RBC Capital Markets Notes Negative Impressions on Agnico Eagle's Q4 2021 Results
09:35 AM EST, 02/24/2022 (MT Newswires) -- RBC Capital Markets on Thursday said its first impressions on Agnico Eagle Mines Ltd. (AEM.TO)'s fourth-quarter 2021 results were negative.
Agnico reported a fourth-quarter adjusted EPS of US$0.46 per share, missing RBC's adjusted EPS estimate of US$0.61 and the consensus adjusted EPS estimate of US$0.57, due to the impact of higher costs.
Gold production was in line at 502,000 ounces while costs were higher.
The company plans to launch a US$500 million and increased its quarterly dividend to US$0.40 per share.
RBC noted that incoming CEO Tony Makuch is departing and while the move is surprising, this resolves a prior unclear leadership structure.
RBC gave Agnico eagle a price target of US$60.00 with an outperform rating.