Pan American Silver Shares Remain Unchanged After 3 Percent Drop On Profit Miss

Reuters reported that the shares of Pan American Silver Corp have not yet recovered from the recent 3 percent drop. The shares fell after Q2 2012 earnings closed at 11 cents a share, well below analyst expectaion of 32 cents a share.

As quoted in the report:

The Vancouver-based miner said it is boosting its quarterly dividend by 33 percent to 5 cents a share and it maintained its 2012 silver production target of 24.25 to 25.5 million ounces.

David West, an analyst with Salman Partners, commented:

Even though that adjusted number relative to analyst expectations probably hit the market pretty hard, at the end of the day, it wasn’t entirely bad news going forward for the company. […] Overall, they are going to catch up on their sales. It will work itself through.

Click here to read the full Reuters report.