Wheaton’s Earlier Q1 Beat Showed the Power of the Stream Book

Wheaton Precious Metals Corp. (WPM) has traded around the strength of its streaming portfolio rather than mine-level operating performance, with Q1 results showing the leverage embedded in Salobo, Peñasquito and the broader stream book.6% to $143.80 on May 11, 2026, following a 15.8% weekly gain.4 This surge aligns with record Q1 2026 performance, including $901 million in revenue (up 92% YoY), $582 million in net earnings (up 129%), and strong cash flow, driven by standout output from Salobo and Peñasquito mines.[11][13] Trading activity has intensified, with year-to-date gains of 22.6% and a 52-week range from $75.42 to $165.76, reflecting heightened investor interest.410

Market sentiment remains bullish, bolstered by analyst updates. Firms like Berenberg Bank reiterated a Buy rating with a p11,700 target, while consensus points to 'Moderate Buy' with a $155.45 average target from 13 of 14 analysts.67 An 18% quarterly dividend increase to $0.195 per share, payable June 9, further supports optimism, alongside leadership evolution announced on the company site.29 GF Value suggests undervaluation at 8.4% below $157 estimate, with a strong GF Score of 93/100.4

Over recent months, broader precious metals rallies-silver hitting highs-and WPM's Antamina silver stream deal with BHP have likely propelled shares, despite no recent insider trades signaling caution.74 Company updates from wheatonpm.com highlight ongoing production growth forecasts to 2030 and election of directors at the 2026 AGM, reinforcing stability.2