On Thursday, BMO Capital Markets adjusted their outlook on Triple Flag Precious Metals Corp (TFPM:CN) (NYSE: TFPM) shares, raising the price target to Cdn$25.00 from the previous Cdn$24.00. The firm maintained its Outperform rating on the company's stock.
The upgrade comes after Triple Flag announced its first-quarter results for 2024, which showed adjusted earnings per share (EPS) in line with both BMO Capital's estimate and the consensus. Additionally, the company's adjusted EBITDA for the quarter was slightly above expectations, and cash flow met forecasts.
Triple Flag had previously released its gold equivalent ounce (GEO) results for the first quarter of 2024. The company confirmed that its guidance for 2024 GEOs remains unchanged. This suggests a steady outlook for the company's production performance.
The mining company was also active with its Normal Course Issuer Bid (NCIB) during the first quarter. Following the end of the quarter, Triple Flag made a move to strengthen its financial position by repaying a portion of its debt.
BMO Capital highlighted the company's robust pipeline, noting the presence of both smaller and large-scale opportunities. This indicates potential for growth and expansion for Triple Flag in the near future.
InvestingPro Insights
Following the positive review by BMO Capital Markets, Triple Flag Precious Metals Corp (NYSE: TFPM) displays several noteworthy metrics and InvestingPro Tips that may be of interest to investors. The company's market capitalization stands at a solid 3.22 billion USD, reflecting its substantial presence in the precious metals market. Moreover, Triple Flag's impressive gross profit margin, reported at nearly 84.89% for the last twelve months as of Q1 2024, underscores the company's efficiency in managing its production costs relative to revenues.
Investors may also take note of the company's consistent dividend increases, with a history of raising its dividend for 3 consecutive years, coupled with a current dividend yield of 1.31%. Such a track record can be appealing to those looking for income-generating investments. Additionally, the stock's price stability is highlighted by its low price volatility, which might attract investors seeking less risk in their portfolio.
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