Goldcorp Inc. (TSX: G) is a Vancouver, Canada-based gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the U.S., Mexico, Central and South America.
Goldcorp shares have edged lower in trading today despite announcing a second quarter dividend payment. At last check, Goldcorp shares were trading 2.33% lower at $23.10. Despite the sharp pullback, Goldcorp shares are still up more than 5% in the last three trading sessions. The recent gains have been driven by the weak jobs report in the U.S., which has delayed a potential rate hike from the Federal Reserve.
Goldcorp today announced quarterly dividend of $0.02 per share for the three-month period ended June 30, 2016. Despite the challenging environment for gold miners in 2014 and 2015, Goldcorp has continued with its dividend payments. The company though has had to slash its dividends in the last two years. The current dividend yield is just 0.47%. However, if gold prices remain strong, there is a possibility for a dividend hike.
The outlook for gold had turned bearish two weeks ago amid speculation that the Fed would hike interest rates in the summer. But after Friday’s weak jobs report, a summer rate hike is unlikely, which is a positive for gold and Goldcorp.
