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Goldcorp Inc.


Goldcorp is now the world's lowest-cost, million-ounce gold producer. The acquisition of Wheaton River Minerals Ltd. has increased gold production, gold reserves and resources and given the company one of the fastest growth curves in the industry. It has strengthened Goldcorp's already solid balance sheet and lowered production costs per ounce even further. Goldcorp is in excellent financial condition. It has no debt, a large treasury, strong cash flow and earnings and pays a dividend 12 times per year. Goldcorp is completely unhedged.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Kevin MacKenzie, Salman Partners (12/12/14) "Goldcorp Inc. is the fastest growing, lowest cost senior gold producer. . .the company has outperformed the majority of its peers, principally as the result of its low AISC (US$950–1,000/oz Au) and attractive dividend schedule (3.1% yield). . .we expect that Goldcorp will remain among the preferred senior precious metals producers and should see a positive revaluation from these levels."

GMP Securities (12/8/14) "By the end of this year, Goldcorp Inc. will have two new high-grade low-cost mines in production, which should strengthen its cash flow generation. . .we continue to highlight Goldcorp's group-leading balance sheet and capital allocation discipline, which positions the company well even at lower metal prices to take either the route of continuing organic growth (Camino Rojo in this group) or M&A."

Dundee Capital Markets (12/4/14) "Goldcorp Inc.'s fully loaded costs have remained steady since Q3/14. . .we estimate the company will remain a lowest-quartile cost product (FLCC of $1,046/$1,020 in 2015/2016), driven by a lower operating cost structure and increasing production from its development pipeline (Cerro Negro, Eléonore, Cochenour)."

Phil Russo, Raymond James (12/1/14) "The Guatemalan congress passed legislation to increase mining royalties in the country from 5% to 10%; the president now has 15 days to sign for the legislation to become law. . .while the magnitude of the royalty increase is significant, the impact to Goldcorp Inc. is immaterial on NAV, EPS and CFPS (1%, 2% and 1%), respectively, given its diversified asset base. We reiterate our Outperform rating for Goldcorp, given its peer-leading balance sheet position coupled with its impending growth (~20%) and positive cash flow profile over the coming year."

Canaccord Genuity's Morning Coffee (11/3/14) "Goldcorp Inc.'s Q3/14 gold sales were 508 Koz. . .both Penasquito and Red Lake are expected to rebound strongly in Q4/14, and management indicated all the company's mines should have a strong finish in 2014."

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Tony Lesiak, Canaccord Genuity (10/31/14) "Goldcorp Inc. expects very strong operating performance in Q4/14. Management reaffirmed the near-term growth pipeline. . .we reiterate our Buy rating, and continue to believe that the company should trade at a strong premium to the group given its sector-leading growth, high-quality assets with exceptional exploration upside, strong balance sheet and management team. . . .gold production could increase by over 50% in Q4/14 including new output from Eleonore and Cerro Negro. . .the company confirmed its ability and desire to maintain the dividend, which is current yielding a sector-leading 3.2%."

Phil Russo, Raymond James (10/2/14) "Goldcorp Inc. announced that first gold production at Éléonore occurred on October 1, 2014. . .combined with Cerro Negro's recent declaration of first gold in Q3/14, this reinforces our view that the company's suite of growth projects are set to deliver per expectations in 2014 and drive growth of 25% for the company in 2015. The two projects are slated to contribute 18% of the firm's production in 2015. . .the firm reaffirmed commercial production at Éléonore by Q1/15; we estimate Éléonore production for 2015 will be 280 Koz at total cash costs of $565/oz."

Josh Wolfson, Dundee Capital Markets (9/16/14) "Goldcorp Inc.'s development projects. . .all remain on track. At Cerro Negro in Argentina, the company is on schedule to achieve 2014 guidance for 130–180 Koz, while a rapid ramp-up to more than 500 Koz is expected in 2015. At Eleonore, first gold is expected in Q4/14, but a longer ramp-up period will target average annual production achievement of 575–650 Koz in 2018. At Cochenour, development is on track, and the company has almost completed the 5.5km tram drift to the Red Lake mining facilities. At Penasquito, both the mine and mill are operating well."

The Gold Report Interview with Keith Phillips (8/27/14) "Goldcorp Inc. is a strong company in every way. It has abundant capacity to continue to look to acquire assets." More >

Michael Gray, Macquarie Capital Markets (8/12/14) "We have a high conviction stock call that Goldcorp Inc. should be bought for its strong growth profile (38% the next two years), its free cash flow in 2015 (estimated $977M) and 2016 ($1.2B), its ongoing effective O4E cost containment program, its quality/focused management team, its high NAV exposure to mining-friendly jurisdictions and its attractive 15% discount to the peer average price:NAV. . .we reiterate our Outperform recommendation and $37 target price."

The Gold Report Interview with Chris Mancini (7/9/14) "Virginia Mines has a royalty on what should be one of the best gold mines in the world—Goldcorp Inc.'s Éléonore deposit in northern Québec. It will become a high-grade, bulk-tonnage underground mine in a great jurisdiction with a lot of exploration potential on the entire land package. The gold deposit is getting bigger at depth and Goldcorp could find another economic deposit on the property. . .Peñasquito is Goldcorp's biggest mine and it is currently mining a higher-grade portion of the mine. The mine also has underground potential." More >

The Gold Report Interview with David H. Smith (7/7/14) "TGR: Goldcorp Inc. is hunting for other production assets after losing its bid to buy Osisko Mining Inc. Detour Gold was mentioned as a possible target but what else could suit Goldcorp's needs?

DHS: Any target that would have substantial proven resources in a safe jurisdiction. Goldcorp has great cash flow, money in the bank and sufficient credit to set its sights on a larger target. Goldcorp also hasn't made too many large mistakes, which can't be said about some of the other major gold producers." More >

The Gold Report Interview with Pierre Lassonde (5/21/14) "I think that Goldcorp Inc. has done a superb job of upgrading itself. It spins off projects that don't meet its requirements; it makes money from them and keeps increasing the quality of its portfolio. Goldcorp is now producing 3 Moz gold annually. That's far more manageable than 5–7 Moz/year." More >

Morning Coffee (4/21/14) "Goldcorp Inc. remains our top pick among the North American senior gold producers, and should trade at a strong premium to its peers given its sector-leading growth, high-quality assets with exceptional exploration upside potential, strong balance sheet and management team. . .the company expects first gold in 2014 from Cerro Negro, Eleonore, and Cochenour; the resource conversion and blue-sky exploration potential of these assets is exceptional. The firm's management also detailed the 'huge' opportunity at Camino Rojo with potential to increase the current 11.7 Moz Au-Ag resource."

The Gold Report Interview with Michael Berry (4/14/14) "I look at a company like Goldcorp Inc. and I think it will come back much faster. Its balance sheet looks pretty good. It has a good set of assets. So I think investors want to be buying the big stocks that are not highly leveraged, and Goldcorp is certainly one of them." More >

Josh Wolfson, Dundee Capital Markets (4/11/14) "Goldcorp Inc. maintains greater financial flexibility than Yamana Gold Inc. with regard to potential offer increases for the proposed Osisko Mining Corp. takeover bid. . .Goldcorp's Eléonore project, scheduled for Q4/14 start-up, has made material construction progress and a faster ramp-up is now being pursued."

Alec Kodatsky, CIBC World Markets (4/11/14) "Goldcorp Inc. increased its offer for Osisko Mining Corp. to CA$7.65/share, which is significantly higher than its previous offer of ~CA$6.32/share at current share prices. . .the acquisition, if successful, offers meaningful low-risk production growth at acceptable costs to Goldcorp."

The Gold Report Interview with Robert Cohen (3/31/14) "We own Goldcorp, which is a quality North American name." More >

The Gold Report Interview with Jeff Killeen (3/26/14) "We like Goldcorp Inc. because it has high-quality, high-grade cornerstone assets that generate a large amount of cash flow, has a strong balance sheet with a lot of cash and the potential to use that cash to help grow its businesses through mergers and acquisitions. It has a strong management team with good-quality assets that will have secure cash flow even in a softer gold price environment. And that's where investors should be focusing." More >

The Gold Report Interview with Michael Gray (3/19/14) "Out of the 11 operating mines in Goldcorp Inc.'s portfolio, on a pro forma basis, Osisko's Canadian Malartic asset would be among the top three production-wise, if the bid succeeds. This is the biggest dollar value deal we've seen for a long time. It also speaks to Goldcorp's increased focus on Canada, and with the Éléonore development project in Québec in particular, as it will be in production in November 2014. No question in our view, Goldcorp is highlighting the value of being exposed to a weakening Canadian currency. Of all the seniors, Goldcorp has the best pipeline of quality assets. After getting through this particularly high initial capex year—2014—the Street will increasingly shine a light on Goldcorp, in our view. With Osisko in its portfolio, the light would shine even brighter." More >

Horizon Investments, Seeking Alpha (3/11/14) "Goldcorp Inc. is among the U.S. gold companies that possess a solid balance sheet, have an attractive growth profile and have been taking initiatives to lower costs to support earnings growth. The company has been making progress in lowering its costs in recent quarters, which bodes well for its earnings growth; also, Goldcorp, last week, announced to sell its stakes in Primero Mining Corp., which will further strengthen its balance sheet."

Phil Russo, Raymond James (3/3/14) "Historically a premium story, we believe Goldcorp Inc. offers shareholders numerous reasons to own the name, with its unrivaled near-term production growth driven from a robust and geopolitically superior asset base. Combined with its solid financial position, the company's premium trading multiple has been warranted. . .we are initiating with a Market Perform rating and a $27 target price. . .weighing the relative valuations of our senior producers, Goldcorp undoubtedly sits highest among our key metrics as its premium investment case offers growth, low-cost profile, and a favorable geopolitical weighting."

Marsha Robe, Seeking Alpha (2/20/14) "With Goldcorp Inc.'s Pueblo Viejo mine achieving full production in 2014, I expect the company to report lower production costs. Moreover, Goldcorp is in a better position to fund acquisitions and other opportunities in the coming years; I recommend a long position in this stock."

Michael Gray, Macquarie Equity Research (2/19/14) "Since Goldcorp Inc. announced its hostile bid for Osisko Mining, there has been a ~6% surge in the gold price, Goldcorp reported Q4/14 results, Osisko reported January 2014 production, Osisko launched a legal challenge and Goldcorp extended its offer to shareholders to March 10, 2014. . .the company remains as our top pick among senior gold producers in 2014. . .with no other bidders likely to emerge and Osisko's legal challenge not likely to stand up in court, Goldcorp is well positioned. . .we believe the company considers (covets) Canadian Malartic as a cornerstone asset that could be worth paying a premium for."

Josh Wolfson, Dundee Capital Markets (2/14/14) "Goldcorp Inc.'s growth prospects remain promising. . .2014 guidance is 3–3.15 Moz. . .growth is anticipated from increasing Penasquito grades, Pueblo Viejo's ramp-up, Cerro Negro production commencement mid-2014 and Éléonore production commencement in Q4/14."

The Gold Report Interview with David Morgan (1/27/14) "We have done a great deal of research on many gold companies and one that we have discussed with members for the last five years is Goldcorp Inc., one of the most sought-after names at one time. That company looks so good going forward that if investors are patient, meaning willing to wait three years or so, it could pay off nicely." More >

The Gold Report Interview with Eric Lemieux (1/21/14) "Goldcorp Inc. disclosed a new zone in the Éléonore project in the James Bay region or Quebec called 494, which would be about 500m north of the Roberto zones. It appears as a new ore shoot. It still has to be fully defined, but the hypothesis is that its geometry looks to be another Roberto. It's most interesting because it's not too far from the mining infrastructure that's being built. It could effectively double the size of Éléonore; which is also wide open at depth. That deposit is set to grow. The key catalysts for the Éléonore royalty in 2014 are 1) new reserve and resource numbers that most likely will be disclosed by Goldcorp in February and 2) the start of production by the end of the year. . .I think it is going to be a world-class operation soon." More >

The Gold Report Interview with Chen Lin (1/13/14) "I like Goldcorp Inc.; it is a low-cost gold producer that can generate a lot of cash flow in this market." More >

Barry Allan, Mackie Research Capital (1/10/14) "Goldcorp Inc.'s Q4/13 production of 767.7 Koz gold was much stronger than the 674.2 Koz we had expected, bringing the total year to 2.67 Moz at $560/oz compared to our 2.55 Moz at $585/oz. . .the company remains our top senior pick with an attractive growth profile. Compared to the peer group, Goldcorp has low operating costs and is expected to grow production."

Alec Kodatsky, CIBC World Markets (1/10/14) "Goldcorp Inc.'s Q4/13 was by far the best quarter of 2013, with record output of 768 Koz, ~14% better than we expected. The company delivered on 2013 production and cost guidance, with Penasquito and Red Lake performing well in Q4/13. . .expectations for 3–3.15 Moz production in 2014 appears achievable, and we believe the goal of 50% production growth by 2016 remains intact."

The Gold Report Interview with David Smith (12/2/13) "Goldcorp Inc. is positioned to come back strongly in a bull market, based both on current operations and what it has in the pipeline. Its per-ounce gold costs should fall on some of its properties." More >

Engineering and Mining Journal (11/5/13) "The discovery that started it all at James Bay, Goldcorp Inc.'s Éléonore mine, is aiming to start production in late 2014. Once in place, the company's world-class camp will open doors for further development in the area."

Alec Kodatsky, CIBC World Markets (10/25/13) "Goldcorp Inc. delivered a Q3/13 operating performance that was slightly softer than we had expected, but still keeps the company on track to meet 2013 guidance of 2.6-2.7 Moz. We are particularly encouraged by improving grades at Penasquito, a trend we expect to continue through 2016. . .we still expect Goldcorp to increase production by 15% YOY, among the strongest growth in the sector. . .the shares trade at a premium to peers, which we think is justified by its solid balance sheet, high growth and lower political risk exposure."

Barry Allan, Mackie Research Capital (10/25/13) "Overall, Goldcorp remains on track. . .the company remains our top senior pick with an attractive growth profile. Compared to the peer group, Goldcorp has low operating costs and is expected to grow production from 2.4 Moz in 2012 to 3.85 Moz in 2016. . .our Buy recommendation remains intact."

The Gold Report Interview with Barry Allan (9/4/13) "In the senior category, the most dominant is Goldcorp Inc. Goldcorp has stayed in there, not completely unscathed by a lower gold price environment, but in Q2/13 nothing shifted fundamentally for Goldcorp compared to its competitors. It also has some development projects that have positive rates of return, projects you'd still build at $1,000/oz gold." More >

The Gold Report Interview with Chris Mancini (8/19/13) "Goldcorp Inc. is in the Good category. It is building the Cerro Negro project in southern Argentina, the Éléonore project in northern Quebec (adjacent to Eastmain's Eau Claire deposit) and an expansion to its Red Lake mine in Ontario. So Goldcorp is spending a lot right now, but it has a net-neutral balance sheet. Once these projects are completed by the middle of next year, they should generate a lot of cash. Goldcorp owns 10% of Eastmain, and if it were to finance Eastmain at reasonable valuations, I think that would be accretive for it." More >

Barry Allan, Mackie Research Capital (7/26/13) "Goldcorp Inc. remains our top senior pick with an attractive growth profile. Compared to the peer group, the company has low operating costs and is expected to grow production from 2.4 Moz gold in 2012 to 3.85 Moz in 2016. . .we reiterate our Buy recommendation."

The Gold Report Interview with David H. Smith (6/19/13) "Companies like Goldcorp Inc. know how to solve problems. . .[they] are realizing that they have a responsibility to help good exploration companies keep the doors open. If all these companies blow away, the feeder stream that nourishes the large mining companies is going to dry up. It's like the food chain." More >

The Gold Report Interview with Tobias Tretter (5/29/13) "The Guerrero region of Mexico hosts a very famous and very prospective gold belt. We will hear about a lot of new companies in the future from this belt. Goldcorp Inc. is already producing from the Los Filos mine in the Guerrero Gold Belt. Goldcorp has about 13 Moz gold there and is producing 330 Koz/year right now." More >

Barry Allan, Mackie Research Capital (5/3/13) "Goldcorp remains our Top Senior Pick with an attractive growth profile. Compared to the peer group, the company has low operating costs and a growth profile."

Alec Kodatsky, CIBC World Markets (5/3/13) "Goldcorp Inc. delivered Q1/13 operational results that were in line with our expectations in terms of both production and costs; we think this sets a good tone to the year and leaves the company on track to hit our 2013 production forecast of 2.6 Moz. . .the march towards 70% production growth by 2017 carries on. Goldcorp remains the only senior name in North America that expects production growth in 2013, has a comfortable degree of leverage and low political risk."

The Gold Report Interview with Merrill McHenry (3/20/13) "Goldcorp is the first go-to company because it has a fair amount of mill operations [in Mexico]. . . at Goldcorp's Los Filos, there are four, going on five, mines on that project. They are all clustered together." More >

Morning Coffee (3/12/13) "Canaccord Genuity Precious Metals Analyst Steven Butler reiterated his bullish rating on Goldcorp Inc. . .he highlights that company shares continue to offer growth at a reasonable price. Goldcorp remains Butler's preferred senior producer, based on its superior high-grade, low-cost growth profile, supported by the ramp-up of Pueblo Viejo and new production from Cerro Negro, Eleonore and Cochenour. . .Goldcorp remains focused on quality growth, low political risk and maintaining a strong balance sheet."

George Albino, GMP Securities (3/6/13) "We have returned from our site visit last week to Barrick Gold Corp. and Goldcorp Inc.'s Pueblo Viejo mine in the Dominican Republic. . .our visit was positive. We were pleased to see both the gold and sulphur block models reconciling well with the mining environment, the effective solutions to the autoclave throughput issues experienced last year and the recent bump in recoveries of silver in the lime boil process; we are reiterating our Buy rating and CA$61.00/share target for Goldcorp."

The Gold Report Interview with Alka Singh (3/1/13) "In the conditions that we have right now, with ETFs having outperformed the gold equity sector, investors are more likely to go for the ETFs or for the equities that are more liquid and already in production, like Goldcorp Inc. . .The safest—the sweet spot—are the Goldcorps of the world today. . .Goldcorp is one of the few gold companies that has a disciplined approach to both growth and value. It has been pretty disciplined in its M&A strategies. I haven't seen a lot of deposits that are being shelved by Goldcorp. . .Goldcorp has been an exceptional company because of the liquidity, growth, management and steady cash costs. . .Goldcorp is uniquely placed in the sector. Goldcorp has one of the lowest cash costs in the industry and also has some great projects in the pipeline." More >

The Gold Report Interview with Michael Berry (2/27/13) "Goldcorp Inc. [is] a great company with lots of cash and cash flow—is trading for $33/share and a recent dividend increase. Goldcorp [offers a lot of value] for two reasons. One, it is undervalued relative to gold and silver prices and has 67 Moz of gold reserves. Two, it produces a very nice, recently increased dividend." More >

Tony Lesiak, Macquarie Capital Markets (2/20/13) "Goldcorp Inc. reported a 4% increase in gold reserves to 67.1 Moz. . .reserve additions included Camino Rojo (1.6 Moz), Cerro Negro (1.2 Moz), Marigold (1 Moz) and Procupine (0.3 Moz). . .possible 2013 stock price catalysts include Investor Day on March 8, the water and tailings study in H1/13 and the Cerro Blanco feasibility study in mid-2013. . .we maintain our Outperform rating on the company."

Barry Allan, Mackie Research Capital (2/19/13) "Goldcorp Inc.'s reserves grew by ~4% year over year while maintaining grades, with good growth at Porcupine and Cerro Negro. . .2013 will be an exciting year for the company as Pueblo Viejo continues to ramp up with work expected to be completed in H1/13, followed by the start of Cerro Negro near the end of 2013. . .the addition of Eleonore in late 2014, Cochenour in H1/15 and Camino Rojo in 2016 will all combine and lead to ~70% growth by 2017. . .the company remains our top senior pick with an attractive growth profile."

Tanya Jakusconek, Scotia Capital (2/19/13) "Goldcorp Inc.'s Q4/12 adjusted earnings per share came in at $0.57 versus our estimate of $0.50 and consensus of $0.54–0.55. The beat was due mainly to better operating costs. . .we maintain our Sector Outperform rating."

Steven Butler, Canaccord Genuity (2/15/13) "We reiterate our Buy rating on Goldcorp Inc. following the release of Q4/12 financial results and reserve/resource update. . .the company offers growth at a reasonable price. . .it remains our preferred senior producer based on its superior high-grade growth profile, supported by the full ramp-up of Pensaquito and Pueblo Viejo in 2013, followed by future production from Cerro Negro, Cochenour and Eleonore."

Anita Soni, Credit Suisse (2/15/13) "Goldcorp Inc. reported Q4/12 adjusted earnings per share at $0.57 versus our estimate of $0.51. . .the beat was primarily due to operating costs. . .the company also reported reserve growth of 4% along with 2% grade improvement. . .global resources were up 2%. . .there was strong reserve growth at Cerro Negro and Marigold, with the company announcing year-on-year reserve additions at Cerro Negro of 0.9 Moz and Marigold adding 0.96 Moz to reserves, extending the mine life by five years

The Gold Report Interview with Michael Fowler (1/30/13) "At one time, Goldcorp Inc. held a lot of gold on its balance sheet. As the gold price went up, so did the value of the company, essentially like an ETF. I like the idea of holding gold on the balance sheet because it shows that the company actually believes in its own commodity." More >

Michael Jalonen, Bank of America Merrill Lynch (1/16/13) "Goldcorp Inc.'s share of Pueblo Viejo's FY13 gold output is expected to be 330–435 Koz, in line with our forecast for 374 Koz. Pueblo Viejo is forecast to account for 14% of the company's 2013 total gold output of 2.7 Moz."

George Albino, GMP Securities (1/15/13) "Goldcorp Inc. reiterated that it expected that 2013 should see its 40% share of production at 330–435 Koz at Pueblo Viejo. . .the declaration of commercial production at Pueblo Viejo is a major milestone in the growth of the company's production profile. . .we maintain our Buy recommendation and CA$61 target."

Tony Lesiak, Macquarie Capital Markets (1/9/13) "Gold output from Goldcorp Inc.'s core assets, Red Lake and Pensaquito, has stabilized as projected. . .it forecasts production to grow from 2.39 Moz in 2012 to ~4.1 Moz in 2017 based on new production from Pueblo Viejo, Cerro Negro, Eleonore and Cochenour. . .with the company is trading at one of its largest (10%) NAV discounts relative to its peers in memory, investors now have a solid footing on which to invest. . .it remains our top pick among the North American gold producers and we reiterate our Outperform rating."

Richard Gray, Cormark Securities (1/9/13) "Goldcorp Inc. had a strong finish to the year by producing 696,700 oz in Q4/12, which was higher than our estimate of 662,000 oz and 18% higher than production in Q3/12. . .the strong quarter was bolstered by higher production from Red Lake, Porcupine and Marigold. . .for longer-term investors, the company still provides the best growth profile in the super-senior peer group versus Barrick Gold Corp. and Newmont Mining Corp. . .we believe that consistent execution on new production and cost milestones in 2013 will bring the premium back in the stock. . .we are maintaining our Buy rating."

John Bridges, J.P. Morgan (1/8/13) "Goldcorp Inc.'s 70% growth profile is something most miners can only dream of. . .for investors who prefer owning gold stocks, we feel the company has set itself apart with its early-stage purchases of lower-cost assets such as Eleonore, Penasquito and Cerro Negro. . .it has an attractive growth profile and younger assets that should have relatively good cost performances. . .consequently, we feel the company should be a relative outperformer and rate it Overweight."

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