Harmony Gold Mining Co Stock (NYSE:HMY), Trade Ideas

Harmony Gold Mining Co

Harmony Gold Mining Co Ltd is a gold mining and exploration company having operations in South Africa and Papua New Guinea (PNG). Its projects include Bambanani, Joel, Masimong, Phakisa, Target 1, Tshepong, Unisel, Doornkop, and Kusasalethu. The group's segments are Tshepong Operations, Bambanani, Joel, Doornkop, Moab Khotsong, Hidden Valley, Target 1, Kusasalethu, Masimong, Unisel, and all other surface operations.

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Calix Reports Mixed Results, Joins Cadence Design Systems And Other Big Stocks Moving Lower In Tuesday&#39;s Pre-Market Session

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As of April 3, 2024, five stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

Top 5 Materials Stocks That May Implode In April

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Gold prices hit new high of $2,220/oz as central banks anticipate rate cuts. Gold miners&#39; stocks also surge, with VanEck&#39;s GDX up 20%.

Gold Prices Rise To All-Time Highs, Mark Best Month In 4 Years: Mining Stocks Rally As Traders Anticipate Windfall Gains

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Shares of precious metals stocks are trading lower as gold and silver continue to retreat from recent strength.

U.S. stock futures were slightly higher this morning, with the Dow futures gaining over 20 points on Tuesday.
Shares of Calix, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CALX#NYSE">CALX</a>) fell sharply in today's pre-market trading after the company reported mixed first-quarter financial results and issued second-quarter <a href="https://www.benzinga.com/quote/CALX">guidance below estimates</a>.
Calix posted adjusted earnings of 21 cents per share, beating market estimates of 20 cents per share. The company's quarterly sales came in at $226.310 million, missing expectations of $228.139 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Calix shares dipped 16.8% to $24.60 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Abeona Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABEO#NASDAQ">ABEO</a>) fell 48.1% to $3.82 in pre-market trading after the company announced the FDA issued a Complete Response Letter in response to the company&#8217;s Biologics License Application for pz-cel for the treatment of patients with recessive dystrophic epidermolysis bullosa.</li>
<li>Sasol Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSL#NYSE">SSL</a>) shares fell 8.1% to $7.29 in pre-market trading after the company issued published its production and sales performance metrics for the nine months ended 31 March, 2024.</li>
<li>Cadence Design Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) fell 5.7% to $268.91 pre-market trading after the company issued second-quarter guidance below estimates.</li>
<li>Harmony Gold Mining Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) shares slipped 4.5% to $8.32 in pre-market trading after falling 6% on Monday.</li>
<li>Mobile-health Network Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDR#NASDAQ">MNDR</a>) shares fell 4.1% to $22.87 in pre-market trading after dipping over 12% on Monday. The company issued H1 2024 financial guidance.</li>
<li>Sibanye Stillwater Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SBSW#NYSE">SBSW</a>) shares fell 4% to $4.78 in pre-market trading.</li>
<li>Lufax Holding Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LU#NYSE">LU</a>) shares declined 3.9% to $4.22 in pre-market trading after the company reported first-quarter results and said David Siu Kam Choy tendered his resignation as CFO due to personal reasons.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/04/38370585/investor-optimism-improves-but-fear-greed-index-remains-in-fear-zone">Investor Optimism Improves, But Fear &amp; Greed Index Remains In &#8216;Fear&#8217; Zone</a>
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>

Calix Reports Mixed Results, Joins Cadence Design Systems And Other Big Stocks Moving Lower In Tuesday's Pre-Market Session

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Shares of precious metals stocks are trading lower amid a pullback in the price of gold and silver.

HSBC analyst Leroy Mnguni downgrades Harmony Gold Mining Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) from Hold to Reduce.

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HSBC Downgrades Harmony Gold Mining Co to Reduce

Shares of precious metals stocks are trading higher as safe-haven assets gain following Iran's drone attack against Israel.

Shares of precious metals stocks are trading higher amid strength in the price of gold and silver.

Harmony Gold Mining Company shares are trading higher amid strength in gold.

As of April 3, 2024, five stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi"> RSI is above 70</a>, according to <a href="https://pro.benzinga.com/"> Benzinga Pro</a>.
Here&rsquo;s the latest list of major overbought players in this sector.
<h3>Arq, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/arq#NASDAQ">ARQ</a>)</h3>
<ul>
<li>On March 12, Arq reported better-than-expected fourth-quarter financial results. &quot;We capped off 2023 with strong momentum and are very pleased with the steps we have taken and continue to take to further improve our foundational PAC business,&quot; said Robert Rasmus, CEO of Arq. The company&rsquo;s stock gained around 99% over the past month and has a <a href="https://www.benzinga.com/quote/ARQ">52-week high of $7.26 </a>.</li>
<li>RSI Value: 80.19</li>
<li>ARQ Price Action: Shares of Arq gained 7.8% to close at $7.04 on Tuesday.</li>
</ul>
<h3>Alcoa Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aa#NYSE">AA</a>)</h3>
<ul>
<li>On March 11, Alcoa inked a binding Scheme Implementation Deed to acquire Alumina Limited in an all-scrip, or all-stock, transaction. William F. Oplinger, Alcoa&rsquo;s President and CEO, said, &ldquo;Entering into the Scheme Implementation Deed to acquire Alumina Limited is a milestone on our path to deliver value for both Alcoa and Alumina shareholders.&rdquo; The company&rsquo;s stock gained around 30% over the past month and <a href="https://www.benzinga.com/quote/AA"> has a 52-week high </a> of $42.23.</li>
<li>RSI Value: 77.99</li>
<li>AA Price Action: Shares of Alcoa gained 4.8% to close at $35.64 on Tuesday.</li>
</ul>
<h3>Harmony Gold Mining Company Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmy#NYSE">HMY</a>)</h3>
<ul>
<li>On Jan. 25, Harmony Gold Mining announced that it remains on track to meet the higher end of its full-year production guidance. The company&rsquo;s stock gained around 24% over the past month and has a <a href="https://www.benzinga.com/quote/HMY"> 52-week high </a> of $8.61.</li>
<li>RSI Value: 76.73</li>
<li>HMY Price Action: Shares of Harmony Gold Mining gained 4% to close at $8.41 on Tuesday.</li>
</ul>
<h3>Tredegar Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tg#NYSE">TG</a>)</h3>
<ul>
<li>On March 15, Tredegar posted a loss for the fourth quarter. John Steitz, Tredegar&rsquo;s president and chief executive officer, said, &quot;Results for the fourth quarter were better than expected and improved compared with the third quarter of 2023. There are signs that the downturn at Bonnell, which we believe is a residual impact of the pandemic and started in the second half of 2022, has hit bottom and that a recovery is underway.&quot; The company&rsquo;s stock jumped around 57% over the past month and has a 52-week high is $9.53.</li>
<li>RSI Value: 78.03</li>
<li>TG Price Action: Shares of Tredegar gained 2.7% to close at $6.55 on Tuesday.</li>
</ul>
<h3>Kaiser Aluminum Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/kalu#NASDAQ">KALU</a>)</h3>
<ul>
<li>On Feb. 21, Kaiser Aluminum posted better-than-expected quarterly sales. The company&rsquo;s stock jumped around 28% over the past month and <a href="https://www.benzinga.com/quote/KALU"> has a 52-week high </a> of $91.47.</li>
<li>RSI Value: 83.34</li>
<li>KALU Price Action: Shares of Kaiser Aluminum climbed 2.5% to close at $90.89 on Tuesday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/news/earnings/24/04/38062468/acuity-brands-likely-to-report-higher-q2-earnings-here-are-the-recent-forecast-changes-from-wall-st"> Acuity Brands Likely To Report Higher Q2 Earnings; Here Are The Recent Forecast Changes From Wall Street&#39;s Most Accurate Analysts </a>

Shares of precious metals companies are trading higher as gold rises.

Gold prices surged past $2,220 an ounce during Thursday&#8217;s New York trading session, achieving a new all-time high amid growing anticipation of coordinated interest rate reductions <a href="https://www.benzinga.com/topic/interest-rates">by major central banks. </a>
With an 8.5% increase in March 2024, this marks gold&#8217;s best monthly performance since July 2020, when it climbed 10.8% amid substantial monetary and fiscal stimulus efforts during the COVID-19 pandemic.
The robust surge in gold prices has lifted the values of gold mining companies, with the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) climbing about 20% for the month, marking its best monthly performance since November 2020.
Medium-term debt dynamics in Europe and the U.S., alongside increasing domestic political polarization, have spurred central banks to ramp up their gold purchases, according to Bank of America&#8217;s commodities and derivatives strategist Francisco Blanch.
Blanch draws a parallel to the end of USD-gold convertibility in 1971, which heralded a new international monetary system. 
Similarly, he suggests the escalating geopolitical rift between the U.S./European Union and China/Russia, encompassing trade, politics and defense, is at &#8220;the heart of the run up in gold.&#8221;
<h2 class="wp-block-heading">Chart: Gold Notches Best-Performing Month In Nearly 4 Years </h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-1024x495.png" alt="" class="wp-image-269752" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/28154131/image-64.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Top-Performing Gold Mining Stocks In March 2024</h2>
The top performers within the VanEck Gold Miners ETF portfolio for March 2024 were:
<ul>
<li>Equinox Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQX#NYSE">EQX</a>), with an increase of 49%.</li>
<li>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>), rising by 44.2%.</li>
<li>Harmony Gold Mining Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) and Torex Gold Resources Inc. (OTCPK: TORXF), both up by 42%.</li>
<li>OceanaGold Corporation (OTCPK: OCANF), which saw a 37% increase.</li>
</ul>
The leading performers in the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) portfolio for March 2024 included:
<ul>
<li>Argonaut Gold Inc. (OTCPK: ARNGF), with a gain of 70.65%.</li>
<li>McEwen Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>), which rose by 60.34%.</li>
<li>Australian Strategic Materials Ltd (OTCPK: ASMMF), with an increase of 40.82%.</li>
<li>Gatos Silver, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GATO#NYSE">GATO</a>), closely behind with a 40.48% gain.</li>
<li>Hochschild Mining plc (OTCPK: HCHDF), with a rise of 36.57%.</li>
</ul>
Read now: <a href="https://www.benzinga.com/news/large-cap/24/03/37990561/easters-bitter-surprise-cocoa-is-up-240-in-a-year-what-can-a-ton-of-the-chocolate-commodity-get-yo">Easter&#8217;s Bitter Surprise: Cocoa Is Up 240% In A Year – What Can A Ton Of The Chocolate Commodity Get You Today?</a>
Photo via Shutterstock.

Shares of gold companies are trading higher as gold rises following the Fed's decision to leave rates unchanged.

Shares of precious metal companies are trading higher amid strength in the price of gold.

As of March 5, 2024, five stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi"> RSI is above 70</a>, according to <a href="https://pro.benzinga.com/"> Benzinga Pro</a>.
Here&rsquo;s the latest list of major overbought players in this sector.
<h3>Nature Wood Group Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nwgl#NASDAQ">NWGL</a>)</h3>
<ul>
<li>On March 4, Nature Wood Group said it expects to achieve a significant increase in revenue, reaching $45 million for the fiscal year 2024, compared to the recently preannounced revenue of $25.4 million for 2023. The company&rsquo;s stock gained around 16% over the past five days and has a <a href="https://www.benzinga.com/quote/NWGL">52-week high of $21.97 </a>.</li>
<li>RSI Value: 77.38</li>
<li>NWGL Price Action: Shares of Nature Wood Group gained 12.1% to close at $19.00 on Monday.</li>
</ul>
<h3>Harmony Gold Mining Company Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmy#NYSE">HMY</a>)</h3>
<ul>
<li>On Jan. 25, Harmony Gold Mining announced that it remains on track to meet the higher end of its full-year production guidance. The company&rsquo;s stock gained around 21% over the past five days and <a href="https://www.benzinga.com/quote/HMY"> has a 52-week high </a> of $6.78.</li>
<li>RSI Value: 78.96</li>
<li>HMY Price Action: Shares of Harmony Gold Mining gained 14.1% to close at $6.78 on Monday.</li>
</ul>
<h3>Danimer Scientific, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dnmr#NYSE">DNMR</a>)</h3>
<ul>
<li>On Feb. 22, Danimer Scientific announced successful expansion of Rinnovo&reg; Demonstration Plant Capacity. The company&rsquo;s stock gained around 133% over the past month has a <a href="https://www.benzinga.com/quote/DNMR"> 52-week high </a> of $4.59.</li>
<li>RSI Value: 72.13</li>
<li>DNMR Price Action: Shares of Danimer Scientific gained 11.8% to close at $1.42 on Monday.</li>
</ul>
<h3>Martin Marietta Materials, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mlm#NYSE">MLM</a>)</h3>
<ul>
<li>On Feb. 14, Martin Marietta Materials said fourth-quarter revenue grew 8.9% Y/Y to $1.608 billion, missing the consensus of $1.632 billion. Ward Nye, Chair and CEO said, &ldquo;Looking at the year ahead, we expect aggregates demand for infrastructure, large-scale energy and domestic manufacturing projects will be strong, largely offsetting weaker residential demand and anticipated softening in light nonresidential activity. That said, as mortgage rates stabilize and affordability headwinds recede, we fully expect single-family residential construction to recover, as demand still far exceeds supply particularly in our key markets.&rdquo; The company&rsquo;s stock jumped around 9% over the past five days and has a 52-week high is $605.00.</li>
<li>RSI Value: 85.53</li>
<li>MLM Price Action: Shares of Martin Marietta Materials gained 2% to close at $601.90 on Monday.</li>
</ul>
<h3>RPM International In (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rpm#NYSE">RPM</a>)</h3>
<ul>
<li>On Jan. 4, RPM International Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rpm#NYSE">RPM</a>) reported second-quarter FY24 results and revised guidance. Sales remained flat Y/Y at $1.79 billion, missing the consensus of $1.84 billion. &quot;Demand in DIY and specialty OEM markets remained weak; however, we overcame these challenges by successfully executing MAP 2025 initiatives to expand gross margins by 320 basis points and generate double-digit adjusted EBIT growth,&quot; said Frank C. Sullivan, RPM chairman and CEO. The company&rsquo;s stock jumped around 12% over the past month and <a href="https://www.benzinga.com/quote/RPM"> has a 52-week high </a> of $117.61.</li>
<li>RSI Value: 75.36</li>
<li>RPM Price Action: Shares of RPM gained 1.5% to close at $116.47 on Monday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/news/earnings/24/03/37474323/stitch-fix-target-and-3-stocks-to-watch-heading-into-tuesday"> Stitch Fix, Target And 3 Stocks To Watch Heading Into Tuesday </a>

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Gold prices, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), edged above $2,110 per troy ounce on Monday, poised to achieve a record close and triggering a significant <a href="https://www.benzinga.com/topic/gold-miners">surge in mining stocks.</a>
This marked the fourth consecutive session of gains for the precious metal, bringing it within 1.4 percent of the all-time high reached during the intraday session on Dec. 4, 2023.
Despite the rise in Treasury yields on Monday, with the yield on the 2-year Treasury note inching up to 4.60%, gold exhibited strength in the market.
Market-implied probabilities for a Federal Reserve interest rate cut remained largely unchanged. Traders currently assign a 65% chance of a rate cut by June, with a total of four rate cuts expected by the end of the year.
According to the latest World Gold Council report, increasing geopolitical uncertainty is a significant driver of gold demand in 2024. Ongoing conflicts, trade tensions, and over 60 elections worldwide are likely to prompt investors to seek gold as a proven safe-haven asset.
Chart: Gold Prices Notch Record Close, Eye All-Time Highs
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171523/image-1-2-1024x495.png" alt="" class="wp-image-238396" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171523/image-1-2-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171523/image-1-2-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171523/image-1-2-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171523/image-1-2-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171523/image-1-2.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
This surge in gold prices fueled a significant rise in mining stocks. 
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rallied by 4.4% on Monday, building on the momentum from Friday&#8217;s 3.7% surge. 
The gauge has effectively surpassed the 50-day moving average, setting its sights on testing the resistance indicated by the 200-day moving average at $28.79.
Meanwhile, the Sprott Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDJ#NYSE">SGDJ</a>) soared even higher by 5.3%, following a 4% leap on Friday.
Chart: Gold Miners Rally After A Double Bottom In February, Break Above 50-Day Average
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171216/image-5-1024x495.png" alt="" class="wp-image-238393" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171216/image-5-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171216/image-5-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171216/image-5-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171216/image-5-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/04171216/image-5.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Monday&#8217;s Best-Performing Gold Mining Stocks</h2>
The table below displays Monday&#8217;s top-performing gold mining stocks included in the Sprott Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDM#NYSE">SGDM</a>).
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>Price ($)</th>
<th>Price Change (%)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Harmony Gold Mining Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>)</td>
<td>6.77</td>
<td>13.97</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>2.95</td>
<td>8.86</td>
</tr>
<tr>
<td>AngloGold Ashanti plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>)</td>
<td>21.11</td>
<td>8.26</td>
</tr>
<tr>
<td>Torex Gold Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NYSE">TXG</a>)</td>
<td>16.16</td>
<td>6.67</td>
</tr>
<tr>
<td>Seabridge Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SA#NYSE">SA</a>)</td>
<td>12.45</td>
<td>6.23</td>
</tr>
<tr>
<td>OceanaGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGC#NYSE">OGC</a>)</td>
<td>2.59</td>
<td>6.15</td>
</tr>
<tr>
<td>Kinross Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>)</td>
<td>5.37</td>
<td>5.71</td>
</tr>
<tr>
<td>Lundin Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUG#NYSE">LUG</a>)</td>
<td>17.17</td>
<td>5.47</td>
</tr>
<tr>
<td>Eldorado Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGO#NYSE">EGO</a>)</td>
<td>11.35</td>
<td>4.80</td>
</tr>
<tr>
<td>Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)</td>
<td>33.47</td>
<td>4.79</td>
</tr>
</tbody>
</table>
</figure>
Read now: <a href="https://www.benzinga.com/news/mid-cap/24/03/37464095/downgrades-flood-in-for-commercial-real-estate-stocks-analysts-warn-of-rocky-road-ahead">Downgrades Flood In For Commercial Real Estate Stocks: Analysts Warn Of &#8216;Rocky Road Ahead&#8217;</a>
Photo: Shutterstock

Large Cap

Mid Cap

Econ #s

SGDJ

SGDM

Gold Breaks Above $2,110, Inches Closer To Record High, With Rallying Mining Stocks

CGAU

SAND

Shares of precious metals stocks are trading lower amid a rise in the US dollar following a greater-than-expected increase in January inflation.

Shares of precious metals companies are trading lower amid a drop in the price of gold.

The price of gold has remained above the $2,000 per ounce level since November and is currently making a run at its record high set on Dec. 12. Gold miners, however, have <a href="https://www.benzinga.com/topic/gold">largely underperformed</a>.
There has been some good news for miners in the past couple of sessions, however. World Gold Council <a href="https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2023">data</a> showed that total gold demand in 2023 climbed to record highs, driven by a surge in buying from central banks as they looked for assets to offset high-interest rates.
<h3 class="wp-block-heading">Gold Stocks On Thursday</h3>
<ul>
<li>Newmont Goldcorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) rose 3%</li>
<li>Kinross Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>) was up 5%</li>
<li>Barrick Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) gained 3% </li>
<li>Harmony Gold Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) jumped 9%.</li>
<li>The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) gained 4.1%. </li>
</ul>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/01133353/newplot-61.png" alt="" class="wp-image-201927" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/01133353/newplot-61.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/01133353/newplot-61-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Also Read: <a href="https://www.benzinga.com/news/earnings/24/02/36888966/russian-oil-hits-us-shores-under-sanction-busting-loophole">Oil From Russia Hits US Shores Under Sanction-Busting Loophole</a>
<h2 class="wp-block-heading">Historically Poor Performance</h2>
The above exchange-traded fund tracks the performance of gold mining groups listed in the U.S. GDX lost 8% last year. Although it&#8217;s up in the past week or so, it has lost a further 3.3% in January.
Compare this to the spot gold price — the shiny metal gained 13.4% in 2023. So far this year, it&#8217;s flat.
Compare the two back from 2011; gold was at a previous record level of around $1,900. The GDX was at its pinnacle. Gold has moved on to peak above $2,150, while the GDX has more than halved in value.
The main answer as to why this has happened is the sharp rise in costs for miners. Oliver Gross, a mining investor and consultant, said in a <a href="https://twitter.com/minenergybiz/status/1731590859366289526">post </a>on X there had been a &#8220;massive increase in the cost of mining of the last 15 years.&#8221;
&#8220;Whether it is energy raw materials, lubricants, mining machinery, wages for miners and skilled workers, economic feasibility studies, permitting, exploration costs, etc. Most cost factors have increased tremendously.&#8221;
In percentage terms, the cost of producing gold has risen more than the price of gold in the past decade, putting pressure on profit margins.
Gross also points to &#8220;dilution&#8221; as the &#8220;creeping death&#8221; of many gold mining stocks in recent years as companies — striving to achieve growth — embarked on acquisitions, mergers and capital raises.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Dilution Dilution is the creeping death of many junior gold mining stocks. But we have also seen significant dilution among mid- and large-cap gold producers over the past 15 years as a result of acquisitions, mergers and capital raises. For example, just look at the history… <a href="https://t.co/i8u8VOjG5u">pic.twitter.com/i8u8VOjG5u</a>
&mdash; Oliver Groß (@minenergybiz) <a href="https://twitter.com/minenergybiz/status/1731590859366289526?ref_src=twsrc%5Etfw">December 4, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Au Ag, a precious metals investment group, believes that miners now have a better handle on costs, they&#8217;ve reduced their debt levels and have achieved sustained cash flows.
It added: &#8220;Gold miners are historically undervalued relative to gold, a trend likely to reverse and overshoot during the forthcoming secular gold bull market.&#8221;
Other reasons for owning miners include, increasing merger and acquisition activity, share buybacks and increased dividends returning cash to shareholders.
Now Read: <a href="https://www.benzinga.com/news/earnings/24/01/36853591/mortgage-rates-soar-cash-buyers-score-the-new-homebuying-playbook">Mortgage Rates Soar, Cash Buyers Score: The New Homebuying Playbook</a>
Image: Pixabay

Is Now The Time To Own Underperforming Gold Mining Stocks? One Trend Is 'Likely To Reverse'

Harmony Gold Mining shares are trading higher after the company announced that it remains on track to meet the higher end of its full-year production guidance.

Guidance

Harmony Gold Mining Company Earlier Said It Remains On Track To Meet Higher End Of Full-Year Production Guidance With Costs Comfortably Below Guidance

Shares of precious metals companies are trading higher as safe haven assets rise amid macro uncertainty following US and UK strikes against Houthi targets in Yemen.

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
The rally that catapulted U.S. equities to newer and higher valuations seems to have come to an end. The second quarter of 2024 has seen many stocks slip and lose their once rich valuations. Still, U.S.-listed stocks overall have become expensive, especially when compared to EU-listed stocks and emerging markets-based equities. At some point trading multiples will have to come back down to reality. 



During this current bout of market volatility, investors should be screening for <a href="https://investorplace.com/stock-types/undervalued-stocks/">undervalued stocks</a>. Stocks are considered &ldquo;undervalued&rdquo; when they trade below what people think their intrinsic value is. Basically, in this scenario, the market has not fully recognized the stock&rsquo;s &ldquo;true potential.&rdquo; 



Potential value investors can find many stocks that are undervalued if they look for stocks trading below a certain dollar amount per share. In this list, in particular, we will be looking at stocks I feel are undervalued that are trading at below $50 per share. These stocks have intriguing fundamentals and are operating in burgeoning sectors with strong secular tailwinds. 



<h2>Frontline (FRO)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/12/oil-shipping1600-300x169.png" alt="Crude oil tanker and LPG Loading in port at sea view from above. Aerial view oil tanker ship shot from drone. Oil prices, oil shipping, oil stocks."><div>Source: Avigator Fortuner / Shutterstock.com</div></div>Frontline&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/fro-stock-quote/">FRO</a>) is a large oil tanker company boasting a&nbsp;<a href="https://www.frontlineplc.cy/fleet/">fleet of 84 vessels</a>&nbsp;that transport crude oil and refined products across the globe. Frontline&rsquo;s stock performed very well in 2023, nearly&nbsp;<a href="https://app.koyfin.com/charts/gm/eq-vzt2ge">doubling</a>&nbsp;in price. As a result of OPEC&rsquo;s production cuts, oil tankers have found themselves&nbsp;<a href="https://ml-eu.globenewswire.com/Resource/Download/ff3317cb-6836-4e42-b52b-8c968ca21015">increasingly traveling across to the Atlantic Ocean</a>&nbsp;to ship crude from Brazil, the U.S. and Guyana to countries in Asia. Those longer distances have pushed up ton-miles, or the amount of crude shipped and the distance, and as a result, revenue.



Continued geopolitical tumult in the Middle East has led many leading shipping companies, including&nbsp;Maersk&nbsp;(OTCMKTS:<a href="https://investorplace.com/stock-quotes/amkby-stock-quote/">AMKBY</a>), to abandon their routes through the Suez Canal due to recent attacks by Yemen-based Houthi rebels. That means ships from Asia destined for Europe (and vice versa) are largely electing to go around Africa to access the European continent. That will put upward pressure on ton-miles, which could generate a huge profit windfall for shipping companies. The U.S. and U.K. bombardment of &ldquo;Houthi targets&rdquo; in Yemen has stopped attacks on ships.



For its Q4&rsquo;2023 earnings report, Frontline delivered some of its best financial figures in years. Revenue increased 27% year-over-year to a record $1.8 billion, while EPS increased 33% on a year-over-year basis to $2.95 per share. FRO shares only trade at 7.1x forward earnings. 



Moreover, the recent collapse of a Baltimore bridge, which is located near an important port, as well as the dire situations at both the Suez and Panama canals, investors should expect shipping rates to remain elevated for quite some time.



<h2>ACM Research (ACMR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/02/acmr-stock-1-300x169.jpg" alt="a magnifying glass enlarges the ACM logo on a website"><div>Source: Pavel Kapysh / Shutterstock.com</div></div>ACM Research&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/acmr-stock-quote/">ACMR</a>) is a semiconductor equipment manufacturer. In particular, ACMR supplies semiconductor manufacturers with wet processing equipment and technologies, and the manufacturer has a particular focus on China&rsquo;s domestic semiconductor market.



ACM Research&rsquo;s earnings results throughout 2023 were admittedly impressive and beat Wall Street&rsquo;s estimates. Their recent Q4&rsquo;2023 earnings report was no different. Full-year revenue&nbsp;<a href="https://ir.acmrcsh.com/news-releases/news-release-details/acm-research-reports-fourth-quarter-and-fiscal-year-2023-results">climbed</a>&nbsp;43% year-over-year to $558 million. ACM Research expects solid double-digit revenue growth in 2024 as well. During this period, the company expects its Shanghai-based unit to grow substantially.



Furthermore, while ACMR has appreciated nearly 60% year-to-date, the company&rsquo;s share price is trading at relatively cheap valuation multiples. ACMR&rsquo;s forward EV/EBITDA is around 14.3x, and its forward price-to-earnings ratio is 21.4x, which are amongst some of the cheapest multiples in the semiconductor industry these days. ACM Research&rsquo;s cheap multiples, coupled with its growth prospects, could help extend its rally, pushing its share price to new levels.



<h2>Harmony Gold Mining (HMY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/10/GOLD1600v-300x169.jpg" alt="a precious metals mining operation"><div>Source: Shutterstock</div></div>If there were a time to buy gold or gold stocks, it may have been since the beginning of March. Gold prices have soared since then. Nowadays, gold has appreciated more than 11%, outpacing both the S&amp;P 500 and the Nasdaq Composite. 



Harmony Gold Mining (NYSE:<a href="https://investorplace.com/stock-quotes/hmy-stock-quote/">HMY</a>) is one such gold miner that appears to be trading below where it should. This company in particular engages in the exploration, extraction and processing of gold with <a href="https://www.harmony.co.za/operations/">some of exposure to copper exploration</a> through its Queensland, Australia-based mine. Last year, gold price growth was relatively slower when compared to the asset growth we witnessed in equities. As a result, Harmony grew revenues by a little over 15% on a year-over-year basis. 2024 could see revenue figures jump even more, especially if gold prices sustain this rally they&rsquo;re in now.



Trading at 9.5x forward earnings, HMY could be a good bet to make right now. 



On the date of publication, Tyrik Torres did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>Tyrik Torres has been studying and participating in financial markets since he was in college, and he has particular passion for helping people understand complex systems. His areas of expertise are semiconductor and enterprise software equities. He has work experience in both investing (public and private markets) and investment banking.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/the-3-most-undervalued-under-50-stocks-to-buy-in-april-2024/">The 3 Most Undervalued Under-$50 Stocks to Buy in April 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

The 3 Most Undervalued Under-$50 Stocks to Buy in April 2024

The gold industry's prospects are bright, fueled by the anticipation surrounding potential interest rate reductions by the Federal Reserve this year. Against this backdrop, quality gold stocks Centamin plc (CELTF), Centerra Gold (CGAU), and Harmony Gold Mining Company Limited (HMY) could be solid buys now. Read on… Gold prices hit record highs recently due to increased speculation regarding the Federal Reserve interest rate cuts and escalating geopolitical tensions, which drove gold market momentum.
Therefore, investors could add fundamentally robust gold stocks Centamin plc (<a href="https://stocknews.com/stock/CELTF/">CELTF</a>), Centerra Gold Inc. (<a href="https://stocknews.com/stock/CGAU/">CGAU</a>), and Harmony Gold Mining Company Limited (<a href="https://stocknews.com/stock/HMY/">HMY</a>) to the portfolio now.
Gold is admired for its aesthetic appeal and valued for its enduring investment potential, consistently yielding profitable returns over time. Gold prices have surged to <a href="https://finance.yahoo.com/news/gold-rises-record-cooling-us-005321679.html">over $2,265 per ounce</a>, hitting record highs, possibly due to expected Federal Reserve rate cuts and increased central bank bullion purchases.
Gold prices are expected to witness steady growth over the upcoming quarters till the first half of next year. Leading banks, including JPMorgan Chase &amp; Co. (<a href="https://stocknews.com/stock/JPM/">JPM</a>) and Goldman Sachs Group Inc., (<a href="https://stocknews.com/stock/GS/">GS</a>) support gold's positive outlook. JPM forecasts prices hitting $2,500 per ounce, while GS sees potential for $2,300, citing advantages amid lower interest rates.
Furthermore, heightened geopolitical tensions in the Middle East are dampening investor risk appetite, acting as a tailwind for the safe-haven yellow metal. Investors' interest in gold stocks is evident from the iShares Gold Trust Micro ETF (<a href="https://stocknews.com/stock/IAUM/">IAUM</a>) 21.5% gains over the past six months.
To that end, let's examine the fundamentals of the three stocks to buy in the <a href="https://stocknews.com/category/gold-miners/">Miners - Gold</a> industry, beginning with the third choice.
Stock #3: Centamin plc (<a href="https://stocknews.com/stock/CELTF/">CELTF</a>)
Headquartered in Saint Helier, Jersey, CELTF explores, mines, and develops gold and precious metals in Egypt, Burkina Faso, Côte d'Ivoire, Jersey, the United Kingdom, and Australia.
Recently, CELTF announced the listing application for 2,650,000 ordinary shares on the London Stock Exchange. The shares will be issued to satisfy awards due to vest in 2024 under the Company's incentive plans. Shares are expected to be admitted to trading on 4 April 2024. Post-admission, the total issued share capital will comprise 1,161,082,695 ordinary shares.
On March 21, CELTF's Board of Directors proposed the payment of a final dividend of 2 cents per share, equating to $23 million, for the six months ended December 31, 2023.
The final dividend brings the total dividend for the year ended 2023 to 4 cents per share , which translates to an annualized dividend yield of 2.90% on the current share price. CELTF's four-year average yield is 5.70%.
On January 9, 2024, CELTF announced promising outcomes from its drill program in Egypt's Eastern Desert Exploration (EDX) landholding. The EDX blocks cover 3,000 km of greenfield exploration tenements within Egypt's untapped Nubian Shield. Further, its 2024 work program includes delineating potential resources and further drill targets in Egypt as part of the growth strategy.
CELTF's trailing-12-month CAPEX/Sales of 22.76% is 200.7% higher than the industry average of 7.57%. Its trailing-12-month EBITDA and net income margins of 44.23% and 10.35% are 157.5% and 108.1% higher than the industry averages of 17.17% and 4.98%, respectively.
For the fiscal year that ended December 31, 2023, CELTF's revenue and profit for the year before tax stood at $891.26 million and $195.14 million, up 13% and 14.1% year-over-year, respectively. Moreover, its <a href="https://www.investopedia.com/terms/a/adjusted-ebitda.asp">adjusted EBITDA</a> increased 24.8% from the previous year to $398.18 million.
For the same year, its profit for the year after tax attributable to the owners of the parent and earnings per ordinary share attributable to owners of the parent increased 27.3% and 26% from the year-ago value to $92.28 million and 7.82 cents, respectively.
Street expects CELTF's revenue for the fiscal year ending December 2024 to increase 6.1% year-over-year to $945.85 million.
The stock has gained 33.6% over the past six months to close the last trading session at $1.40. Over the past month, it has gained 19.6%.
CELTF's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect its positive prospects. The stock has an overall B rating, equating to Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 distinct factors, with each factor weighted to an optimal degree.
CELTF has a B grade for Value, Stability, and Quality. Within the <a href="https://stocknews.com/category/gold-miners/">Miners - Gold</a> industry, it is ranked #4 out of 43 stocks.
To see additional POWR Ratings for Growth, Momentum, and Sentiment for CELTF, <a href="https://stocknews.com/stock/CELTF/">click here</a>.
Stock #2: Centerra Gold Inc. (<a href="https://stocknews.com/stock/CGAU/">CGAU</a>)
Headquartered in Toronto, Canada, CGAU acquires, explores, develops, and operates gold and copper properties in North America, Turkey, and internationally. 
On March 27, CGAU paid its shareholders a quarterly dividend of C$0.07 per common share, approximately $11.20 million. Its annualized dividend is $0.21 per share, which translates to a dividend yield of 3.58% on the current share price. Its four-year average yield is 2.61%. Over the past three years, CGAU's dividend payments have grown at a 5.9% CAGR.
Under CGAU's Normal Course Issuer Bid (NCIB) program, the company repurchased and canceled 361,500 common shares in the fourth quarter that ended December 31, 2023, for a total consideration of $2.10 million. Additionally, during the year ended December 31, 2023, CGAU repurchased and canceled 3.48 million common shares for a total consideration of $20.40 million under its NCIB program.
On February 14, CGAU and its subsidiary, Thompson Creek Metals Company Inc., struck an agreement with RGLD Gold AG, a subsidiary of Royal Gold, Inc. (<a href="https://stocknews.com/stock/RGLD/">RGLD</a>), relating to the Mount Milligan Mine, resulting in a life of mine extension to 2035 and also establishes favorable parameters for potential future mine life extensions. The additional agreement will potentially unlock incremental mineral reserves and resources at Mount Milligan for mutual gain.
CGAU's trailing-12-month levered FCF margin of 21.19% is 301.2% higher than the industry average of 5.28%. Similarly, its trailing-12-month cash per share of $2.84 is 92.9% higher than the industry average of $1.47.
For the fiscal fourth quarter that ended December 31, 2023, CGAU's revenue increased 63.2% year-over-year to $340 million. Moreover, its free cash flow stood at $111 million, compared to a free cash deficit of $25.30 million in the year-ago quarter.
For the same quarter, its adjusted net earnings and adjusted net earnings per share stood at $61.20 million and $0.28, compared to adjusted net loss and adjusted net loss per share of $13.70 million and $0.06, respectively.
Street expects CGAU's revenue for the fiscal first quarter that ended March 2024 to increase 20.1% year-over-year to $272.16 million. Its EPS is expected to be $0.14 for the same quarter. The company surpassed consensus revenue estimates in three of the trailing four quarters, which is impressive.
The stock has gained 21% over the past six months to close the last trading session at $5.93. Over the past month, it has gained 14.3%.
CGAU's POWR Ratings reflect this promising outlook. It has an overall rating of B, which indicates Buy in our proprietary rating system.
CGAU has an A grade for Growth and a B for Value and Quality. Within the same industry, it is ranked #3.
For CGAU's other ratings (Momentum, Stability, and Sentiment), <a href="https://stocknews.com/stock/CGAU/">click here</a>.
Stock #1: Harmony Gold Mining Company Limited (<a href="https://stocknews.com/stock/HMY/">HMY</a>)
Headquartered in Randfontein, South Africa, HMY explores, extracts, and processes gold. The company explores for uranium, silver, copper, and molybdenum deposits. 
HMY's Board approved an interim gross cash dividend of 7.61 cents per ordinary share for the six months that ended December 31, 2023, payable to the registered shareholders on April 15. Its annualized dividend is $0.12 per share, which translates to a dividend yield of 1.47% on the current share price. Its four-year average yield is 0.98%.
HMY announced that total gold production for the six months ended December 31, 2023, was between 820,000 ounces and 835,000 ounces, an increase of around 12% to 14% compared to the six months ended December 31, 2022.
HMY's trailing-12-month CAPEX/Sales of 13.69% is 80.8% higher than the industry average of 7.57%. Its trailing-12-month EBIT and net income margins of 21.29% and 15.50% are 90.6% and 211.5% higher than the industry averages of 11.17% and 4.98%, respectively.
For the six months that ended December 31, 2023, HMY's revenue and gross profit stood at $1.68 billion and $462 million, up 25.2% and 165.5% year-over-year, respectively.
For the same period, its net profit for the period attributable to owners of the parent and earnings per ordinary share increased 197.2% and 200% from the year-ago period to $318 million and 51 cents, respectively.
The company projects to produce between 1.38 million and 1.48 million ounces of gold and gold equivalents for the fiscal 2024, at an all-in-sustaining costs (AISC) of below R975,000/kg ($51,566.10/kg).
Street expects HMY's revenue for the fiscal year ending June 2024 to increase 19.4% year-over-year to $3.15 billion.
The stock has gained 115.2% over the past six months to close the last trading session at $8.09. Over the past year, it has gained 97.3%.
HMY's robust prospects are reflected in its POWR Ratings. The stock has an overall A rating, equating to a Strong Buy in our proprietary rating system.
HMY has an A grade for Growth and a B for Value and Quality. It is ranked #2 within the same industry.
<a href="https://stocknews.com/stock/HMY/">Click here</a> for the additional POWR Ratings for HMY (Momentum, Stability, and Sentiment).
What To Do Next?
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<hr />
HMY shares rose $0.27 (+3.34%) in premarket trading Tuesday. Year-to-date, HMY has gained 35.93%, versus a 9.51% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Neha Panjwani</h2> <img src='https:/wp-content/uploads/2024/01/Neha-Panjwani_Headshot-1.jpeg' style="float:left; padding:5px;width:125px;">From her school days, Neha harbored a profound fascination for finance, a passion that steered her toward a career as an investment analyst following the completion of her bachelor's degree in commerce. Currently enrolled in the CFA program, Neha is dedicated to further enriching her comprehension of investment fundamentals.

Neha's primary objective is to aid retail investors in discerning optimal investment opportunities by diligently evaluating crucial aspects of financial instruments, with a primary focus on stocks and ETFs. Her commitment lies in empowering individuals to make informed and strategic investment decisions in the dynamic world of finance.<a href="https://stocknews.com/authors/?author=neha-panjwani">More...</a>The post <a href=https://stocknews.com/news/hmy-celtf-cgau-3-gold-stocks-poised-for-market-domination/>3 Gold Stocks Poised for Market Domination</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Gold Stocks Poised for Market Domination

With geopolitical tensions rising and potential interest rate cuts by the Federal Reserve looming, 2024 is anticipated to witness a sustained uptick in gold prices. Against this backdrop, quality gold stocks Alamos Gold (AGI), Barrick Gold (GOLD), and Harmony Gold Mining Company (HMY) could be solid buys to elevate your portfolio performance now. Read on… Gold prices recently hit a record high, owing to the recent bets on federal reserve interest rate cuts and geopolitical tensions fueling the market. Therefore, investors could elevate their portfolio performance by investing in fundamentally robust gold stocks Alamos Gold Inc. (<a href="https://stocknews.com/stock/AGI/">AGI</a>), Barrick Gold Corporation (<a href="https://stocknews.com/stock/GOLD/">GOLD</a>), and Harmony Gold Mining Company Limited (<a href="https://stocknews.com/stock/HMY/">HMY</a>) now.
Gold prices recently reached <a href="https://finance.yahoo.com/news/gold-prices-hit-record-high-160402525.html#:">record-breaking highs</a>, trading currently above $2,100 per ounce. This surge is likely driven by potential Federal Reserve interest rate cuts and central banks' persistent purchase of bullion in record amounts.
Citi's North America head of commodities, Aakash Doshi, anticipates that gold prices could rise <a href="https://www.cnbc.com/2024/03/21/gold-prices-have-hit-record-highs-heres-why-they-could-rally-further.html">to $2,300 per ounce</a> in the second half of 2024, especially given the expectations of rate cuts in that period.
The jewelry sector, which abundantly uses gold, is driven by high demand during festivals and weddings in nations like China and India, presenting growth prospects for the gold market. In the U.S., the adoption of gold wedding bands, influenced by Western European culture, boosts demand and fosters market growth. Consequently, the global gold mining market is predicted to reach <a href="https://www.zionmarketresearch.com/report/gold-mining-market">$260 billion by 2030</a>, growing at a CAGR of about 3.5%. 
Furthermore, the robust demand for tangible gold is fueled by its allure as a "safe-haven asset," which draws investors seeking diversification amid less-than-stellar returns from other asset types.
To that end, let's examine the fundamentals of the three stocks to buy in the <a href="https://stocknews.com/category/gold-miners/">Miners - Gold</a> industry, beginning with the third choice.
Stock #3: Alamos Gold Inc. (<a href="https://stocknews.com/stock/AGI/">AGI</a>)
Headquartered in Toronto, Canada, AGI acquires, explores, develops, and extracts precious metals in Canada and Mexico. The company primarily explores gold and silver deposits. 
On February 28, AGI's Board of Directors declared a quarterly dividend of $0.03 per common share, payable on March 28, 2024. The company has paid dividends for 15 consecutive years, and $334 million has been returned to shareholders through dividends and share buybacks, including $39 million in 2023.
AGI pays an annual dividend of $0.10 per share, which translates to a <a href="https://www.investopedia.com/terms/d/dividendyield.asp">dividend yield</a> of 0.74% on the current share price. Its four-year average yield is 0.95%. Over the past three and five years, AGI's dividend payments have grown at CAGRs of 10.1% and 38%, respectively.
AGI's trailing-12-month CAPEX/Sales of 34.10% is 347.9% higher than the industry average of 7.61%. Its trailing-12-month EBIT and net income margins of 31.09% and 20.52% are 181.2% and 308% higher than the industry averages of 11.06% and 5.03%, respectively.
For the fiscal fourth quarter that ended December 31, 2023, AGI's operating revenues and earnings before income taxes stood at $254.60 million and $71.90 million, up 9.8% and 16.7% year-over-year, respectively. For the same quarter, its net earnings and earnings per share increased 16% and 20% from the year-ago quarter to $47.10 million and $0.12, respectively.
The Street expects AGI's revenue and EPS for the fiscal first quarter ending March 2024 to increase 8.2% and 16% year-over-year to $272 million and $0.13, respectively. The company surpassed consensus EPS estimates in each of the trailing four quarters and consensus revenue estimates in three of the trailing four quarters, which is impressive.
The stock has gained 23.9% over the past year to close the last trading session at $13.62. Over the past nine months, it has gained 16%.
AGI's solid fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has an overall B rating, equating to Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 distinct factors, with each factor weighted to an optimal degree.
The stock has a B grade for Sentiment and Quality. Within the <a href="https://stocknews.com/category/gold-miners/">Miners - Gold</a> industry, it is ranked #11 out of 43 stocks.
To see additional POWR Ratings for Growth, Value, Momentum, and Stability for AGI, <a href="https://stocknews.com/stock/AGI/">click here</a>.
Stock #2: Barrick Gold Corporation (<a href="https://stocknews.com/stock/GOLD/">GOLD</a>)
Headquartered in Toronto, Canada, GOLD explores, develops mines, produces, and sells gold and copper properties in Canada and internationally. The company also explores and sells silver and energy materials.
On March 15, GOLD paid a dividend of $0.10 per share to its shareholders for the fiscal fourth quarter of 2023. The company pays an annual dividend of $0.40 per share, which translates to a dividend yield of 2.55% on the current share price. Its four-year average yield is 2.79%. GOLD's dividend payments have grown at CAGRs of 6.6% and 16.1% over the past three and five years, respectively.
GOLD's trailing-12-month CAPEX/Sales of 27.08% is 255.7% higher than the industry average of 7.61%. Its trailing-12-month EBIT and net income margins of 21.66% and 11.16% are 95.9% and 121.9% higher than the industry averages of 11.06% and 5.03%, respectively.
For the fiscal fourth quarter that ended December 31, 2023, GOLD's revenues increased 6.9% quarter-over-quarter to $3.06 billion, while free cash flow stood at $136 million.
For the same quarter, its adjusted net earnings and adjusted net earnings per share increased 11.5% and 12.5% from the previous quarter to $466 million and $0.27, respectively. As of December 31, 2023, GOLD's total current liabilities amounted to $2.36 billion, compared to $3.12 billion as of December 31, 2022.
Street expects GOLD's revenue and EPS for the fiscal first quarter ending March 2024 to increase 7.1% and 35.5% year-over-year to $2.83 billion and $0.19, respectively. The company surpassed consensus EPS estimates in each of the trailing four quarters.
The stock has gained marginally intraday to close the last trading session at $15.81. Over the past month, it has gained 7.2%.
GOLD's robust prospects are reflected in its POWR Ratings. The stock has an overall B rating, equating to Buy in our proprietary rating system.
GOLD has a B grade for Growth and Quality. Within the same industry, it is ranked #8.
Beyond what we've stated above, we have also rated the stock for Value, Momentum, Stability, and Sentiment. Get all ratings of GOLD <a href="https://stocknews.com/stock/GOLD/">here</a>.
Stock #1: Harmony Gold Mining Company Limited (<a href="https://stocknews.com/stock/HMY/">HMY</a>)
Headquartered in Randfontein, South Africa, HMY explores, extracts, and processes gold. The company explores uranium, silver, copper, and molybdenum deposits. 
HMY's Board approved an interim gross cash dividend of 7.61 cents per ordinary share for the six months that ended December 31, 2023, payable to the registered shareholders on April 15, 2024. The company pays an annual dividend of $0.12 per share, translating to a dividend yield of 1.49% on the current share price. Its four-year average yield is 0.98%.
HMY announced that total gold production for the six months that ended December 31, 2023, was between 820,000 ounces and 835,000 ounces, an increase of around 12% to 14% compared to the six months that ended December 31, 2022.
HMY's trailing-12-month CAPEX/Sales of 13.69% is 79.8% higher than the industry average of 7.61%. Its trailing-12-month EBIT and net income margins of 21.29% and 15.50% are 92.6% and 208.2% higher than the industry averages of 11.06% and 5.03%, respectively.
For the six months that ended December 31, 2023, HMY's revenue and gross profit stood at $1.68 billion and $462 million, respectively, up 25.2% and 165.5% year-over-year.
For the same period, its net profit for the period attributable to owners of the parent and earnings per ordinary share increased 197.2% and 200% from the year-ago period to $318 million and 51 cents, respectively.
The company projects to produce between 1.38 million and 1.48 million ounces of gold and gold equivalents for the fiscal 2024 at an all-in-sustaining costs (AISC) of below R975,000/kg ($51,956.10/kg).
Street expects HMY's revenue for the fiscal year ending June 2024 to increase 19.1% year-over-year to $3.14 billion.
The stock has gained 111.3% over the past year to close the last trading session at $7.88. Over the past nine months, it has gained 89.4%.
HMY's POWR Ratings reflect its positive prospects. The stock has an overall B rating, equating to Buy in our proprietary rating system.
HMY has an A grade for Growth and a B for Value and Quality. Within the same industry, it is ranked #5.
<a href="https://stocknews.com/stock/HMY/">Click here</a> for the additional POWR Ratings for HMY (Momentum, Stability, and Sentiment).
What To Do Next?
43 year investment veteran, Steve Reitmeister, has just released his 2024 market outlook along with trading plan and top 11 picks for the year ahead.
<a href="https://report.stocknews.com/sign-up/stock-market-outlook-2024/?formplacement=artbotad_smo24_rep">2024 Stock Market Outlook &gt;</a>

<hr />
GOLD shares fell $0.08 (-0.51%) in premarket trading Friday. Year-to-date, GOLD has declined -11.38%, versus a 10.21% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Neha Panjwani</h2> <img src='https:/wp-content/uploads/2024/01/Neha-Panjwani_Headshot-1.jpeg' style="float:left; padding:5px;width:125px;">From her school days, Neha harbored a profound fascination for finance, a passion that steered her toward a career as an investment analyst following the completion of her bachelor's degree in commerce. Currently enrolled in the CFA program, Neha is dedicated to further enriching her comprehension of investment fundamentals.

Neha's primary objective is to aid retail investors in discerning optimal investment opportunities by diligently evaluating crucial aspects of financial instruments, with a primary focus on stocks and ETFs. Her commitment lies in empowering individuals to make informed and strategic investment decisions in the dynamic world of finance.<a href="https://stocknews.com/authors/?author=neha-panjwani">More...</a>The post <a href=https://stocknews.com/news/gold-agi-hmy-3-gold-stocks-to-elevate-your-portfolio-performance/>3 Gold Stocks to Elevate Your Portfolio Performance</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Gold Stocks to Elevate Your Portfolio Performance

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
With slowing demand due to elevated interest rates, the mining sectors have been hit hard since 2022. Moreover, lithium carbonate, the rare earth mineral for making electric vehicles and smartphone batteries, also experienced price pressure. Though the mineral&rsquo;s price fell more than 48% in a year, a recent uptick in demand raised prices by more than 16% from year-to-date. This increase could likely be due to a&nbsp;<a href="https://www.fastmarkets.com/insights/chinese-lithium-prices-extend-uptrend-amid-futures-strength-other-markets-in-stalemate/">strengthening market</a>&nbsp;in China. 



Gold prices have surged as well, rising around 13% since the start of 2024. Given the plethora of mining stocks available and the price trend of certain commodities, there are bound to be opportunities in the market. Below are three 3 mining stocks with untapped potential that investors should start considering.



<h2>Rio Tinto (RIO)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/09/aluminum-stocks-3-1600-300x169.jpg" alt="stacks of rectangular aluminum metal stock"><div>Source: shutterstock.com/SimoneN</div></div>United Kingdom-based&nbsp;Rio Tinto (NYSE:<a href="https://investorplace.com/stock-quotes/rio-stock-quote/" target="_blank">RIO</a>) is a diversified mining company among the largest in the world. In 2023, the mining firm, like many, <a href="https://www.reuters.com/markets/commodities/rio-tintos-first-half-profit-falls-34-easing-iron-ore-prices-2023-07-26/">struggled as its core commodities</a>, aluminum and iron, dropped in price and demand. However, according to Koyfin, aluminum prices have picked up in the past week alongside a resurgence in Chinese manufacturing.



Moreover, despite a drop in profits, Rio Tinto remained committed to its shareholder dividend, providing $2.58 per share at a yield of around 6.45%. This, paired with the rise of many commodities, could be attractive to income-focused investors seeking hefty dividends from the firm.



Recent news that Norges Bank Investment Management,&nbsp;<a href="https://www.reuters.com/markets/deals/norway-sovereign-fund-advisor-may-recommend-rio-tinto-stake-sale-wsj-reports-2024-04-03/">could sell its $2.7 billion share in RIO</a> due to deforestation concerns has put pressure on the stock. However, should Norges Bank sell its stake, it is likely another fund or group of funds will eagerly fill in the gap. Despite the environmental concerns around mining, the business isn&rsquo;t going away anytime soon. Thus, investors should consider the real opportunities a multibillion-dollar business like RIO has while it trades at this cheap multiple.



<h2>Lithium Americas (LAC)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/lithium1600c-300x169.jpg" alt="numerous blue-colored batteries lithium stocks"><div>Source: Shutterstock</div></div>Lithium Americas&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/lac-stock-quote/">LAC</a>) is a lithium extraction company focused on the Thacker Pass in Nevada, the largest lithium deposit in the U.S. The&nbsp;<a href="https://www.lithiumamericas.com/usa/thacker-pass/" target="_blank">Thacker project</a>&nbsp;already has tremendous potential, with 16.1 million tons of battery-grade lithium carbonate equivalent (LCE) available for extraction.



With the Thacker Pass project receiving a&nbsp;<a href="https://www.reuters.com/markets/commodities/gm-lithium-americas-develop-thacker-pass-mine-nevada-2023-01-31/" target="_blank">$650 million investment</a>&nbsp;from&nbsp;General Motors&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/gm-stock-quote/" target="_blank">GM</a>), the project&rsquo;s role in supplying battery materials for electric vehicles is undeniable. Moreover, the project will likely generate $1.2 billion in annual EBITDA, justifying LAC&rsquo;s current enterprise value of $900 million.



A couple weeks ago, to add to Lithium Americas&rsquo; nearly $200 million of liquidity, the U.S. Department of Energy&nbsp;<a href="https://www.reuters.com/markets/commodities/lithium-americas-get-226-bln-us-doe-loan-nevada-mine-2024-03-14/">approved</a>&nbsp;a $2.26 billion loan, one of its largest investments in the mining industry to date.



LAC shares have risen more than 6% on a year-to-date basis. Pair this with the potential of the Thacker project, and buying shares for a long-term hold could be lucrative. Lithium and electric vehicles could be central to the future of transportation, and holding lucrative mining stocks like LAC could provide long-term benefits.



<h2>Harmony Gold Mining Company (HMY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/10/gold_g_1600-300x169.jpg" alt="A photo of a gold nugget on a table, being picked up by tweezers, with more gold behind it. Stocks to Buy in March"><div>Source: aerogondo2 / Shutterstock.com</div></div>If there was a time to buy gold or gold stocks, it may have been since the beginning of March. Gold prices have soared since then. Nowadays, gold has appreciated nearly 13%, outpacing both the&nbsp;S&amp;P 500&nbsp;and the&nbsp;Nasdaq Composite.



Harmony Gold Mining&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/hmy-stock-quote/">HMY</a>) is one such gold miner that appears to be trading below where it should. This company engages in the exploration, extraction, and processing of gold with&nbsp;additional <a href="https://www.harmony.co.za/operations/">copper exploration</a>&nbsp;through its Queensland, Australia-based mine. Last year, gold price growth was relatively slower when compared to the asset growth we witnessed in equities. 



As a result, Harmony grew revenues by a little over 15% on a year-over-year basis. 2024 could see revenue figures jump even more, especially if gold prices sustain this rally they&rsquo;re in now. Trading at 9.5x forward earnings, HMY could be a good bet to make right now.



On the date of publication, Tyrik Torres did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>Tyrik Torres has been studying and participating in financial markets since he was in college, and he has particular passion for helping people understand complex systems. His areas of expertise are semiconductor and enterprise software equities. He has work experience in both investing (public and private markets) and investment banking.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/digging-for-dollars-3-mining-stocks-with-untapped-potential/">Digging for Dollars: 3 Mining Stocks with Untapped Potential</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Digging for Dollars: 3 Mining Stocks with Untapped Potential

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
As simplistic as the methodology is, momentum investing can generate market-beating returns. However, momentum anomalies tend to collapse when structural breaks occur in the economy. As such, frequent revision of your momentum positions is required.



I have reason to believe that the stock market has reached a pivotal point. Although the U.S. Consumer Price Index settled above <a href="https://edition.cnn.com/2024/04/10/economy/cpi-consumer-price-index-inflation-march/index.html#:~:text=US%20consumer%20prices%20picked%20up,in%20the%20past%20six%20months.">estimates at 3.5%</a> for March, the year-over-year trend in inflation is down. Moreover, high-yield corporate bonds in the U.S. have slid by about&nbsp;<a href="https://www.spglobal.com/spdji/en/indices/fixed-income/sp-us-high-yield-corporate-bond-index/#overview">1%&nbsp;in the past quarter</a>, suggesting that credit risk is rising. In essence, the economic cycle has entered a new stage, meaning momentum stocks face structural change.



Structural changes in the economy will likely lead to adjustments in the stock market. For that reason, I&rsquo;ve turned bearish on numerous momentum stocks.



With the aforementioned considered, I would sell three momentum stocks ASAP.



<h2>Federal Loan Mortgage Corporation (FMCC)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/03/stocks-red-down-bearish-hands-1600-300x169.jpg" alt="Grayish photo of investor's hands hovering over laptop with red stock graph showing downward arrow overlayed on top of the image. falling stocks"><div>Source: shutterstock.com/Leonid Sorokin</div></div>The&nbsp;Federal Loan Mortgage Corporation&nbsp;(OTCMKTS:<a href="https://investorplace.com/stock-quotes/fmcc-stock-quote/" target="_blank">FMCC</a>), aka Freddie Mac, is a state-sponsored enterprise that operates in the secondary mortgage market. The organization buys, secures, and sells residential mortgages. Although a state-owned enterprise may seem bulletproof, FMCC stock&rsquo;s near 2.5x year-over-year surge proves that FMCC stock is highly volatile.



Mortgage rates are still high. For instance, the <a href="https://www.bankrate.com/mortgages/todays-rates/mortgage-rates-for-wednesday-april-10-2024/">30-year national average is at&nbsp;7.03%</a>. However, a U.S. interest rate pivot is looming, which could lead to lower mortgage valuations due to prepayment risk. Furthermore, potential economic softening means delinquency risk might kick in soon, adding additional pressure to Freddie Mac from an insurance vantage point.



Freddie Mac&rsquo;s fourth-quarter earnings results were publically disseminated in February. The <a href="https://seekingalpha.com/news/4066682-freddie-mac-gaap-eps-of-0_05-revenue-of-5_37b">entity achieved&nbsp;$2.69&nbsp;billion in net income</a>, a 65% year-over-year increase. Even though organic variables such as higher mortgage rates played a role, much of Freddie Mac&rsquo;s success stemmed from a credit reserve release. I think credit risk will spike in late 2024, reversing Freddie Mac&rsquo;s credit reserve benefits and contemporaneously adding secondary headwinds to its mortgage portfolio.



FMCC stock trades above its 10-, 50-, 100-, and 200-day&nbsp;<a target="_blank" href="https://seekingalpha.com/symbol/FMCC/momentum/performance">moving averages</a>. Thus, the question becomes: Is FMCC stock overpriced? I, for one, think so!



<h2>Harmony Gold Mining Company Limited (HMY)</h2>



<div><img width="300" height="199" src="https://investorplace.com/wp-content/uploads/2014/07/4-300x199.jpg" alt="gold mining stocks gold stocks gold prices"><div>Source: &copy;iStock.com/belchonock</div></div>Harmony Gold&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/hmy-stock-quote/" target="_blank">HMY</a>) is a South African gold mining company whose stock has doubled in the past year. The firm mines the Mponeng mine, the world&rsquo;s deepest gold mine, and operates adjacent assets.



Although Harmony Gold possesses a substantial operational infrastructure, rising gold prices have contributed to much of HMY stock&rsquo;s recent outperformance. I believe technical asset pricing will lead to gold prices flatlining in the coming months, concurrently denting Harmony Gold&rsquo;s systematic tailwinds.



Sure, Harmony Gold released a robust first-half earnings report in February, <a href="https://seekingalpha.com/news/4073031-harmony-gold-mining-gaap-eps-of-0_51-revenue-of-1_68b">delivering&nbsp;$1.68 billion&nbsp;in revenue</a>, a 25.4% year-over-year increase. However, apart from uncertain gold prices, headwinds are en route. For example, Harmony Gold faces a highly uncertain South African national election in May, adding to HMY stock&rsquo;s country risk premium. Additionally, Harmony Gold&rsquo;s Australian operations are challenged by an <a href="https://www.mpirecruitment.au/news/whats-causing-minings-skills-shortage-and-why-itll-get-worse">ongoing labor shortage</a>, meaning the firm&rsquo;s cost base will likely remain elevated.



I&rsquo;m going to be honest: Harmony Gold&rsquo;s <a href="https://seekingalpha.com/symbol/HMY/profitability">net income margin of&nbsp;15.5%</a>&nbsp;is impressive. Nevertheless, inventory pricing headwinds paired with fundamental cost challenges may lead to investors cashing out on their gains, especially as HMY stock&rsquo;s <a href="https://seekingalpha.com/symbol/HMY/momentum/performance">relative strength index (RSI) is above&nbsp;70</a>.



<h2>Devon Energy (DVN)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/dvn_devon_1600-300x169.png" alt="An image of a hand holding a smartphone displaying the Devon Energy Corporation logo in front of a computer screen"><div>Source: T. Schneider / Shutterstock.com</div></div>Despite the rise in renewable energy uptake, fossil fuels remain an essential part of our global energy mix. However, that does not diminish the fact that non-renewable <a href="https://investorplace.com/industries/energy/">energy stocks</a> such as&nbsp;Devon Energy&nbsp;(NYSE:<a target="_blank" href="https://investorplace.com/stock-quotes/dvn-stock-quote/">DVN</a>) are highly cyclical.



DVN stock&rsquo;s RSI is placed at about 75. Moreover, DVN stock trades above its 10-, 50-, 100-, and 200-day <a href="https://seekingalpha.com/symbol/DVN/momentum/performance">moving averages</a>. As such, technical pricing points suggest DVN stock is overpriced.



Devon Energy is grappling with significant fundamental issues. For instance, the company&rsquo;s upstream sales in the fourth quarter of last year dropped by&nbsp;<a target="_blank" href="https://seekingalpha.com/symbol/DVN/news?filter=earnings_news">12.8% year-over-year</a>&nbsp;to approximately $2.74 billion. Similarly, Devon Energy&rsquo;s midstream sales also declined by 10.6% year-over-year to about $1.08 billion. These figures highlight the underlying challenges the company is currently facing.



Some might say the figures above will soon reverse. However, the uncertain economic and pricing environment makes production ramp-ups unlikely, placing Devon Energy in a tight spot. Therefore, DVN stock&rsquo;s aforementioned technical pricing points could be problematic as they contradict Devon Energy&rsquo;s fundamentals. Besides, let&rsquo;s not overlook the fact that DVN stock&rsquo;s <a href="https://seekingalpha.com/symbol/DVN/valuation/metrics">price-to-book ratio of&nbsp;2.82x</a>&nbsp;is way out of line!



On the date of publication, Steve Booyens did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Steve Booyens co-founded Pearl Gray Equity and Research in 2020 and has been responsible for institutional equity research and PR ever since. Before founding the firm, Steve spent time working in various finance roles in London and South Africa. He holds an MSc in Investment Banking from Queen Mary &ndash; University of London. Furthermore, Steve has passed all CFA Levels and is working toward his Ph.D. in Finance. His articles are published on various reputable web pages such as Seeking Alpha, TipRanks, Yahoo Finance, and Benzinga. Steve&rsquo;s articles on InvestorPlace form an interesting juxtaposition between mainstream opinion and objective theory. Readers can expect coverage on frequently traded stocks, REITs, fixed-income funds, CEFs, and ETFs.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/3-momentum-stocks-that-are-seriously-losing-their-mojo-sell-now/">3 Momentum Stocks That Are Seriously Losing Their Mojo. Sell Now?</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

3 Momentum Stocks That Are Seriously Losing Their Mojo. Sell Now?

Harmony Gold Mining Co. Ltd (HMY) has released an update. Harmony Gold Mining Co. Ltd has announced that the Public Investment Corporation has incr...

Harmony Gold Stake Surpasses 15% by PIC

SBFM, BPTH and INDO among pre-market losers

Gold whacked in biggest one-day drop in over a year as Middle East fears ease

AAAU

ACMR

CELTF

CHRO

EDBL

FMCC

GLDM

HEPA

HUBC

INVO

MDIA

NUGT

NVFY

OUNZ

PHYS

RWOD

SGOL

VZLA

ZCMD

Press Releases

Harmony Gold Mining Company Limited to present at the dbVIC - Deutsche Bank ADR Virtual Investor Conference on 17 May 2023

Opinion

Gold Ore Market Expected To Reach $26.96 Billion In 2027 as Significant Growth is Forecasted