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Barrick Gold (GOLD) Rises But Trails Market: What Investors Should Know
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In the latest market close, Barrick Gold (GOLD - Free Report) reached $16.56, with a +0.06% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.73%. At the same time, the Dow added 0.62%, and the tech-heavy Nasdaq gained 0.93%.
Shares of the gold and copper mining company have appreciated by 6.43% over the course of the past month, outperforming the Basic Materials sector's loss of 6.41% and the S&P 500's loss of 2.29%.
The investment community will be closely monitoring the performance of Barrick Gold in its forthcoming earnings report. The company is scheduled to release its earnings on November 2, 2023. On that day, Barrick Gold is projected to report earnings of $0.22 per share, which would represent year-over-year growth of 69.23%. Alongside, our most recent consensus estimate is anticipating revenue of $3 billion, indicating a 18.67% upward movement from the same quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $0.83 per share and revenue of $11.88 billion. These totals would mark changes of +10.67% and +7.85%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Barrick Gold. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection has moved 5.97% lower. Barrick Gold is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Barrick Gold is currently being traded at a Forward P/E ratio of 19.87. This denotes a discount relative to the industry's average Forward P/E of 20.6.
It is also worth noting that GOLD currently has a PEG ratio of 1.61. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Mining - Gold industry had an average PEG ratio of 2.26.
The Mining - Gold industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 97, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Barrick Gold (GOLD) Rises But Trails Market: What Investors Should Know
In the latest market close, Barrick Gold (GOLD - Free Report) reached $16.56, with a +0.06% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.73%. At the same time, the Dow added 0.62%, and the tech-heavy Nasdaq gained 0.93%.
Shares of the gold and copper mining company have appreciated by 6.43% over the course of the past month, outperforming the Basic Materials sector's loss of 6.41% and the S&P 500's loss of 2.29%.
The investment community will be closely monitoring the performance of Barrick Gold in its forthcoming earnings report. The company is scheduled to release its earnings on November 2, 2023. On that day, Barrick Gold is projected to report earnings of $0.22 per share, which would represent year-over-year growth of 69.23%. Alongside, our most recent consensus estimate is anticipating revenue of $3 billion, indicating a 18.67% upward movement from the same quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $0.83 per share and revenue of $11.88 billion. These totals would mark changes of +10.67% and +7.85%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Barrick Gold. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection has moved 5.97% lower. Barrick Gold is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Barrick Gold is currently being traded at a Forward P/E ratio of 19.87. This denotes a discount relative to the industry's average Forward P/E of 20.6.
It is also worth noting that GOLD currently has a PEG ratio of 1.61. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Mining - Gold industry had an average PEG ratio of 2.26.
The Mining - Gold industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 97, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.