B2Gold Reports Record Annual Gold Production; Street Sees 73% Upside

B2Gold Corp reported record annual gold production for the twelfth consecutive year. The company produced 1.04 million ounces in 2020, at the higher end of guidance of between 1 million-1.055 million ounces, with 270,469 ounces being produced in the fourth quarter.

As a result, B2Gold (BTG) saw a year-on-year increase in annual revenues of 54% to $1.79 billion, while earnings per share (EPS) came in at $0.59, versus $0.29 in the comparable year-ago period.

Revenues of $479,525 million for the fourth quarter were in line with analysts’ estimates and represented a 53% increase year-over-year. Meanwhile, EPS of $0.16 beat analysts’ fourth quarter estimates of $0.13 but came in 1 penny lower than the equivalent period last year.

The company noted, “Despite the challenges of the COVID-19 pandemic, B2Gold had another remarkable year of strong growth in 2020, with the achievement of B2Gold’s twelfth consecutive year of record annual gold production.”

B2Gold expects total gold production for fiscal 2021 to be in the range of 0.97 million-1.03 million ounces and has budgeted $66 million towards an aggressive exploration plan for the year. (See B2Gold stock analysis on TipRanks)

On Feb. 21, RBC Capital analyst Josh Wolfson reiterated a Hold rating on BTG stock and set a price target of $6.50. This implies upside potential of around 35% from current levels.

Meanwhile, the consensus rating is a Strong Buy based on 7 Buys and 2 Holds. The average analyst price target of $8.35 implies upside potential of around 73% over the next 12 months.

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