBM</a>) are in prime positions to benefit.
Gold, a symbol of financial stability, continues to be a top investment choice, especially amid economic uncertainty. Experts predict that gold prices could surge to <a href="https://www.goldmansachs.com/insights/articles/gold-predicted-to-climb-higher-than-expected-as-records-shatter">$3,000 per troy ounce</a> by 2025. Moreover, the jewelry sector also plays a significant role in this, as demand for gold continues to climb, contributing to its robust market performance.
Copper is another key driver for the materials sector's growth. The market for copper is expected to grow significantly. As the world pushes toward renewable energy, copper's role becomes even more vital. With prices expected to <a href="https://www.mining.com/copper-prices-to-hit-record-high-in-q4-2024-on-fed-cuts-and-china-stimulus-fastmarkets/">hit $10,265 per tonne</a> in the fourth quarter of 2024, it is poised for strong growth.
Furthermore, steel, the backbone of construction, continues to see immense demand. The U.S. Census Bureau reported <a href="https://www.census.gov/construction/c30/current/index.html">a 4.6% rise</a> in construction spending in September 2024, underscoring the booming sector. That said, steel is crucial for large-scale infrastructure projects, and this demand is set to continue.
Now, let us dive deep into the fundamentals of three materials stocks, starting with #3.
Stock #3: Freeport-McMoRan Inc. (<a href="https://stocknews.com/stock/FCX/">FCX</a>)
FCX is an international mining company with significant copper, gold, and molybdenum reserves. The company's three operational segments include Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines; the Rod &amp; Refining operations; and Atlantic Copper Smelting &amp; Refining.
On July 2, FCX <a href="https://investors.fcx.com/investors/news-releases/news-release-details/2024/Freeport-Commences-Commissioning-of-New-Indonesian-Smelter-and-Provides-Update-on-Second-Quarter-2024-Copper-and-Gold-Sales/default.aspx">announced that its Indonesian subsidiary</a>, PT Freeport Indonesia, completed construction of the Manyar smelter in Gresik. The achievement fully integrates PT-FI's operations in Indonesia, strengthening its position and securing a foundation to extend long-term operating rights, enhancing FCX's growth and stability.
For the fiscal third quarter that ended September 30, 2024, FCX's revenues increased 16.6% year-over-year to $6.79 billion. Its operating income rose 29.9% from the year-ago value to $1.94 billion. Moreover, adjusted net income and adjusted net income per share attributable to common stock came in at $556 million and $0.38, respectively.
As of September 30, 2024, FCX's <a href="https://www.investopedia.com/terms/c/cashandcashequivalents.asp">cash and cash equivalents</a> amounted to $5 billion, compared to $4.76 billion on December 31, 2024. Moreover, its total current assets came in at $14.55 billion, up from $14.07 billion as of December 31, 2023.
Analysts expect FCX's revenue and EPS for the fiscal fourth quarter ending December 2024 to increase 3.9% and 25.3% year-over-year to $6.14 billion and $0.34, respectively. Moreover, the company topped the consensus revenue and EPS estimates in all of the four trailing quarters, which is impressive.
Shares of FCX have surged 11.6% over the past nine months and 18.6% over the past year to close the last trading session at $42.70.
FCX's fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. It has a B grade for Quality. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
FCX is ranked #13 out of 30 stocks in the <a href="https://stocknews.com/category/industrial-metals/">Industrial – Metals</a> industry. In addition to the POWR Rating highlighted above, you can check FCX's ratings for Stability, Growth, Value, Momentum, and Sentiment <a href="https://stocknews.com/stock/FCX/">here</a>.
Stock #2: Nucor Corporation (<a href="https://stocknews.com/stock/NUE/">NUE</a>)
NUE is a manufacturer and seller of steel and steel products operating in the United States, Canada, and Mexico. It operates through four segments: Steel Mills; Steel Products; Raw Materials; and Nucor Data Systems. The company markets its products through an in-house sales team, supported by internal distribution and trading companies.
On June 3, NUE acquired Rytec Corporation, a high-speed commercial door manufacturer, for $565 million. The acquisition would enhance NUE's strategy to <a href="https://investors.nucor.com/news/news-details/2024/Nucor-to-Acquire-Manufacturer-of-High-Performance-Commercial-Doors/default.aspx">expand into downstream businesses</a>. By leveraging Rytec's expertise, NUE is diversifying its portfolio, offering broader solutions that strengthen customer relationships and unlock new revenue streams in related industries.
On April 1, NUE acquired Southwest Data Products, Inc. for $115 million and launched Nucor Data Systems. The <a href="https://investors.nucor.com/news/news-details/2024/Nucor-to-Acquire-Manufacturer-of-Data-Center-Infrastructure/default.aspx">venture into data center infrastructure</a> could position NUE as a key player in a high-demand sector. It could allow NUE to better serve customers while capitalizing on rapid growth opportunities in tech-driven infrastructure markets.
For the fiscal 2024 third quarter that ended September 28, NUE's net sales came in at $7.44 billion. Its EBITDA was reported to be $869.02 million. Additionally, adjusted net earnings and adjusted EPS attributable to NUE stockholders came in at $352.99 million and $1.49, respectively.
Street expects NUE's revenue and EPS for the fiscal year ending December 2025 to increase 2.1% and 14.1% year-over-year to $31.37 billion and $9.70, respectively. Moreover, the company surpassed the consensus EPS estimates in three of four trailing quarters.
NUE's shares have gained 1.3% over the past month, closing the last trading session at $147.08.
NUE's prospects are projected in its POWR Ratings. It has a B grade for Quality. Within the <a href="https://stocknews.com/category/steel/">Steel</a> industry, the stock is ranked #23 out of 30 stocks.
<a href="https://stocknews.com/stock/NUE/">Click here</a> to access NUE's ratings for Stability, Growth, Value, Momentum, and Sentiment.
Stock #1: Hudbay Minerals Inc. (<a href="https://stocknews.com/stock/HBM/">HBM</a>)
Headquartered in Toronto, Canada, HBM specializes in copper mining with a robust presence across tier-one, mining-friendly regions in Canada, Peru, and the United States. Its operations span the Constancia mine in Peru, Snow Lake in Manitoba, and the Copper Mountain mine in British Columbia.
On August 29, HBM <a href="https://hudbayminerals.com/investors/press-releases/press-release-details/2024/Hudbay-Receives-Aquifer-Protection-Permit-for-Copper-World/default.aspx">secured an Aquifer Protection Permit</a> from the Arizona Department of Environmental Quality for its Copper World project. The milestone could advance HBM's next major growth initiative, set to boost annual copper production by over 50%, reinforcing its leadership in meeting global copper demand sustainably.
For the fiscal 2024 third quarter that ended September 30, HBM's revenue increased 1.1% year-over-year to $485.77 million. Its adjusted EBITDA grew 8.1% from year-ago value to $206.20 million.
Additionally, adjusted net earnings and adjusted net earnings per share attributable to owners rose 107.9% and 85.7% from the prior year's quarter to $50.30 million and $0.13, respectively.
The consensus revenue and EPS estimates of $627.61 million and $0.30 for the fiscal fourth quarter ending December 2024 exhibit a year-over-year rise of 4.2% and 52.2%, respectively. Furthermore, the company surpassed the consensus revenue and EPS estimates in three of four trailing quarters.
Shares of HBM have gained 59% over the past nine months and 94.1% over the past year, closing the last trading session at $8.52.
HBM's positive fundamentals are mirrored in its POWR Ratings. The stock has an overall rating of B, translating to a Buy in our proprietary rating system.
HBM has a B grade for Growth and Sentiment. Within the Industrial - Metals industry, it is ranked #9 out of 30 stocks.
<a href="https://stocknews.com/stock/HBM/">Click here</a> to access HBM's ratings for Stability, Value, Momentum, and Quality.
What To Do Next?
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FCX shares rose $0.28 (+0.66%) in premarket trading Monday. Year-to-date, FCX has gained 1.58%, versus a 24.40% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Aanchal Sugandh</h2> <img src='https:/wp-content/uploads/2022/12/Aanchal-Sugandh_Headshot.jpg' style="float:left; padding:5px;width:125px;">Aanchal's passion for financial markets drives her work as an investment analyst and journalist. She earned her bachelor's degree in finance and is pursuing the CFA program.

She is proficient at assessing the long-term prospects of stocks with her fundamental analysis skills. Her goal is to help investors build portfolios with sustainable returns.<a href="https://stocknews.com/authors/?author=aanchal-sugandh">More...</a>The post <a href=https://stocknews.com/news/fcx-nue-hbm-3-materials-stocks-to-watch-as-demand-rebounds/>3 Materials Stocks to Watch as Demand Rebounds</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Materials Stocks to Watch as Demand Rebounds

Hudbay Minerals (TSE:HBM) has released an update. Hudbay Minerals Inc. has signed a fifth amending agreement to its credit agreement with lenders, ...

Hudbay Minerals Strengthens Financial Framework with New Agreement

Hudbay Minerals (HBM) easily beat the analysts' expectations on the top and bottom lines in the third quarter of 2024. Solid market demand for minerals, strategic alliances, favorable regulatory outcomes, and robust financial performance are key drivers of the company's continued growth. So, let's determine whether Hudbay Minerals is an ideal addition to your portfolio today... Based in Toronto, Canada, Hudbay Minerals Inc. (<a href="https://stocknews.com/stock/HBM/">HBM</a>) is a diversified mining company specializing in copper mining with a robust presence across tier-one, mining-friendly regions in Canada, Peru, and the United States. The company's operations span the Constancia mine in Peru, Snow Lake in Manitoba, and the Copper Mountain mine in British Columbia.
The company recently reported its financial results for the third quarter of 2024. HBM's revenue of $485.77 million surpassed the analysts' estimate of $452.82 million. Also, its EPS of $0.13 beat the Street's expectation of $0.05.
During the third quarter, HBM secured an Aquifer Protection Permit from the Arizona Department of Environmental Quality for the Copper World project. This permit marked a key milestone for the company, having the potential to advance its next major growth initiative. The project is expected to boost the company's annual copper production by over 50%, establishing its leadership in meeting global copper demand.
The company reported record copper and gold production for the quarter, projecting growth from the prior quarter. Its silver and zinc production was also strong. Amid the growing demand for metals like Gold and robust demand for minerals like copper and zinc, the company's prospects are robust.
The worldwide copper market is expected to reach $269 billion in 2024 and is set to exhibit a <a href="https://www.globenewswire.com/news-release/2024/11/13/2980176/0/en/World-Copper-Market-Report-2024-Global-Demand-for-Copper-has-been-maintaining-a-Steady-Growth-as-Statistics-Reveal-a-300-Growth-in-the-Use-of-Refined-Copper-Over-the-Last-Five-Deca.html#:~:text=Worldwide%2C%20the%20market%20for%20Copper,driving%20the%20demand%20for%20copper.">CAGR of 5.4%</a>, reaching a value of $368.80 billion by 2030. As the company continues to expand its production capabilities and expand its operations to new horizons, it stands to capitalize on the favorable trends of the market.
Shares of HBM have surged 65.2% year-to-date and 102.7% over the past year to close its last trading session at $9.12.
Let's look at factors that could influence HBM's performance in the upcoming months.
Robust Financials
During the third quarter that ended September 30, 2024, HBM attained copper and gold production of 31,354 tonnes and 89,073 ounces, up 9.7% and 52% from the prior quarter, respectively.
HBM's revenue increased 1.1% year-over-year to $485.77 million, and its adjusted earnings before income taxes grew by 55.6% from the year-ago value to $85.40 million. The company's <a href="https://www.investopedia.com/terms/a/adjusted-ebitda.asp">adjusted EBITDA</a> of $206.20 million indicates growth of 8.1% from the prior year's quarter.
In addition, the company's adjusted net earnings attributable to owners came in at $50.30 million and $0.13 per share, up 107.8% and 85.7% year-over-year, respectively. Also, the company's total assets stood at $5.51 billion as of September 30, 2024, compared to $5.31 billion as of December 31, 2023.
Solid Historical Growth
HBM's revenue and EBITDA have grown at respective CAGRs of 13.4% and 31.2% over the past three years. The company's tangible book value has increased at a CAGR of 18.3% over the same timeframe, while its total assets and levered free cash flow have improved at CAGRs of 6.9% and 42.1%, respectively.
Favorable Analyst Estimates
Analysts expect HBM's revenue for the fourth quarter (ending December 2024) to increase 4.2% year-over-year to $627.61 million. The consensus EPS estimate of $0.30 for the ongoing quarter indicates a 51.8% year-over-year improvement. Moreover, HBM has an impressive earnings surprise history, having topped consensus revenue and EPS estimates in three of the trailing four quarters.
For the fiscal year ending December 2024, the company's revenue and EPS are expected to grow 21.4% and 139.1% year-over-year to $2.05 billion and $0.55, respectively. Additionally, Street expects its revenue and EPS for the fiscal year 2025 to increase 13.7% and 67.9% year-over-year to $2.33 billion and $0.92, respectively.
High Profitability
HBM's trailing-12-month EBIT margin of 19.56% is 85.4% higher than the industry average of 10.55%. Its trailing-12-month gross profit margin of 48.68% is 67.7% higher than the industry average of 29.03%. Similarly, the stock's trailing-12-month levered FCF margin of 14.26% is significantly higher than the industry average of 5.16%.
Furthermore, the stock's trailing-12-month ROTC of 6.64% is favorable compared to the industry average of 4.80%.
POWR Ratings Reflect Promise
HBM's solid fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has an overall rating of B, translating to a Buy in our proprietary system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.
Our proprietary rating system also evaluates each stock based on eight distinct categories. HBM has a B grade for Growth, which is in sync with its impressive historical growth and solid financial performance in the last reported quarter.
In addition, the stock has a B grade for Sentiment, consistent with its optimistic analysts' expectations.
HBM is ranked #7 in the 29-stock <a href="https://stocknews.com/category/industrial-metals/">Industrial - Metals</a> industry.
Beyond what I have stated above, we have also given HBM grades for Quality, Value, Momentum, and Stability. Get access to all the HBM ratings <a href="https://stocknews.com/stock/HBM/">here</a>.
Bottom Line
HBM reported better-than-expected earnings for the third quarter of fiscal 2024. The company's growth is being navigated through its strong industry footing, rising demand for copper and zinc, strategic alliances, and solid financial performance, positioning it for bright long-term prospects.
Further, the recent permits and approval in respect of the Copper World project will further boost HBM's capacity and capabilities.
Given HBM's solid financials, accelerating profitability, favorable analysts' estimates, and promising growth outlook, this stock could be an ideal buy now.
How Does Hudbay Minerals Inc. (HBM) Stack Up Against Its Peers?
While HBM has an overall POWR Rating of B, investors could also check out these other stocks within the <a href="https://stocknews.com/category/industrial-metals/">Industrial - Metals</a> industry with A (Strong Buy) or B (Buy) ratings:
Valmont Industries, Inc. (<a href="https://stocknews.com/stock/VMI/">VMI</a>), Alphamin Resources Corp. (<a href="https://stocknews.com/stock/AFMJF/">AFMJF</a>), and BHP Group Ltd. ADR (<a href="https://stocknews.com/stock/BHP/">BHP</a>).
For exploring more A and B-rated industrial - metals stocks, <a href="https://stocknews.com/category/industrial-metals/">click here</a>.
What To Do Next?
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HBM shares were trading at $9.20 per share on Monday morning, up $0.08 (+0.88%). Year-to-date, HBM has gained 67.00%, versus a 27.12% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Rjkumari Saxena</h2> <img src='https:/wp-content/uploads/2024/04/Rajkumari-Saxena_Image-1.jpeg' style="float:left; padding:5px;width:125px;">Rajkumari started her career as a writer but gradually shifted her focus to financial journalism, leveraging her educational background in Commerce. Fascinated by the interplay of business and economic shifts in equities, she aspires to evolve as an analyst. With a knack for simplifying complex financial concepts, her mission is to empower investors with insights that lead to profitable decisions.<a href="https://stocknews.com/authors/?author=rajkumari-saxena">More...</a>The post <a href=https://stocknews.com/news/hbm-vmi-afmjf-bhp-hudbay-minerals-inc-a-mining-stock-to-consider-amidst-commodity/>Hudbay Minerals Inc.: A Mining Stock to Consider Amidst Commodity Demand?</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

Hudbay Minerals Inc.: A Mining Stock to Consider Amidst Commodity Demand?

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