Shares of Regis Resources Limited (ASX: RRL) are flat on the day after an initial spike from the open.
At the time of writing, the Regis Resources share price trades at $1.51 apiece, after incurring a 19% loss in the past month, or a 22% loss this year to date.
In broad market moves, gold trades down at US$1,707/t.oz, a 7% loss on the month. It is now down 5% on the year.
The path of gold and Regis shares for the past 12 months is plotted on the chart below.
Image source: Getty Images
How does it look for Regis shares in FY23?
Gold has taken a backward step and now trades back in line with 2012/13 levels. Despite this, Regis reported a record production performance last quarter on 5 July.
It managed to produce a 20% increase in total gold production to 123.9k ounces from the previous quarter.
Annual gold production was up 17% year on year to 437,000, meeting previously outlined guidance.
As such, Regis says it will comfortably hit FY22 production guidance and is "now well set for increased annual gold production into FY23".
Investors were mute to the news and sold off Regis shares the day of the announcement.
Regis has failed to catch a bid since and has been trading in sideways territory for the bulk of July.
The share also has a mixed review amongst brokers, with 54% of analysts covering Regis voting it a buy right now, per Refinitiv Eikon data.
Meanwhile, 27% say Regis shares are a sell or strong sell, whereas the consensus price target is $2.23 from this list.
Noteworthy is that the consensus price target has crept down from $5.46 in August 2020 to its current level.
Regis shares are down 43% in the past 12 months.
