As a new member of the Inner Circle, I’m wondering what your advice is for Goldcorp. I’ve had the stock for a few years and watched the price decline this past year from over $50. Hold, sell or buy more?
Goldcorp, $22.94, symbol G on Toronto (Shares outstanding: 812.0 million; Market cap: $18.0 billion; www.goldcorp.com), is a senior gold producer with 12 operating mines and several development projects. It mainly focuses on places with little political risk, such as Canada and Mexico.
In the three months ended September 30, 2013, Goldcorp’s revenue fell 27.5%, to $929.0 million from $1.3 billion a year earlier. (All figures except share price and market cap in U.S. dollars.) Cash flow per share fell 30.1%, to $0.51 from $0.73.
Gold production rose 7.5% in the latest quarter, to 637,100 ounces from 592,500 ounces. But the average realized gold prices fell 20.5%, to $1,339 U.S. per ounce from $1,685. That pushed down revenue and cash flow.
Goldcorp holds cash of $989 million, or $1.22 a share. Its $2.3-billion total debt is a low 12.8% of its $18.0-billion market cap.
The company expects to produce 2.6 million to 2.7 million ounces of gold in 2013, with output rising to…
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