Wheaton Precious Metals: Stock Rallies on Upgrades and Gold Streaming Momentum

Wheaton Precious Metals sees its shares climb nearly 13% in three months, outperforming gold peers. What's behind the surge, and will recent analyst upgrades fuel further gains?

Wheaton Precious Metals’ stock has turned heads over the past three months, climbing roughly 13%—a move that outpaces the broader gold mining sector. After a series of upgrades and corporate milestones, the shares recently reached a new multi-year high. Is this just a pause in a much bigger rally for one of the world’s largest precious metals streaming companies?

From late September to late December, Wheaton Precious Metals shares surged from below CAD 150 to around CAD 168, peaking at over CAD 170. The 13% upswing was punctuated by heightened volatility: mid-November saw a brief dip when gold prices wobbled, but bullish sentiment soon returned. Major catalysts included analyst upgrades, a fresh goldmine streaming deal, and strong sector momentum as precious metal prices rallied globally. Notably, quadrant analysts now see double-digit upside from current levels.

On December 18, Berenberg raised its price target for Wheaton Precious Metals and reaffirmed a buy rating—while just a day prior, UBS shifted its stance on sector peers and RBC Capital Markets lifted Wheaton’s rating to ‘Outperform,’ boosting its price target to US$130. These back-to-back endorsements were met with a visible uptick in daily trading volumes. On December 10, Wheaton’s shares spiked more than 3% in a single session, reflecting investor enthusiasm for the increasingly optimistic narrative around the sector.

The string of positive news wasn’t limited to upgrades. On November 27, the company announced the successful completion of a US$300 million gold stream for Barrick’s Hemlo mine, cementing another long-term revenue source. This deal underlines Wheaton’s distinctive business model: rather than mining directly, the corporation secures the rights to purchase portions of precious metal output from mining partners at predetermined prices. It currently holds approximately 35 streaming agreements and five royalty deals, providing leverage to gold and silver prices but with less operational risk than traditional miners.

Wheaton Precious Metals’ focused approach—in gold, silver, palladium, platinum, and even cobalt—has built a diversified, low-overhead revenue stream spanning major assets like Salobo, Antamina, Penasquito, Platreef, San Dimas, and Blackwater. Its interests are global but with a strong footprint in the Americas. Remarkably, 2025 guidance points to robust cash flows and expanding margins, reinforced by gold’s strong year-to-date performance.

In its latest presentation, the company highlighted a projected 2025 yield of around 0.53% and a steadily shrinking net debt position—now in net cash territory. The price-to-earnings ratio is elevated (over 40x forward), reflecting market confidence in ongoing growth and gold price tailwinds. Perhaps most telling: analysts’ consensus rests firmly on “Buy,” with the average target price suggesting further potential upside of around 13% from recent closes.

However, no goldmine is without risk. Key uncertainties for the Wheaton Precious Metals Corporation include swings in commodity prices, partner execution, regulatory shifts in mining jurisdictions, and the relatively soft dividend yield compared to some sector peers. Yet, the company’s streaming model provides a natural hedge versus rising mining costs or project overruns—a factor increasingly recognized by institutional shareholders.

Interestingly, the bullish run for Wheaton Precious Metals fits into a broader renaissance for gold streaming stocks, with shares up more than 100% year-to-date and outperforming many large-cap miners. The strategic completion of the Hemlo transaction all but cements Wheaton’s reputation as a partner of choice for mine operators seeking up-front capital without equity dilution.

With the next earnings release slated for March and gold volatility remaining high, many investors will be watching for signals that Wheaton Precious Metals can extend its advantage—via new streaming deals, guidance upgrades, or further analyst bullishness. For now, Wheaton stands as a bellwether for the changing face of gold investing: less shovels and shafts, more contracts and cash flow discipline.