Hecla Mining (HL) Beats Gold and Silver Output Estimates, BMO Raises Price Target

Hecla Mining Company (NYSE:HL) ranks among the best mid-cap materials stocks to buy now. BMO Capital reaffirmed its Market Perform rating on Hecla Mining Company (NYSE:HL) and increased its price target from $6 to $6.50 on August 7. The price target rise comes after Hecla’s production performance, especially in gold output, surpassed BMO’s projections.

In contrast to BMO’s expectations of 4.0 million ounces of silver and 32,100 ounces of gold, the company reported a consolidated production of 4.5 million ounces of silver and 45,900 ounces of gold. The production outperformance, which resulted in a record free cash flow of $103.8 million, was driven by strong grades at the Greens Creek and Casa Berardi mines.

Hecla Mining Company (NYSE:HL) also announced $0.09 earnings per share, higher than the $0.06 average consensus and BMO’s prediction. As net debt decreased due to free cash flow and at-the-market stock issuance, the company’s leverage decreased to 0.7x.

With sites in the United States, Canada, and other countries, Hecla Mining Company (NYSE:HL) is a major supplier of base and precious metals. It holds the title of the largest producer of silver in North America.

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Disclosure: None. This article is originally published at Insider Monkey.