Goldcorp (GG) Stock Lower as Gold Prices Fall
NEW YORK (TheStreet) -- Shares of Goldcorp (GG) are decreasing 0.56% to $19.51 early Friday afternoon as gold prices trade in the red.
For August delivery, gold is declining 0.58% to $1,354.10 per ounce on the COMEX this afternoon.
Gold prices are down today after a closely watched jobs report showed the U.S. added 287,000 jobs in June, the biggest increase since October, Reuters reports.
A solid jobs reports could prompt the Federal Reserve to raise interest rates this year.
The non-interest paying metal struggles to compete with assets that bear a yield when interest rates are hiked.
"The knee-jerk reaction to the stronger than expected payrolls data has been lower, but you're already seeing gold bounce off the lows," UBS analyst Joni Teves told Reuters, "That goes back to our view that dips are going to be bought."
Goldcorp is a Vancouver-based gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the U.S., Mexico and Central and South America.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income and largely solid financial position with reasonable debt levels by most measures.
But the team also finds that the company's return on equity has been disappointing.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: GG