NEW YORK (TheStreet) -- Goldcorp (GG) stock is declining 7.87% to $14.64 in mid-morning trading on Friday after the Canadian gold mining company reported an unexpected loss for the 2015 fourth quarter. Revenue met estimates.
After yesterday's market close, the company posted a loss of 15 cents per share for the three months ended December 31, while analysts had estimated earnings of 1 cents per share.
Revenue increased about 28% year-over-year to $1.07 billion for the latest quarter, in line with estimates.
Additionally, Goldcorp reduced its annual dividend to 8 cents per share, compared with 45 cents per share for 2015, and will pay it on a quarterly basis, instead of a monthly basis. The company paid a monthly dividend of 2 cents per share for the first two months of 2016.
"This lower, sustainable dividend level provides shareholders a competitive yield while allowing Goldcorp to continue to strengthen its industry-leading balance sheet and invest in its growth projects the company said in a statement.
Separately, Goldcorp has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's deteriorating net income, disappointing return on equity and generally disappointing stock performance.
You can view the full analysis from the report here: GG
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.