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Investing.com - BMO Capital has raised its price target on Hecla Mining (NYSE:HL) to $6.50 from $6.00 while maintaining a Market Perform rating on the stock. The $3.81 billion precious metals producer has shown strong momentum, with shares up over 24% year-to-date according to InvestingPro data.
The price target increase follows Hecla’s production results that significantly exceeded BMO’s forecasts, particularly in gold output. The company reported consolidated production of 4.5 million ounces of silver and 45,900 ounces of gold, compared to BMO’s estimates of 4.0 million ounces of silver and 32,100 ounces of gold.
Strong grades at Greens Creek and Casa Berardi mines drove the production outperformance, which translated to record free cash flow of $103.8 million. This figure substantially surpassed BMO’s forecast of $32.8 million and was aided by a $42.3 million favorable working capital change.
Hecla reported earnings per share of $0.09, exceeding both BMO’s estimate and consensus expectations of $0.06. The company’s leverage declined to 0.7x as free cash flow and at-the-market equity issuance reduced net debt.
BMO noted that Hecla’s conference call is scheduled for 10:00 a.m. ET on August 7.
In other recent news, Hecla Mining Company has announced the appointment of Dean Gehring to its Board of Directors, effective immediately. Gehring brings over three decades of experience in the mining sector, having held significant roles such as Chief Technology Officer at Newmont and President and CEO of Rio Tinto (NYSE:RIO) Minerals. This strategic move aims to enhance Hecla Mining’s technological and leadership capabilities. Gehring also serves as a board advisor at Allonnia, a company focused on environmental solutions for the mining industry. According to Hecla’s President and CEO, Rob Krcmarov, Gehring’s technological expertise and industry knowledge make him an exceptional addition to the company. These developments are part of Hecla Mining’s ongoing efforts to strengthen its board and leadership team.
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