Shares of IAMGOLD Corporation (NYSE: IAG) scaled a new 52-week high of $5.12 on Aug 16 before ending the session slightly lower at $5.08. The increase was fueled by rising gold prices and IAG's solid second-quarter production numbers and results.
IAMGOLD has a market capitalization of $2.89 billion and currently sports a Zacks Rank #1 (Strong Buy).
Shares of the company have gained 135.2% in the past year, outpacing the industry's 43.6% growth. The S&P 500 has risen 28.3% in the same time frame.
Image Source: Zacks Investment Research
What's Aiding the Stock?
Solid Q2 Results: IAMGOLD announced second-quarter adjusted earnings per share of 16 cents on Aug 8, which reflected a solid improvement from the loss of 1 cent reported in the year-ago quarter. The upside was driven by higher gold sales and realized gold prices. Revenues surged 61.1% year over year to $385 million.
Gold sales were 167,000 ounces on an attributable basis, 38% higher than 121,000 ounces in the second quarter of 2023. The average realized gold price per ounce was up 16% year over year to $2,294.
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