Wheaton Precious Metals v 1. čtvrtletí zvýšila tržby o 91,6 % na 901,5 milionu USD a v dubnu uzavřela největší transakci v historii streamingu drahých kovů.
Gold near record highs rewards mine operators handsomely, but a quieter group of companies collects checks without touching a shovel, and their cash margins make conventional producers look inefficient by comparison. Five royalty and streaming names dominate the sector, and…
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Gold has ripped to fresh records, with spot bullion trading around $4,439 per ounce on last look. Yet the purest way to play the move is owning a slice of a mine rather than operating one. Royalty and streaming companies pay cash upfront to fund a project. In return, they collect either a percentage of the mine’s revenue (a royalty) or the right to buy a fixed share of production at a deeply discounted per-ounce price (a stream). The mine operator absorbs the diesel bills, labor strikes, and capex overruns. The royalty holder just cashes checks that get fatter as gold rises.
That structural leverage is why the average cash margin at these businesses runs above 80%, versus roughly 30% to 40% at conventional producers. With gold averaging $4,873 per ounce in Q1 2026 (+70% year over year), the model is compounding at a pace operators cannot match. Here are the five U.S.-listed pure-plays, ranked worst to first.
5. OR Royalties OR Royalties (NYSE:OR) is the smallest of the group at a $6.9 billion market cap. Q2 2026 revenue rose 62.0% year over year to $97.8 million, beating the $96.85 million consensus, and cash margin hit a sector-leading 96.8%. Management called Canadian Malartic “the crown jewel in our portfolio.” That is also the risk: two interests generate 54% to 58% of revenues, and a July 1 rock mass movement at the Barnat Open Pit will trim GEOs through 2028. Shares are up 5.4% over one year.
4. Triple Flag Precious Metals Triple Flag Precious Metals (NYSE:TFPM) posted Q2 revenue of $129.2 million (+37.3% year over year) and beat adjusted EPS by 19.71%, its 4th consecutive quarterly beat. Asset margin expanded to 94%. The $440 million Ravenswood gold stream in Queensland is the cornerstone addition, though production is not expected to scale toward 200,000 ounces annually until after 2028. The bull case is 242 streams and royalties and a raised 2030 outlook of 150,000 to 160,000 GEOs. The key risk is Ravenswood ramp execution and a step-down at Cerro Lindo from 65% to 25%.
3. Royal Gold Royal Gold (NASDAQ:RGLD | RGLD Price Prediction) is being reshaped by the October 2025 acquisition of Sandstorm and Horizon Copper. Q2 revenue reached $451 million with operating cash flow of $335 million. Gold contributed 76% of revenue, and adjusted EBITDA margin hit 83%. Royal Gold reduced its Hod Maden equity from 30% to 15% in exchange for additional royalty interest. The 2026 dividend of $1.90 marks the 25th consecutive annual increase. However, Q1 revenue and EPS narrowly missed consensus, and integration risk from Sandstorm remains.
2. Franco-Nevada Franco-Nevada (NYSE:FNV) invented the model. Q1 2026 revenue climbed 76.6% year over year to $650.7 million, beating consensus by 2.43%, while adjusted EPS of $2.38 topped estimates by 14.20%. The company remains debt-free with $4.3 billion of available capital as of June 30. CFO Sandip Rana noted, “no one asset generated more than 10% of revenue as we have one of the most diverse portfolios in the industry.” The dividend was raised 16% to $0.44 per quarter, the 19th straight annual bump. Shares are up 33.9% over one year. The risk here is that the Cobre Panamá restart still depends on Panamanian government approval.
1. Wheaton Precious Metals Wheaton Precious Metals (NYSE:WPM) sits atop the sector at a $70.4 billion market cap. Q1 revenue surged 91.6% year on year to $901.5 million, beating consensus by 4.25%. Gross margin expanded to 78% from 68%, and cash operating margin per GEO reached $4,279, up 103% year over year. In April, Wheaton closed what management called “the largest precious metals streaming transaction ever completed.” A $4.3 billion upfront payment to BHP for an incremental 33.75% of Antamina silver doubled its entitlement to 67.5%. Q2 revenue then hit $929 million (+85% year on year) with operating cash flow of $650 million. The dividend was hiked 18% to $0.195 per quarter. Shares have advanced 42.3% over one year and 467.9% over the past decade. The 2030 target of roughly 1.2 million GEOs anchors an organic 50% growth profile. However, the Antamina economics were struck at higher silver prices, and mine sequencing dictates near-term deliveries.
Why the Model Wins This Cycle The premise held. Skipping the mine means skipping the cost inflation, and every one of these five converted rising bullion into outsized margin expansion this year. Wheaton takes the crown on scale, deal size, and cash generation, but the sector-wide takeaway is simpler: at above-80% cash margins with dividend streaks stretching back decades, royalty and streaming names are structurally built to translate $4,439 gold into shareholder cash. Investors should still respect the trade-off. These businesses depend entirely on operators actually digging; they carry premium multiples, and a sharp reversal in gold would flow through just as quickly on the way down.
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Antamina ve 2. čtvrtletí 2026 vyprodukovala 2,3 milionu uncí stříbra, meziročně o 56 % více. Díky dohodě PMPA má Wheaton Precious Metals od 1. dubna 2026 nárok na 67,5 % připadajícího stříbra.
Key Takeaways WPM's Antamina mine produced 2.3 million ounces of silver in Q2'26, up 56% y/y.The Antamina PMPA lifted Wheaton Precious Metals' attributable silver to 67.5% from April 1, 2026.WPM expects output weighted to H2 and targets 1.2 million GEOs annually by 2030. Wheaton Precious Metals Corp. (WPM - Free Report) has delivered solid performance so far this year. The upside was driven by the addition of the precious metals purchase agreement (“PMPA”) with BHP Group Limited (BHP - Free Report) .
The BHP Antamina precious metals purchase agreement (“PMPA”) became effective as of April 1, 2026, lifting Wheaton Precious Metals’ attributable silver to 67.5% and adding another 33.75% of payable silver until delivery thresholds step down. The $4.3-billion Antamina stream deal with BHP Group marks Wheaton Precious Metals’ largest transaction, adding long-life silver exposure and requiring ongoing payments equal to 20% of the spot silver price.
Antamina’s production fell short of WPM’s expectations in the second quarter of 2026 due to lower silver grades and the decision to pull a planned July maintenance shutdown forward into June. Despite the headwinds, the mine’s production increased 56% year over year to 2.3 million ounces of silver.
WPM’s attributable gold-equivalent production increased 13.8% year over year to 414,755 ounces in the first six months of 2026. The company reaffirmed the 2026 attributable production guidance of 860,000-940,000 GEOs, with output expected to be weighted to the second half of 2026. This indicates a rise of 30% at the mid-point from the 2025 production of 692,000 ounces. Wheaton Precious Metals expects production of 1.2 million GEOs by 2030 and averaging around that level through 2035. The BHP Group Antamina PMPA, alongside the ramp-up of newer mines and contributions from assets, will likely drive the upside.
Performance of Wheaton Precious Metals’ PeersSSR Mining Inc. (SSRM - Free Report) remains the third-largest U.S. gold producer, anchored by the two high-quality, long-lived assets, Marigold in Nevada and CC&V in Colorado. In 2026, Marigold’s production is expected to be 55-60% weighted to the second half, as higher grades stacked midyear are expected to lift production later in the year.
SSR Mining produced 101,959 gold-equivalent ounces in the second quarter of 2026. SSR Mining expects 2026 production to be 450,000-535,00 ounces, with production weighted to the second half of 2026.
AngloGold Ashanti PLC (AU - Free Report) gold production dipped 4% year over year in the first half of 2026, reflecting the sale of Serra Grande mine in December 2025. Lower second-quarter production at Obuasi due to a contractor fatality in April 2026 and planned mine sequencing and maintenance across certain operations also led to the decline. However, AngloGold Ashanti expects second-half 2026 production to be higher than that reported in the first half. AngloGold Ashanti maintains gold production expectations between 2.80 million and 3.17 million ounces for 2026.
WPM’s Price Performance, Valuation & EstimatesWheaton Precious Metals shares have jumped 43.5% in a year compared with the industry's 50.6% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 33.6% and 23.2%, respectively.
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WPM is currently trading at a forward 12-month price-to-earnings multiple of 31.24X, a premium to the industry average of 17.16X.
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The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 sales is $3.66 billion, indicating a 58.1% year-over-year jump. The consensus mark for the year’s earnings is pegged at $4.79 per share, suggesting a year-over-year rally of 58.1%.
The Zacks Consensus Estimate for 2027 sales implies a 0.3% year-over-year rise. The same for earnings suggests a dip of 4.8%.
EPS estimates for 2026 and 2027 have moved south over the past 60 days.
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The WPM stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Wheaton Precious Metals v srpnu vzrostla o 37 %, protože zlato a stříbro zdražily a firma ve 2. čtvrtletí překonala odhady. Tržby vyskočily o 84,7 % na 929,2 mil. USD a EPS stoupl o 89,7 % na 1,195 USD.
Shares in gold and silver mining "streamer" Wheaton Precious Metals (WPM -3.91%) rallied 37% in August, according to data from S&P Global Market Intelligence.
Not only did the price of both gold and silver rebound during August, but Wheaton Precious Metals also delivered a strong second-quarter earnings report. The impressive results showed that Wheaton continues to be an asset-light way to play the gold and silver mining industry.
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Wheaton shines in August Wheaton is a "streamer," which means it finances parts of mining projects worldwide in exchange for an equivalent portion of the mine's output. Streamers offer a win-win scenario for miners, as miners don't have to raise as much capital or take on as much debt to fund their capital-intensive mining projects. Meanwhile, streamers can develop a diversified portfolio of projects, limiting their own risk. However, if the price of the underlying mined commodity spikes over time, streamers can earn exceptional returns.
During August, the prices of gold and silver surged roughly 10% and 17%, respectively. Wheaton Precious Metals' portfolio consists basically one-half gold and one-half silver, with the second quarter's revenue at 46% from gold, 52% from silver, 0.3% from palladium, and 2% from cobalt, so it's no surprise that the stock did well last month.
There weren't any large, obvious catalysts for the moves higher in both commodities. Each commodity's price had sold off in the preceding months after going on strong multi-year runs. Gold is generally seen as a "haven" amid geopolitical tensions and inflation, while silver also has applications in solar panels and electronics.
But it also appears Wheaton is executing exceptionally well, as its reported second-quarter numbers came in ahead of expectations, even though investors already knew what silver and gold prices did in Q2. Wheaton reported earnings on Aug. 6, just shortly after the start of the month. Q2 revenue surged 84.7% relative to the year-ago quarter to $929.2 million, while net earnings per share rallied an even higher 89.7% to $1.195 per share. Both figures exceeded analysts' expectations.
Management also forecast an increase in production in the back half of the year to about 900,000 gold-equivalent ounces (GEOs) at the midpoint, which would mark an acceleration from the 414,000 GEOs produced across Wheaton's portfolio during the first half of the year. Rising production against rising prices is a good backdrop.
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The longer-term plan could be a gusher Furthermore, Wheaton reiterated its longer-term guidance of 50% GEO growth by 2031 to 1.2 million annual GEOs, with a plan to keep produced ounces flat between 2031 and 2035. Wheaton currently has streaming agreements for 22 operating mines, 20 development projects, and 15 exploration-stage projects. So, Wheaton expects its investment cycle in the non-operating projects to peak in 2030, which is why it projects a flattening out thereafter.
Around 2031, investors should probably expect the company to harvest much more of its operating cash flow rather than reinvest it for growth. At that point, Wheaton's cash returns via share repurchases and dividend payments should increase. Today, its dividend yield is roughly 0.5%, and the stock trades at about 30 times this year's earnings estimates.
While that doesn't seem particularly cheap, production is expected to grow by 50% between now and 2030. If underlying commodity prices also increase between now and then, the stock will likely look much cheaper in a few years, with a much higher cash payout.
Bank of New York Mellon Corp ve 2. čtvrtletí koupila novou pozici ve Wheaton Precious Metals: 475 727 akcií za zhruba 53,4 milionu USD. Wheaton zároveň oznámila EPS ve výši 1,19 USD a tržby 878 milionů USD za čtvrtletí.
Bank of New York Mellon Corp purchased a new position in Wheaton Precious Metals Corp. (NYSE:WPM – Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 475,727 shares of the company’s stock, valued at approximately $53,434,000. Bank of New York Mellon Corp owned 0.10% of Wheaton Precious Metals at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of WPM. Cornerstone Planning Group LLC increased its stake in shares of Wheaton Precious Metals by 245.5% in the first quarter. Cornerstone Planning Group LLC now owns 228 shares of the company’s stock worth $29,000 after acquiring an additional 162 shares during the period. Harvest Fund Management Co. Ltd lifted its position in Wheaton Precious Metals by 100.0% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 234 shares of the company’s stock valued at $27,000 after purchasing an additional 117 shares during the period. Hollencrest Capital Management lifted its position in Wheaton Precious Metals by 73.5% during the first quarter. Hollencrest Capital Management now owns 236 shares of the company’s stock valued at $31,000 after purchasing an additional 100 shares during the period. Cary Street Partners Investment Advisory LLC purchased a new stake in Wheaton Precious Metals in the fourth quarter valued at $28,000. Finally, Navalign LLC purchased a new stake in Wheaton Precious Metals in the fourth quarter valued at $30,000. 70.34% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets A number of equities analysts have weighed in on WPM shares. Bank of America reduced their price objective on Wheaton Precious Metals from $163.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Weiss Ratings downgraded Wheaton Precious Metals from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Berenberg Bank set a $157.00 target price on Wheaton Precious Metals in a report on Tuesday, July 28th. Wall Street Zen cut Wheaton Precious Metals from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Jefferies Financial Group decreased their price target on Wheaton Precious Metals from $182.00 to $177.00 and set a “buy” rating for the company in a report on Monday, July 6th. Twelve research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Wheaton Precious Metals has a consensus rating of “Moderate Buy” and an average target price of $165.55.
Check Out Our Latest Report on WPM Wheaton Precious Metals Price Performance Shares of Wheaton Precious Metals stock opened at $158.26 on Friday. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.20. Wheaton Precious Metals Corp. has a twelve month low of $92.57 and a twelve month high of $165.76. The business has a 50-day moving average price of $121.93 and a 200 day moving average price of $131.13. The firm has a market cap of $71.88 billion, a PE ratio of 35.09, a P/E/G ratio of 2.76 and a beta of 0.55.
Wheaton Precious Metals (NYSE:WPM – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.04. The company had revenue of $878.00 million for the quarter, compared to the consensus estimate of $879.29 million. Wheaton Precious Metals had a return on equity of 21.97% and a net margin of 64.66%.Wheaton Precious Metals’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.63 earnings per share. Sell-side analysts predict that Wheaton Precious Metals Corp. will post 4.79 earnings per share for the current fiscal year.
Wheaton Precious Metals Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be given a dividend of $0.195 per share. The ex-dividend date is Thursday, August 20th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 0.5%. Wheaton Precious Metals’s dividend payout ratio (DPR) is 17.29%.
(Free Report)
Wheaton Precious Metals Corp. is a Canada-based precious metals streaming company that acquires and manages long-term purchase agreements for metals produced by mining companies. Rather than operating mines, Wheaton provides upfront and ongoing financing to miners in exchange for the right to purchase a portion of the metals produced — typically silver and gold, and occasionally other precious metals — at predetermined prices. This streaming business model offers investors exposure to metal production with reduced operating and capital-cost risk compared with traditional mining companies.
The company’s activities center on structuring and maintaining a diversified portfolio of streaming agreements across multiple jurisdictions.
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Wheaton Precious Metals potvrdila výhled produkce na rok 2026 na 860 000 až 940 000 GEOs, což znamená zhruba 30% růst oproti roku 2025. Tahounem má být Salobo, Peñasquito a plný příspěvek Antaminy.
Key Takeaways WPM reaffirmed its 2026 production guidance of 860,000-940,000 GEOs, suggesting 30% y/y growth at midpoint.Antamina added silver exposure, with attributable silver production rising 56% y/y in Q2.WPM expects 1.2 million GEOs by 2030, supported by development assets and strong operating performance. Wheaton Precious Metals Corp. (WPM - Free Report) has delivered solid performance so far this year, backed by strong production growth and supportive metal prices. Driven by the acquisition of the precious metals purchase agreement with BHP Group Limited (BHP), WPM’s attributable gold-equivalent production increased 6.3% year over year to 202,229 ounces.
The company reaffirmed the 2026 attributable production guidance of 860,000-940,000 GEOs, with output expected to be weighted to the second half of 2026. This indicates a rise of 30% at the mid-point from 2025’s production of 692,000 ounces. The upside will be driven by Salobo and Peñasquito sequencing, a full Antamina contribution, and newer-asset ramp-ups.
The BHP Group Antamina precious metals purchase agreement became effective on April 1, 2026, lifting Wheaton Precious Metals’ attributable silver to 67.5% and adding another 33.75% of payable silver until delivery thresholds step down. Antamina produced 2.3 million attributable silver ounces in the second quarter, up 56% year over year despite lower grades and maintenance timing. The deal with BHP Group adds long-life silver exposure and requires ongoing payments equal to 20% of spot silver.
Wheaton Precious Metals expects production of 1.2 million GEOs by 2030 and averaging around that level through 2035. Growth will also be driven by development assets, including Koné, Kurmuk, Goose, El Domo, Spring Valley, Copper World and Santo Domingo projects. Development projects that are in construction and/or permitted will also boost growth. Solid performances at operating assets, including Antamina, Aljustrel, Marmato, Blackwater, Hemlo, Goose, Platreef, Fenix and Mineral Park, will also aid the upside.
Wheaton Precious Metals Peers’ 2026 GuidanceSSR Mining Inc. (SSRM - Free Report) produced 101,959 gold-equivalent ounces in the second quarter of 2026. SSR Mining expects 2026 production to be 450,000-535,00 ounces, with production weighted to the second half of 2026.
AngloGold Ashanti PLC (AU - Free Report) maintains gold production expectations between 2.80 million and 3.17 million ounces for 2026. The production is expected to be heavily weighted toward the second half of 2026. AngloGold Ashanti’s gold production was 744,000 ounces in the second quarter of 2026.
WPM’s Price Performance, Valuation & EstimatesWheaton Precious Metals shares have surged 60.2% in a year, outpacing the industry's 53.5% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 23.8% and 36.4%, respectively.
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WPM is currently trading at a forward 12-month price-to-earnings multiple of 31.10X, a premium to the industry average of 16.69X.
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Meanwhile, SSR Mining and AngloGold Ashanti are trading lower at 9.44X and 14.74X, respectively.
The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 sales is $3.65 billion, indicating a 58% year-over-year jump. The consensus mark for the year’s earnings is pegged at $4.80 per share, suggesting a year-over-year rally of 58.4%.
The Zacks Consensus Estimate for 2027 sales implies a 0.4% year-over-year rise. The same for earnings suggests a rise of 1.3%.
EPS estimates for 2026 and 2027 have moved south over the past 60 days.
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The WPM stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways Wheaton Precious Metals posted Q2 adjusted EPS of $1.19, up 89.7% y/y.Revenues jumped 84.7% as higher realized prices and gold equivalent ounces sold boosted results.Wheaton Precious Metals reaffirmed its 2026 production guidance of 860,000-940,000 GEOs. Wheaton Precious Metals Corp. (WPM - Free Report) reported adjusted earnings of $1.19 per share for second-quarter 2026, beating the Zacks Consensus Estimate of $1.15 by 3.48%. Adjusted earnings per share increased 89.7% year over year.
WPM's Revenue Mix Benefits From Higher PricesRevenues rose 84.7% year over year to $929 million and surpassed the consensus estimate of $877 million by 5.98%. Revenue growth reflected a 61% increase in the average realized gold-equivalent price and a 14% rise in gold-equivalent ounces (GEOs) sold. The company sold 209,115 GEOs in the quarter, up 14.4% from the year-ago period.
Gold contributed 46% to quarterly revenues, while silver accounted for 52%. Palladium represented 0.3% and cobalt contributed 2%.
In second-quarter 2026, the average realized gold price was $4,452 per ounce, up 34.2% from the year-ago quarter. Silver prices were $73.41 per ounce, increasing 115.6% year over year. Palladium prices rose 43.5% from the prior-year quarter to $1,429 per ounce. Cobalt prices increased 50.2% year over year to $27.93 per pound.
Wheaton Precious Metals’ Q2 Gold-Equivalent Production RisesGold production in the second quarter was 90,434 ounces, down 2.6% year over year. The figure missed our gold production projection of 98,995 ounces for the quarter. Silver production rose 14.5% year over year to 6.4 million ounces, which came in higher than our estimate of 5.9 million ounces.
Attributable gold-equivalent production in the quarter was 202,229 ounces, up 6.3% from the prior-year quarter’s output of 190,179 ounces. Our projection was 201,920 ounces.
WPM's Margins Expand Despite Higher Cash CostsThe total cost of sales increased 60.7% year over year to around $241 million in the second quarter. Gross profit rose 94.8% to $688 million. The gross margin was 74% in the reported quarter compared with 70.2% in the prior-year quarter.
General and administrative expenses increased 2.8% year over year to $11 million. Earnings from operations were $667 million, up 102.3% from the $330 million reported in the prior-year quarter.
Average cash costs in the second quarter of 2026 were $568 per GEO, up from $406 in the year-ago quarter. The cash operating margin increased 65% year over year to $3,875 per GEO sold due to a higher realized price per ounce.
Wheaton Precious Metals’ Balance Sheet UpdatesWPM had $0.1 billion in cash in hand at the end of second-quarter 2026 compared with $1.15 billion at the end of 2025. The company reported an operating cash flow of $649.5 million in the second quarter of 2026 compared with $415 million in the year-ago quarter.
WPM Reaffirms 2026 Production OutlookWPM maintained its 2026 production guidance of 860,000-940,000 GEOs. The outlook includes 400,000-430,000 ounces of gold, 27-29 million ounces of silver and 19,000-21,000 GEOs of other metals. The company expects production to be weighted to the second half, helped by mine sequencing at Salobo and Peñasquito, the full Antamina contribution, and continued ramp-up of newer assets.
The development pipeline also continues to advance. Blackwater's Phase 1A expansion was 57% complete at the end of the quarter and remains scheduled for commissioning in the fourth quarter of 2026. Koné targets first gold in late fourth-quarter 2026, while Platreef expects commercial production in the fourth quarter. WPM continues to forecast production of 1.2 million GEOs by 2030.
Wheaton Precious Metals’ Price PerformanceWPM shares have gained 38.5% in the past year compared with the industry’s 48.9% growth.
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WPM’s Zacks RankWheaton Precious currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Mining StocksKinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 71 cents per share for the second quarter of 2026, surging 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.
Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%.
Agnico Eagle Mines Limited (AEM - Free Report) posted second-quarter 2026 earnings of $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89.
Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.
Newmont Corporation (NEM - Free Report) reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.
Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion.
Wheaton Precious Metals ponechává výhled produkce na rok 2026 na 860 000 až 940 000 GEO a čeká, že růst přijde hlavně ve druhé polovině roku. Firma má také asi 2,6 miliardy USD nevyčerpané kapacity pro další obchody.
Key Takeaways WPM keeps 2026 production guidance at 860,000-940,000 GEOs, with output weighted to the second half.Mine sequencing at Salobo and Peasquito plus a fuller Antamina contribution are set to drive the increase.WPM has about $2.6 billion of unused capacity, while its deal pipeline is weighted toward gold opportunities. Wheaton Precious Metals Corp. (WPM - Free Report) used its Q2 2026 earnings call to reinforce that production remains weighted to the second half, with mine sequencing and a fuller Antamina contribution expected to matter more than new ramp-ups.
Management also stressed financial flexibility after funding Antamina, while analyst questions centered on sales timing, silver grades, deal capacity and long-term growth.
WPM Keeps 2026 Production Outlook IntactHaytham Hodaly, president and chief executive officer, said the first half delivered records across production, sales volumes, revenue, earnings and cash flow.
Wesley Carson, vice president of operations, maintained 2026 production guidance of 860,000 to 940,000 gold equivalent ounces, or GEOs. Q2 production was 202,000 GEOs, up 6% year over year.
A UBS analyst asked what would drive the second-half increase. Carson, operations vice president, said ramping assets represent only about 3% of annual production, with mine sequencing at Salobo and Peñasquito and the full Antamina stream contribution doing most of the work.
Wheaton Sees Sales Tracking Production More CloselyVincent Lau, senior vice president and chief financial officer, said Q2 sales reached 209,000 GEOs, above production as Wheaton drew down ounces produced but not yet delivered, or PBND.
A Scotiabank analyst pressed on second-half sales. Lau, CFO, said PBND at roughly 158,000 GEOs, or 2.6 months of payable production, was more likely to stay flat or rise modestly toward year-end.
Reported revenue of $929.2 million exceeded the Zacks Consensus Estimate of $876.78 million, while reported EPS of $1.19 topped the $1.15 consensus.
WPM Expects Better Antamina Silver GradesCarson, operations vice president, said Antamina produced 2.3 million attributable silver ounces in Q2, up 56% year over year, helped by the BHP stream that increased Wheaton's silver share to 67.5%.
A CIBC analyst asked whether lower silver grades reflected commodity-price-driven feed choices. Carson, operations vice president, said pit sequencing, not selective processing, drove the result and pointed to more silver-rich ore ahead.
Carson, operations vice president, expects higher silver grades later in 2026 and over the following 12 to 18 months. Lau, CFO, said there were no impairment indicators for the BHP stream and the asset was performing as expected.
Wheaton Keeps Deal Pipeline ActiveHodaly, CEO, said Wheaton had about $2.6 billion of unused capacity and was generating more than $200 million of free cash flow per month, leaving room for accretive transactions.
Neil Burns, vice president of corporate development, said softer equity markets had increased opportunities among smaller companies. He described the pipeline as weighted toward gold, with many transactions in the $200 million to $500 million range.
A Scotiabank analyst asked about larger opportunities. Hodaly, CEO, said most remain below $500 million, but occasional $1 billion to $2 billion deals could emerge sooner, while large copper financing needs are further out.
WPM Leans on Organic Projects Beyond DealsCarson, operations vice president, highlighted progress at Blackwater, Kurmuk and Koné. Blackwater's Phase 1A expansion remained on schedule for Q4 2026 commissioning, while Kurmuk was expected to start operations in August and Koné targeted first gold in Q4.
Hodaly, CEO, emphasized that Wheaton's growth does not depend on additional transactions. Management continues to project approximately 50% growth to 1.2 million GEOs by 2030.
A Bloomberg Intelligence analyst asked whether the 2030 outlook now carried upside. Hodaly, CEO, kept the forecast unchanged, saying Wheaton would stick with 1.2 million GEOs until additional transactions are completed.
Wheaton Stays Disciplined on GrowthHodaly, CEO, closed with an emphasis on disciplined capital deployment, long-life precious-metal streams and portfolio diversification while balancing debt repayment with existing commitments and new opportunities.
The call framed the second-half production step-up around established mines and Antamina rather than a large contribution from newer projects, keeping execution at core assets central to the 2026 outlook.
WPM's Zacks Signals Favor Growth Over ValueWPM carries a Zacks Rank #3 (Hold), indicating a more neutral earnings estimate-revision outlook. Under the Zacks framework, stocks with a Zacks Rank #3 can still be held, while Style Scores help distinguish their value, growth and momentum characteristics. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock has a Growth Score of A, Value Score of D, Momentum Score of C and VGM Score of C. The mix points to stronger growth characteristics than value or momentum, while the VGM Score remains outside the A-or-B range. The Zacks Rank can change as analysts revise estimates following the latest results.
Wheaton Precious Metals oznámila za 2. čtvrtletí zisk 1,19 USD na akcii a tržby 929,2 milionu USD, obojí nad odhady. Zisk byl také výrazně vyšší než 0,63 USD před rokem.
Wheaton Precious Metals Corp. (WPM - Free Report) came out with quarterly earnings of $1.19 per share, beating the Zacks Consensus Estimate of $1.15 per share. This compares to earnings of $0.63 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.48%. A quarter ago, it was expected that this company would post earnings of $1.15 per share when it actually produced earnings of $1.28, delivering a surprise of +11.3%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Wheaton Precious Metals, which belongs to the Zacks Mining - Miscellaneous industry, posted revenues of $929.2 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.98%. This compares to year-ago revenues of $503.22 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Wheaton Precious Metals shares have added about 4.5% since the beginning of the year versus the S&P 500's gain of 12.8%.
What's Next for Wheaton Precious Metals?While Wheaton Precious Metals has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Wheaton Precious Metals was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.14 on $871.31 million in revenues for the coming quarter and $4.75 on $3.63 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Miscellaneous is currently in the bottom 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Sigma Lithium Corporation (SGML - Free Report) , is yet to report results for the quarter ended June 2026.
This company is expected to post quarterly earnings of $0.15 per share in its upcoming report, which represents a year-over-year change of +188.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Sigma Lithium Corporation's revenues are expected to be $54 million, up 219.7% from the year-ago quarter.
Wheaton Precious Metals má 6. srpna po uzavření trhu oznámit výsledky za 2. čtvrtletí, přičemž tržby mají podle odhadů vzrůst na 877 milionů USD a zisk na akcii na 1,11 USD.
Key Takeaways Wheaton Precious Metals to report Q2'26 results on Aug. 6, with sales and earnings expected to grow y/y.WPM has a positive 3.20% Earnings ESP, while estimates point to higher prices boosting results.Wheaton Precious Metals projects stronger 2026 output, supported by Antamina and new development projects. Wheaton Precious Metals (WPM - Free Report) is scheduled to report second-quarter 2026 results on Aug. 6, after market close.
The Zacks Consensus Estimate for Wheaton Precious Metals’ second-quarter sales is pegged at $877 million, indicating 74% growth from the prior-year quarter’s reported figure. The consensus mark for WPM’s earnings is pegged at $1.11 per share, suggesting year-over-year growth of 76.1%. Earnings estimates have moved down 7.5% in the past 60 days.
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WPM’s Earnings Surprise HistoryWheaton Precious Metals’ earnings have outpaced the consensus estimate in the trailing four quarters, the average surprise being 14.1%.
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What the Zacks Model Unveils for Wheaton Precious MetalsOur model predicts an earnings beat for Wheaton Precious Metals this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is precisely the case here.
You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Earnings ESP: Wheaton Precious Metals has an Earnings ESP of +3.20%.
Zacks Rank: WPM currently carries a Zacks Rank of 3.
Factors Likely to Have Shaped WPM’s Q2 PerformanceWheaton Precious Metals is likely to have delivered a strong performance in the first quarter of 2026, building on the robust momentum seen in the first quarter of the year.
Wheaton Precious Metals projects an attributable production of 860,000-940,000 gold-equivalent ounces (GEOs) for 2026. The mid-point of the range indicates a 30% year-over-year increase in production. This outlook reflects higher attributable production from Antamina, the start-up of several development projects (Blackwater, Goose, Mineral Park and Platreef) and a stable forecast for Salobo production.
Our model projects WPM’s total attributable production of 201,920 GEOs for the second quarter of 2026, indicating a 6.2% year-over-year increase. The production figure includes attributable gold production of 98,995 ounces (a 6.6% year-over-year increase).
Our model projects a 0.6% year-over-year rise for the second quarter at Salobo, attributable to gold production of 69,815 ounces. Gold production at Sudbury is expected to be 0.2% higher year over year at 5,416 ounces. At Constancia, attributable gold production is projected to be 82.9% lower at 1,573 ounces due to decreased gold grades.
Our model projects WPM’s second-quarter gold sales volume of 97,181 ounces, indicating an 1.8% year-over-year dip. Gold realized prices are expected to be $4,534 per ounce, suggesting a 36.7% year-over-year rise.
The company’s second-quarter 2026 total gold sales are projected at $441 million, implying a 34.2% year-over-year rise. Gold sales are expected to have contributed 52% to WPM’s total sales.
Our model projects 5.88 million ounces of total attributable silver production (up 5.1% year over year). A 18.9% rise at Penasquito is expected to offset the 29.4% decline in Constancia and a 15.3% year-over-year decrease at Antamina.
Wheaton Precious Metals’ silver sales volume is expected to be 5.27 million ounces. Silver realized prices are expected to be $73.49 per ounce, suggesting 115.8% year-over-year growth. This is likely to lead to silver sales of $387 million, indicating a 133.7% year-over-year rise. Silver sales are expected to contribute 45.7% to the total sales.
Attributable production of palladium is projected at 2,548 ounces (up 4.6% year over year), while production for cobalt is expected at 799 thousand pounds (up 23.5%). Other metals’ production is projected at 5,099 GEOs for the second quarter.
Our model projects Wheaton Precious Metals to sell 162,858 GEOs in the second quarter, 10.9% lower than the prior-year quarter’s actual. Overall, the company’s second-quarter results are expected to reflect the gains of higher gold and silver prices.
Wheaton Precious Metals Stock’s Price PerformanceWPM shares have gained 17.4% over the past year compared with the industry's 39% growth.
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Other Stocks to ConsiderHere are some other stocks with the right combination of elements to also post an earnings beat in their upcoming releases.
Avient Corporation (AVNT - Free Report) , scheduled to release second-quarter 2026 earnings on Aug. 6, has an Earnings ESP of +0.87% and a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for earnings for Avient for the second quarter of 2026 is 89 cents per share, indicating an 11.2% year-over-year increase. Avient has a trailing four-quarter average earnings surprise of 2.1%.
Materion (MTRN - Free Report) , scheduled to release second-quarter 2026 earnings on Aug. 5, has an Earnings ESP of +5.39% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for Materion’s earnings for the second quarter of 2026 is pegged at $1.55 per share, indicating 13% growth from the year-ago quarter's reported figure. Materion has a trailing four-quarter average earnings surprise of 4.96%.
Albemarle Corporation (ALB - Free Report) , scheduled to release second-quarter earnings on Aug. 5, currently has an Earnings ESP of +2.21% and a Zacks Rank #3.
The Zacks Consensus Estimate for Albemarle’s earnings for the second quarter is pegged at $3.35, indicating a surge from earnings of 11 cents reported in the year-ago quarter. Albemarle has a trailing four-quarter average earnings surprise of 74%.
Wheaton Precious Metals má podle odhadů za čtvrtletí vykázat zisk 1,11 USD na akcii a tržby 876,78 mil. USD. Odhad EPS byl za posledních 30 dní snížen o 10 %.
In its upcoming report, Wheaton Precious Metals Corp. (WPM - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $1.11 per share, reflecting an increase of 76.2% compared to the same period last year. Revenues are forecasted to be $876.78 million, representing a year-over-year increase of 74.2%.
The consensus EPS estimate for the quarter has been revised 10% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
Given this perspective, it's time to examine the average forecasts of specific Wheaton Precious Metals metrics that are routinely monitored and predicted by Wall Street analysts.
The collective assessment of analysts points to an estimated 'Sales- Gold- Constancia' of $6.49 million. The estimate indicates a change of -71.3% from the prior-year quarter.
The consensus among analysts is that 'Sales- Gold- Stillwater' will reach $6.36 million. The estimate indicates a change of +38.3% from the prior-year quarter.
Analysts forecast 'Sales- Silver- Pe?asquito' to reach $136.64 million. The estimate suggests a change of +91.2% year over year.
According to the collective judgment of analysts, 'Sales- Silver- Antamina' should come in at $94.65 million. The estimate suggests a change of +160.7% year over year.
Analysts expect 'Sales- Silver- Constancia' to come in at $25.47 million. The estimate suggests a change of +20.5% year over year.
Based on the collective assessment of analysts, 'Sales- Gold- Salobo' should arrive at $320.62 million. The estimate suggests a change of +26.7% year over year.
It is projected by analysts that the 'Sales- Silver' will reach $383.04 million. The estimate indicates a year-over-year change of +131.1%.
The consensus estimate for 'Sales- Cobalt' stands at $14.51 million. The estimate points to a change of +121.2% from the year-ago quarter.
The combined assessment of analysts suggests that 'Sales- Gold- Sudbury' will likely reach $27.61 million. The estimate suggests a change of +187.6% year over year.
The average prediction of analysts places 'Units Produced - GEOs produced' at $218.1 ounces. Compared to the present estimate, the company reported $158.6 ounces in the same quarter last year.
Analysts' assessment points toward 'Average Realized Price Per Unit - Silver' reaching 80 dollars per ounce. Compared to the current estimate, the company reported 34 dollars per ounce in the same quarter of the previous year.
Analysts predict that the 'Average Realized Price Per Unit - Gold' will reach 4717 dollars per ounce. Compared to the current estimate, the company reported 3318 dollars per ounce in the same quarter of the previous year.
View all Key Company Metrics for Wheaton Precious Metals here>>>
Shares of Wheaton Precious Metals have experienced a change of -2.9% in the past month compared to the +1.7% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), WPM is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Wheaton Precious Metals oznámila za 1. čtvrtletí rekordní tržby, které meziročně vzrostly o 92 %, a čistý zisk ve výši 582 milionů USD, což představuje nárůst o 129 %.
Precious metals entered 2026 with strong momentum as gold and silver climbed amid central bank buying and global uncertainty. After gold reached roughly $5,400 per ounce and silver $116 per ounce, prices have plunged 24% and 49%, respectively.
The falling prices sound alarming, but geopolitical tensions remain high, U.S. deficits are elevated, and rising energy prices could bring another wave of inflation. For investors seeking exposure to silver and gold, precious metals stocks are an appealing choice because higher spot prices boost margins.
However, rising oil and fuel prices squeeze traditional miners by pushing up operating costs. That is where Wheaton Precious Metals' (WPM +1.43%) differentiated business model stands out. Here's what investors need to know.
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Wheaton offers upside exposure to elevated precious metals prices Precious metals miners benefit from higher spot prices, which translate directly into growing profit margins. However, elevated fuel prices can also drive up operating costs. Known as all-in sustaining costs (ASIC), this represents the cash cost of producing each ounce of the precious metal, including labor, administration, and fuel.
Because many miners rely heavily on diesel and other fuels for their equipment, rising prices amid the ongoing conflict in Iran have put downward pressure on those margins. Instead of running mines, Wheaton is a precious metals streaming company, which means it helps finance miners in exchange for the right to buy future metal production at discounted prices.
This business model helps protect Wheaton from rising costs by granting it the right to purchase a percentage of the mine's future production at a predetermined price for the life of the project. As a result, Wheaton has a locked-in contractual agreement for silver and gold at between 15% and 20% of the spot price in many of its newer agreements, protecting it against inflationary pressures.
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The company delivered record results in the first quarter, with revenue surging 92% year over year and net earnings reaching a record $582 million, up 129% from last year. The company also declared a dividend of $0.195 per common share in May, up 18% from last year.
Looking ahead, the company projects 50% production growth by 2030, with target output increasing from 1.2 million Gold Equivalent Ounces (GEOs) per year.
A smart precious metals bet -- if prices remain strong Investing in Wheaton Precious Metals isn't without risks. The main vulnerability of its business model is its reliance on precious metal prices. While it doesn't have direct exposure to operational costs, its earnings could plummet if spot prices of gold and silver decline meaningfully from here.
That said, major global banks continue to project gold and silver prices to remain elevated in the coming years. For example, JPMorgan Chase projects gold at around $6,300 per ounce by the end of 2027, while projecting silver at around $85 per ounce.
These high expectations for precious metal prices, coupled with Wheaton Precious Metals' recent 33% decline, make it an appealing stock for investors seeking exposure to silver and gold without the operational costs associated with traditional mining stocks.
Wheaton Precious Metals vykázala v 1. čtvrtletí rekordní provozní peněžní tok 766 mil. USD, oproti 361 mil. USD před rokem. Potvrdila také výhled produkce na rok 2026 na 860 000–940 000 GEOs.
Key Takeaways Wheaton Precious Metals delivered a record Q1 operating cash flow of $766 million on a higher gross margin.WPM reaffirmed its 2026 guidance of 860,000-940,000 GEOs, with output weighted to the second half.Wheaton Precious Metals expects $10B in operating cash flow in 2026-2028 at base case prices. Wheaton Precious Metals Corp. (WPM - Free Report) reported a record operating cash flow of $766 million in the first quarter of 2026 compared with $361 million in the year-ago quarter. The upside was driven by a higher gross margin.
Wheaton Precious Metals had $2.16 billion in cash in hand at the end of the first quarter of 2026 compared with $1.15 billion at the end of 2025. After delivering record annual dividends of 66 cents per share in 2025, the company raised its first-quarter 2026 dividend 18% to 19.5 cents from the fourth quarter of 2025.
In the first quarter of 2026, gold-equivalent production rose 21.5% to 211,951 ounces, reflecting stronger output from Salobo and Peñasquito, Antamina and Blackwater, along with the recommencement of production at Aljustrel.
The company reaffirmed its 2026 attributable production guidance of 860,000-940,000 GEOs, with output expected to be weighted to the second half as Antamina’s added stream contributes from the second quarter and several newer mines continue ramping. The company expects production of 1.2 million GEOs by 2030, incorporating additional incremental production from the pre-development assets.
Anticipated production growth, driven by mine performances, along with the solid rally in gold prices, sets a positive outlook for the company's cash flow generation. Backed by this, the company expects to generate $10 billion in operating cash flow from 2026 to 2028 at base case commodity prices.
Recent Performances of Wheaton Precious Metals’ PeersSSR Mining Inc. (SSRM - Free Report) reported a free cash flow of $211 million for the first quarter of 2026. The company produced 109,914 gold equivalent ounces, which came within SSRM’s guidance. SSR Mining had produced 103,805 gold equivalent ounces in the year-ago quarter.
For 2026, SSR Mining expects gold-equivalent production of 450,000-535,000 ounces, indicating a year-over-year increase of 10% at the midpoint.
AngloGold Ashanti PLC (AU - Free Report) delivered a record $1.2 billion in free cash flow in the first quarter of 2026, a 190% year-over-year whopping rise. The upside is driven by AngloGold Ashanti’s continued cost discipline, steady production and higher gold prices. AngloGold Ashanti’s gold production in the first quarter increased 1% year over year.
AngloGold Ashanti’s gold production for 2026 is projected at 2.80-3.17 million ounces. This suggests a year-over-year dip of 3% at the midpoint.
WPM’s Price Performance, Valuation & EstimatesWheaton Precious Metals shares have gained 18.7% in a year compared with the industry's 36.3% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 24.6% and 25.8%, respectively.
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WPM is currently trading at a forward 12-month price-to-earnings multiple of 22.57X, a premium to the industry average of 14.28X.
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The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 sales is $3.71 billion, indicating a 60.4% year-over-year jump. The consensus mark for the year’s earnings is pegged at $4.78 per share, suggesting a year-over-year rally of 57.8%.
The Zacks Consensus Estimate for 2027 sales implies a 1.8% year-over-year rise. The same for earnings suggests a dip of 0.1%.
EPS estimates for 2026 have moved south, while the estimates for 2027 have moved north over the past 60 days.
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WPM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
