Two silver stocks to observe as the metal sector shines bright - Kalkine Media

September 29, 2023 12:57 AM PDT | By Akanksha Vashisht
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Summary

  • The Philadelphia Gold and Silver Index rose 0.62% intraday on September 28, 2023, beating S&P 500’s gains of 0.59% for the day.
  • Pan American Silver, a British Columbia based silver mining company, reported a revenue of US$639.9 million in Q2 2023.
  • Newmont Corporation, a gold and silver exploration firm, reported a net income of US$155 million in Q2 2023.

The gold and silver sector moved in the green as at the close of trade on September 28, 2023. The Philadelphia (PHLX) Gold and Silver Index rose 0.62% intraday on September 28, 2023. Over a 1-year period, the index was higher by around 15% at Thursday’s market close.

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Meanwhile, the broader S&P 500 was up by 0.59% intraday at Thursday’s market close. The other benchmark market index, NASDAQ Composite, closed 0.83% higher on Thursday.

PHLX Gold and Silver Index Chart; Powered By: TradingView

With that, let us look at two silver stocks that investors can examine:

Pan American Silver Corp. (NYSE: PAAS)

Pan American Silver focuses on mining and development of silver with primary operations in Central and South America. The company is centered in British Columbia and holds a market cap of over US$5.2 billion.

The company reported silver production of 6.02 million ounces in Q2 2023, while its gold production coincided with the higher quarterly outlook. Pan American’s revenue was US$639.9 million in Q2 2023, an increment of 64% over Q1 2023.

Meanwhile, its net loss came in at US$47.4 million, or US$0.13 basic loss per share. The cash flow from operations stood at US$117 million for the quarter. By June 30, 2023, PAAS had a working capital of US$743.8 million.

Image Source: ©2023 Kalkine®; Data Source: Company Reports

PAAS also paid a cash dividend of US$0.10 per common share on September 1, 2023.

Based on Thursday’s closing price of US$14.38, PAAS has a dividend yield of 2.77%. The stock closed 1.63% higher on Thursday.

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Newmont Corporation (NYSE: NEM)

Newmont primarily produces gold but also has production channels for copper, silver, lead, and zinc. The mining firm has a market cap of over US$29 billion.

The company’s gold production stood at 1.24 million ounces and its production of copper, silver, lead and zinc stood at 256,000 co-product gold equivalent ounces in Q2 2023. The quarter’s net income was US$155 million, with net income (adjusted) of US$0.33 per diluted share.

Image Source: ©2023 Kalkine®; Data Source: Company Reports

The adjusted EBITDA stood at US$910 million, with the company reporting US$2.8 billion of consolidated cash by the quarter’s end.

Additionally, NEM entered into an acquisition agreement with Newcrest Mining Ltd. The company also paid a dividend of US$0.40 per common share on September 21, 2023.

NEM closed 0.67% lower on September 28, 2023. Based on Thursday’s closing price of US$37.03, NEM has a dividend yield of 4.32%.


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