Gold stocks are on the rise today, with Paramount Gold and Silver Corp. (NYSEMKT:PZG), Allied Nevada Gold Corp. (NYSEMKT:ANV) and New Gold Inc. (NYSEMKT:NGD) reaching midday posting notable gains. Getting a rough start to the week are Sanchez Energy Corp (NYSE:SN), SandRidge Energy Inc. (NYSE:SD) and Navigator Holdings Ltd (NYSE:NVGS).
Sign up for our free daily newsletter
Paramount Gold and Silver Climbs on Acquisition Reports
Paramount Gold and Silver Corp. (NYSEMKT:PZG) surged +16.74% following news that Coeur Mining Inc. is in advanced negotiations to acquire the company in an effort to expand its footprint in Mexico. PZG has gained +16.28% over the past month.
[drizzle]Allied Nevada Gold Corp. (NYSEMKT:ANV) climbed +14.04%, putting its one-month gain at +20.14% – though it’s still down -52.96% year-to-date. ANV has been in John Paulson’s portfolio across several quarters, and it’s been among George Soros’ since the second quarter of this year.
New Gold Inc. (NYSEMKT:NGD) reached midday up +10.47%. Soros also has a position in the gold mining company, and as of Q3 holds 600,000 NGD shares. Ray Dalio initiated a stake in the firm in the first quarter of 2013 and now holds 464,000 shares. New Gold Inc. has declined -16.03% YTD.
SandRidge Energy Hits New Low
Sanchez Energy Corp (NYSE:SN) fell -14.35% early in the day, putting its five-day loss at -44.98%. Short interest in the company has surged in recent months, and the oil and gas company’s stock price has declined -60.42% YTD. George Soros picked up 486,000 SN shares in Q2 and in Q3 decreased his position to 116,000 shares.
SandRidge Energy Inc. (NYSE:SD) tumbled -12.81%, hitting a one-year low on falling oil prices. Leon Cooprman first invested in the company during the second quarter of 2012 and as of Q3 2014 holds more than 45 million SD shares. The stock has declined -56.17% over the past year.
Navigator Holdings Ltd (NYSE:NVGS) dipped -12% today. The gas carrier fleet operator has been in Wilbur Ross’ portfolio since Q4 2013.
[/drizzle]