Compania de Minas Buenaventura $BVN Uptrending On Dark Pool Buying

  • Post category:Dark Pool Stocks
  • Reading time:5 mins read
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Compania de Minas Buenaventura $BVN stock is in a long-tern uptrend channel and looks to continue to head higher. Dark pool trading occurred in the stock on September 26, 2022, and October 26, 2022.

BVN stock chart on November 6, 2022, with dark pool trades shown with orange bars with a table to the right with the text TIME	SYMBOL	MESSAGE	PRICE
10/26/22	BVN	650,000 DARK AVGPRC $4.5M 36.89% AvgVol	$6.98
10/26/22	BVN	650,000 DARK AVGPRC $4.5M 36.89% AvgVol	$6.98
09/26/22	BVN	817,645 DARK BLOCK $4.7M 35.69% AvgVol	$5.83
09/26/22	BVN	Unusual Dark Pool Activity	$5.83

We think the dark pool trades were buy orders because $BVN stock rose following the trades hitting the tape.

Buenaventura Announces Third Quarter and Nine-month 2022 Results

On October 27, 2022, Compañia de Minas Buenaventura S.A.A. (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, announced results for the third quarter (3Q22) and nine-month period ended September 30, 2022. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).

Third Quarter 2022 Highlights:

  • 3Q22 EBITDA from direct operations was US$ 22.2 million, compared to US$ 39.5 million reported in 3Q21.
  • 3Q22 Operating Cash Flow reached US$ 16.1 million, compared to US$ -464.3 million in 3Q21. The 3Q21 Operating Cash Flow figures include a US$ 544.2 million payment to SUNAT, the Peruvian tax authority.
  • 3Q22 net loss was US$ 19.8 million, compared to a US$ 91.9 million net loss for the same period in 2021.
  • 3Q22 exploration at operating units increased to US$ 20.7 million, compared to US$ 17.1 million in 3Q21. This increase was aligned with the Company’s revised strategy to increase its focus on exploration in order to extend LOM.
  • Buenaventura’s cash position reached US$ 288.0 million as of September 30, 2022. Net Debt decreased to US$ 448.1 million with an average maturity of 3.6 years.
  • 3Q22 capital expenditures were US$ 37.2 million, compared to US$ 23.9 million for the same period in 2021. 3Q22 CAPEX includes US$ 5.2 million related to the San Gabriel Project and US$ 7.3 million related to the Yumpag Project.
  • Construction related activities at San Gabriel are gradually and progressively resuming. Buenaventura has therefore updated its CAPEX guidance for San Gabriel and now expects this to reach approximately US$ 65.0 million by year end 2022.

Buenaventura price target raised at Citi

On October 13, 2022, Citi analyst Alexander Hacking raised the company’s target price on Buenaventura to $7 from $6. He maintains a neutral rating on the stock. The analyst said the company’s 3Q production results were largely positive, with the gold outlook for 2022 being upgraded. Hacking said Buenaventura’s financial results should be stronger on the back of higher production and lower costs at El Brocal.

Watch Jim Cramer break down fresh gold charts analysis from Larry Williams

Compania de Minas Buenaventura $BVN Stock Technical Analysis

Compania de Minas Buenaventura $BVN stock is in a technical uptrend. The stock continues in a powerful uptrend channel. The MACD is neutral but the money flow is positive.

BVN stock chart on November 6, 2022, in an uptrend channel chart pattern with a neutral MACD and positive money flow.
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