Why Coeur Mining Stock Popped Today
Key Points
Gold and silver prices turned higher again on Friday.
Coeur stock may generate more than $2.3 billion in free cash flow from gold and silver sales this year.
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An investor could get dizzy tracking the meanderings of Coeur Mining (NYSE: CDE) stock.
Up strongly last week and into Monday this week, this gold miner (Coeur also mines silver, zinc, and lead) saw its stock slip on Tuesday, bounce on Wednesday, stumble into Thursday -- and today, it's up 7.1% through 11:45 a.m. ET.
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Gold and silver prices rise
At least we know why it's up today: because the price of gold is up! After hitting an all-time high of $5,419.80 per ounce on Jan. 28, gold prices tumbled to almost $4,500 in early February, according to data from TradingEconomics.com. Gold moved back above the $5,000 threshold last week, slipped below it yesterday, and is back above $5,000 today -- $5,015 per ounce, to be precise.
The story on silver is similar. Silver prices peaked Jan. 28 at $116.58 per ounce. Silver prices fell to $66, then bounced back above $80, only to fall nearly 10% yesterday. At last report, silver is up a modest 0.7% today, and approaching $78.
It makes sense that with gold and silver up today, Coeur Mining stock is up, too.
Is Coeur Mining stock a buy?
What's next for Coeur stock? Potentially, another leg higher. Yesterday, analysts at RBC Capital raised Coeur's price target to $26, citing the company's acquisition of New Gold and "high near-term free cash flow."
Coeur's already generating strong FCF by the way -- nearly $370 million over the last 12 months, backing up 90% of Coeur's reported $409 million in net earnings. And analysts polled by S&P Global Market Intelligence think Coeur could do more than $2.3 billion in FCF this year, pushing its price-to-free cash flow ratio below 6.0.
Sounds pretty cheap to me.
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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