Metals & Mining Stocks On The Move: NAK, CVLG, USAP, VGZ, CRS

The metals and mining sectors have been in considerable focus for the past year and a half due to the geopolitical situation in the world. Many companies in these sectors have managed to record significant revenues owing to those factors. This feature would provide you with a quick look into some of the stocks on the move.

Northern Dynasty Minerals Ltd (NYSE American:NAK) – On Thursday the company was in prime focus after it emerged that the State of Alaska had filed a motion yesterday in the United States Supreme Court. The Motion for Leave to File a Bill of Complaint argued strongly that the United States Environmental Protection Agency (EPA) veto of the Pebble Project was in breach of a contract that involved Alaska and the United States.

The motion went on to argue that the veto violated the federal statutory recognition and the implementation of the associated land exchange. Additionally, the motion also argued that the veto violated the Administrative Procedure Act as it was not only arbitrary but capricious. The President and Chief Executive Officer of Northern Dynasty Minerals spoke about the matter as well. He noted that the Bill of Content that had been filed by Alaska was a necessary step in the entire Pebble Project affair. He went on to note that the company supported all the arguments from the state of Alaska in the strongest terms.

The stock was one of the notable gainers on Thursday and soared over 23.50% on a hefty volume. The stock has jumped about 45% in the past month and is now towards its 52-week high of 0.34.

Covenant Logistics Group Inc (NASDAQ:CVLG) stock continued to hit a new high and went up another 10% in the previous session,e extending its monthly gain to 23%. The stock made a new 52-week high of $54.13. The stock has soared 54% so far this year.

On July 26 the company announced its financial results for the second fiscal quarter of the year ended on June 30, 2023. It was also announced at the time that the conference call to discuss the performance was going to be held the next day. The Chairman and Chief Executive Officer of the company David R Parker spoke about the performance as well. He noted that Covenant Logistics Group Inc recorded earnings of $0.91 per diluted share for the period and non-GAAP earnings per diluted share came in at $1.07. The revenues from the freight market for the quarter came in at $243,704,000 as opposed to $2,668,560,000. Parker noted that the conditions of the market had been challenging but the company’s freight market business model displayed considerable resilience. The total revenues for the quarter came in at $274,016,000, which was lower than the revenues of $317,777,000 in the prior year period. Parker noted that asset-based segments made up around 68% of total revenues.

Universal Stainless & Alloy Products Inc (NASDAQ:USAP) – This past Wednesday the company announced its financial results for the second fiscal quarter of 2023. Universal Stainless & Alloy Products Inc announced that it had generated net sales to the tune of $69 million for the quarter, which worked out to a sequential rise of $65.9 million. On a year-on-year basis, it went up by 32.3%. In the first six months of 2023, the net sales soared by 35.3% to $134.9 million in comparison to $99.7 million in the year-ago period.

The gross margin generated by the company in the second quarter was 14.3% of sales, which worked out to $9.8 million. That represented a 27.5% rise from the $7.7 in sales in the previous quarter. The operating income that was reported for the quarter was $3.1 million, which reflected a 113.5% rise from $1.4 million under the same overhead in the previous quarter.

USAP stock has been trending higher since the beginning of this year with a gain of over 112%. The stock is now trading near its 52-week high.

Vista Gold Corp (NYSEAMERICAN:VGZ) – The Mt Todd project in the Northern Territory of Australia is the company’s flagship project. All the necessary operating and environmental permits had already been approved. On May 25 the company announced the conditions of the agreement it had struck with the Northern Territory Government of Australia with regards to the Mt Todd gold project had been extended. Vista Gold Corp announced at the time that the extension was up until December 31, 2029, and the company would retain the exclusive rights to develop the project.

It was also noted that the company did not have any liability with regard to the conditions of the site before it got involved with it in 2006. The President and Chief Executive Officer of Vista Gold Corp Frederick H Earnest noted that the extension reflected the strong relationship that had been forged between the company and the NT Government.

Carpenter Technology Corporation (NYSE:CRS) – Yesterday, the company announced its financial results for the fourth fiscal quarter and the full year, both of which ended on June 30, 2023. Carpenter Technology Corporation announced that it generated net income f $38.4 million for the fourth quarter and that worked out to earnings of $0.78 per diluted share.

Additionally, the company managed to generate $175 million in cash from operations, and that worked out to adjusted free cash flow of $144 million. The company reiterated its projections for net income in the $61 million to $67 million range for the first quarter of 2024.