Randgold Resources Ltd. (ADR)(NASDAQ: GOLD) has reported 28 percent growth in the Gold sales during the fourth quarter from the corresponding quarter of 2015, due to the higher ounces sold in the quarter, as well as the higher average gold price received. The company’s gold production had increased for sixth consecutive year, grew up 26% quarter on quarter and 3% year on year. GOLD had a gold production for the quarter of 378 388oz due to an increases in gold production across all of the operations, while the average gold price received of $1 206/oz has fallen by 10% quarter on quarter (2016 Q3: $1 333/oz).

Randgold Resources has reported the fourth quarter 2016 earnings of 0.83 per share. This result has under-performed the 1.05 expectation of the one analyst following the company but exceeded the last year’s fourth- quarter results by 76.60%.

Meanwhile, Randgold Resources had reported a share of losses from equity accounted joint ventures of $3.2 million compared to the profits from joint ventures of $6.0 million in the previous quarter and to $1.9 million profit in Q4 2015.

Randgold Resources has given the go-ahead for the Gounkoto super pit and the technical and financial study on the Massawa-Sofia project in Senegal that has demonstrated that this has the potential to meet the investment criteria.  In the meantime, the company’s exploration program has continued to add reserves at Loulo-Gounkoto and Sofia and to expand the portfolio in Côte d’Ivoire. In addition, Loulo-Gounkoto complex has beaten the annual guidance by 37 000oz at lowest recorded total cash cost per ounce. Tongon has achieved the revised guidance of 260 000oz with a total cash cost per ounce down 15% quarter on quarter and 8% year on year. The company has posted continued operational improvement at Kibali, with production increased 21% quarter on quarter after the slow first half of the year. Meanwhile, Morila is seeking government approval for post-mining agripole project.

Randgold Resources board has proposed a 52% increase in the dividend to $1.00 per share. The three analysts covering the company expects the dividends of 0.81 USD for the upcoming fiscal year, which is a decrease of 18.70%.

Citi is designated by Randgold Resources as successor depositary bank for its ADR program

Most of the analysts have downgraded the Randgold Resources stock and there was a pessimistic view about the earnings of the company.

Randgold Resources stock has fallen 10% in the last one year (source: Google Finance). According to tipranks.com, 4 analysts has covered the stock while recommending a “Moderate Buy”. Randgold Resources has an average price target of $59, which is a further downside of 31.03%.