Wheaton Precious Metals Trading Volume Surges 43% to $420M as Bank of America Upgrades Price Target and BHP Deal Pushes Stock to 344th Most Actively Traded

Market Snapshot

Wheaton Precious Metals Corp. (WPM) closed with a 0.75% gain on March 9, 2026, as trading volume surged to $0.42 billion—a 43.08% increase from the prior day’s activity. This marked the stock as the 344th most actively traded equity in the market, reflecting heightened investor interest. Despite the modest price rise, the substantial jump in trading volume suggests a potential shift in market sentiment, likely driven by recent strategic developments and analyst activity. The performance aligns with broader trends in the precious metals sector, where macroeconomic factors and corporate announcements continue to influence investor behavior.

Key Drivers

Bank of America’s revised investment thesis for Wheaton Precious Metals has emerged as a critical catalyst for the stock’s recent momentum. On February 26, analyst Lawson Winder reiterated a “Buy” rating for WPM while raising the price target from $160 to $188. This upgrade was tied to the firm’s updated 2026 forecasts for metal prices, which presumably reflect stronger demand for silver and other commodities in which the company specializes. The analyst’s actions signal confidence in WPM’s ability to capitalize on favorable market conditions, particularly in the context of North American metals and mining firms. By adjusting price targets for its coverage universe, Bank of America underscored its view that WPM is well-positioned to outperform peers, further amplifying institutional investor attention.

A parallel driver of investor enthusiasm stems from WPM’s landmark silver streaming agreement with BHP, announced on February 16. The deal, valued at $4.3 billion upfront at closing, significantly enhances WPM’s exposure to high-grade silver production. Under the terms, WPM will receive 67.5% of the silver output from BHP’s 33.75% stake in Peru’s Antamina mine—a doubling of its existing share under the prior arrangement with Glencore. This strategic move not only diversifies WPM’s revenue streams but also secures long-term production visibility, a critical factor in a sector prone to volatility. The upfront payment structure provides immediate liquidity, which can be reinvested or allocated to shareholder returns, further enhancing the company’s appeal to investors seeking stability amid cyclical fluctuations.

The transaction’s implications extend beyond immediate financial gains. By securing a larger stake in Antamina, WPM strengthens its position as a key player in the global silver supply chain. Antamina’s proven reserves and production capacity align with WPM’s business model of acquiring low-cost, high-margin streams and royalties. The mine’s location in Peru—a jurisdiction with established mining infrastructure—reduces operational risks compared to more politically sensitive regions. Additionally, the agreement’s pricing mechanism, which requires WPM to pay 20% of the spot silver price for delivered ounces, ties its costs directly to market conditions, ensuring alignment with industry trends. This structure mitigates downside risk while allowing WPM to benefit from potential price surges in the coming years.

The combined impact of these developments—Bank of America’s bullish rating and the BHP deal—has likely triggered a re-rating of WPM’s valuation. The upgraded price target of $188 implies a premium to current levels, suggesting analysts anticipate robust earnings growth or asset revaluation. Meanwhile, the silver streaming deal provides a tangible catalyst for near-term revenue expansion, reducing reliance on organic production cycles. Together, these factors address key investor concerns about the company’s long-term sustainability and scalability, particularly in a sector where capital intensity and commodity price swings often complicate growth trajectories.

In synthesizing these elements, it becomes evident that WPM’s recent performance reflects a convergence of strategic operational moves and institutional validation. While the stock’s 0.75% gain on March 9 may appear modest, the underlying drivers—ranging from a high-profile analyst upgrade to a transformative partnership—position the company for sustained momentum. As global demand for silver and other precious metals evolves in response to macroeconomic shifts, WPM’s ability to leverage these dynamics through innovative financing structures and strategic partnerships could prove pivotal in outpacing broader market trends.