Harmony Gold (HMY) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
Harmony Gold is transitioning to a gold-copper hybrid model, with Eva Copper set to materially rebalance its revenue mix by 2028. HMY trades at a significant discount to peers, despite net cash, a 4.06% forward dividend yield, and robust macro tailwinds for both gold and copper. Recent operational improvements, regulatory milestones, and a conservative hedge book signal management's confidence in structurally higher metal prices and future upside.
Harmony Gold Mining Company Limited (HMY) Q2 2026 Earnings Call Transcript
Harmony Gold Mining Company Limited (HMY) Q2 2026 Earnings Call Transcript
Harmony Gold Mining Company Limited (HMY) Q2 2026 Earnings Call Transcript
The miner booked a 36% rise in its average gold price which helped drive group revenue 20% higher to $2.56 billion.
Harmony Gold Mining Company Limited (HMY) trades at a Trailing P/E of 16x, significantly below sector averages, despite robust growth and international expansion. HMY is transitioning from a regional gold producer to a diversified international commodity player, notably increasing copper exposure via a $1B Australian acquisition. Valuation appears compelling on a peer basis, but market skepticism persists regarding the sustainability of current high ROIC, seen as gold price-driven.
Harmony Gold (HMY) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?
Harmony Gold shares have risen 58.14% versus 12.59% for the S&P 500 since my last Hold rating. Harmony Gold's production trends and gold grades remain solid, despite cost control leaving a bit to be desired. Harmony's hedging policy has led to the stock underperforming its peers recently, but I expect that "hedging penalty" to fade over the next quarter.
ALL, HMY, AMX, DB and ENS have been added to the Zacks Rank #1 (Strong Buy) List on November 18, 2025.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.