Allied Gold (NYSE:AAUC) Posts Quarterly Earnings Results, Beats Expectations By $0.19 EPS

Allied Gold (NYSE:AAUC) announced its quarterly earnings results on Wednesday. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.19, Zacks reports. Allied Gold had a positive return on equity of 36.56% and a negative net margin of 9.08%.

Allied Gold Price Performance

AAUC stock traded up $0.88 on Wednesday, reaching $19.70. 729,979 shares of the company traded hands, compared to its average volume of 808,049. The firm has a fifty day simple moving average of $23.23 and a 200-day simple moving average of $28.05. Allied Gold has a one year low of $11.40 and a one year high of $32.20. The company has a market cap of $2.49 billion, a P/E ratio of -19.13 and a beta of -0.20.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Canadian Imperial Bank of Commerce raised Allied Gold to an “outperform” rating in a research report on Thursday, July 30th. Canaccord Genuity Group raised shares of Allied Gold from a “hold” rating to a “buy” rating in a report on Monday, June 1st. National Bank Financial downgraded Allied Gold to a “hold” rating in a research report on Wednesday, July 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Allied Gold in a research note on Tuesday, July 21st. Finally, Zacks Research cut Allied Gold from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Institutional Trading of Allied Gold

Several institutional investors have recently added to or reduced their stakes in AAUC. Orion Resource Partners LP purchased a new stake in Allied Gold in the second quarter worth approximately $103,634,000. Boston Partners boosted its stake in Allied Gold by 8.4% in the 4th quarter. Boston Partners now owns 3,967,412 shares of the company’s stock worth $90,774,000 after purchasing an additional 307,675 shares during the period. Franklin Resources Inc. lifted its stake in Allied Gold by 6.1% in the 4th quarter. Franklin Resources Inc. now owns 1,372,438 shares of the company’s stock worth $31,448,000 after purchasing an additional 78,692 shares in the last quarter. Bank of America Corp DE increased its stake in Allied Gold by 31.1% in the 3rd quarter. Bank of America Corp DE now owns 1,277,040 shares of the company’s stock worth $22,361,000 after acquiring an additional 303,036 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Allied Gold by 1,824.7% in the third quarter. Vanguard Group Inc. now owns 1,177,971 shares of the company’s stock worth $20,585,000 after purchasing an additional 1,116,768 shares during the last quarter.

About Allied Gold

Allied Gold (NYSE: AAUC) is a publicly listed company that operates in the gold mining sector. The firm’s business centers on identifying, acquiring and advancing gold-bearing properties with the objective of creating and operating economically viable mining assets. Allied Gold’s activities are typical of junior and mid-tier gold companies, encompassing exploration, resource definition, development planning and the eventual production and sale of gold.

Core business activities for Allied Gold include mineral exploration programs to discover and delineate gold resources, feasibility and engineering studies to assess project economics, permitting and mine development work where projects progress to the construction phase, and operational oversight for producing assets.