Wheaton Precious Metals (WPM) Surges 5.4%: Is This an Indication of Further Gains?

Wheaton Precious Metals Corp. (WPM) shares rallied 5.4% in the last trading session to close at $82.13. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 7.1% gain over the past four weeks.Wheaton Precious shares saw an increase after an analyst at Raymond James raised the price target from $75 to $88, maintaining their Outperform recommendation. This gain was further supported by rising gold and silver prices, driven by safe-haven demand amid escalating trade tensions between the United States and China.This company is expected to post quarterly earnings of $0.47 per share in its upcoming report, which represents a year-over-year change of +30.6%. Revenues are expected to be $380.3 million, up 28.1% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For Wheaton Precious Metals, the consensus EPS estimate for the quarter has been revised 4.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on WPM going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Wheaton Precious Metals is part of the Zacks Mining - Miscellaneous industry. Cleveland-Cliffs (CLF), another stock in the same industry, closed the last trading session 0.8% higher at $7.34. CLF has returned -25.2% in the past month.For Cleveland-Cliffs, the consensus EPS estimate for the upcoming report has changed +4.4% over the past month to -$0.62. This represents a change of -444.4% from what the company reported a year ago. Cleveland-Cliffs currently has a Zacks Rank of #3 (Hold).5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wheaton Precious Metals Corp. (WPM): Free Stock Analysis Report Cleveland-Cliffs Inc. (CLF): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks