A key reason for this move has been the positive trend in the earnings estimate revisions picture. For AU’s full year estimate, we have seen 1 estimate move higher in the past 30 days, compared to none moving lower. This trend has helped the consensus estimate to trend higher, going from 58 cents per share a month ago to its current level at $1.09.
This positive shift in estimates has made some investors take notice and buy the stock. In fact, AU has seen some pretty solid trading lately, as the company has moved higher by almost 32.3% in the past month.
If AngloGold can keep up this great momentum on the earnings estimate front and continue to impress analysts, we could see more gains ahead for this company, suggesting that you might want to put AU on your watch list for the future.
Other top-ranked stocks worth considering in the gold mining industry include Franco-Nevada Corporation (FNV), Lake Shore Gold Corp. (LSG) and NovaGold Resources Inc. (NG). While Almost Franco-Nevada sports a Zacks Rank #1 (Strong Buy), Lake Shore and NovaGold hold a Zacks Rank #2 (Buy).
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