B.Riley FBR analyst Lucas Pipes maintained a Buy rating on Hecla Mining Company (NYSE: HL) today and set a price target of $5. The company’s shares opened today at $3.44, close to its 52-week low of $3.25.
Pipes observed:
“Company (HL) provided a 2Q update on mine production. The results presented came in slightly worse than we expected, which led us to adjust our 2Q18 EBITDA estimate from $34.5M to $31.4M. HL reported production of approximately 60,313 ounces of gold and 2.6M ounces of silver, both up from 1Q. This missed our gold expectations of 63,013 ounces and slightly beat our silver estimate of 2.5M ounces of silver. Casa Berardi produced 42,721 ounces of gold, which missed our aggressive estimate but was almost 3,000 ounces higher than 1Q. The company also produced 5,522 lbs of lead and 14,299 lbs of zinc, both of which beat our expectations. We also update our 2Q pricing based on spot prices (Hecla did not offer realizations with the update).”
According to TipRanks.com, Pipes is a 4-star analyst with an average return of 6.8% and a 60.4% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Peabody Energy Corporation Comm, Newmont Mining Corporation, and Novagold Resources Inc New.
Currently, the analyst consensus on Hecla Mining Company is a Moderate Buy with an average price target of $5.50, representing a 59.9% upside. In a report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $7.50 price target.
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The company has a one-year high of $5.58 and a one-year low of $3.25. Currently, Hecla Mining Company has an average volume of 3.45M.
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Hecla Mining Co. operates as a silver and gold producer. It produces lead, zinc and bulk concentrates for custom smelters and brokers; and develops unrefined precipitate and bullion bars for precious metals traders. It operates through the following business segments: Greens Creek, Lucky Friday, Casa Berardi, and San Sebastian.
