The ASX materials sector dipped a collective 1.06% today and these 3 mining companies – all with strong buy ratings – fell right along with it. Let’s take a closer look.
Westgold Resources Ltd (ASX: WGX)
The Westgold Resources share price took an 8.65% hit today, closing at $2.43. This is in contrast to the company’s previous six-month performance which has seen Westgold shares shoot close to 13% higher.
According to its investor presentation in December for the financial year ending 30 June 2020, the company boasted a 131% gain in its profit per share. Revenue also zoomed up, increasing 18% to $492.3 million for the period.
The Institutional Brokers Estimates System (IBES) currently rates Westgold Resources a strong buy with a positive outlook.
Perseus Mining Limited (ASX: PRU)
Fortunately for Perseus, the company recently announced pouring its first gold 5 weeks ahead of schedule at its Yaouré Gold Mine in West Africa. This supports the company’s expectation to ship its first gold from the Yaouré mine site during the March 2021 quarter.
Similar to Westgold, the IBES currently rates Perseus Mining a strong buy with a positive outlook.
Silver Lake Resources Limited (ASX: SLR)
Silver Lake Resources also took a hit today, sliding 5.69% to close at $1.74. Some may consider it just a slight dent given the company has roared 30% higher over the previous 12-month period.
In its most recent quarterly activities report, Silver Lake reported a quarterly group production of 62,262 ounces of gold along with 424 tonnes of copper. The company also invested $6.6 million in exploration during the reported quarter to “advance high-grade projects within established and proven mineralised corridors proximal to established infrastructure”.
Silver Lake’s current status with the IBES is a strong buy rating with a neutral outlook.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
- The Atomo Diagnostics (ASX:AT1) share price is popping 7% today – March 2, 2021 3:27pm
- The Dicker Data (ASX:DDR) share price has pumped 47% in 6 months – March 2, 2021 1:33pm
- Is Deferit listed on the ASX? – March 2, 2021 12:05pm