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Barrick Gold (GOLD) Outperforms Broader Market: What You Need to Know
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Barrick Gold (GOLD - Free Report) closed at $17.78 in the latest trading session, marking a +1.95% move from the prior day. The stock exceeded the S&P 500, which registered a gain of 1.02% for the day. Meanwhile, the Dow experienced a rise of 1.09%, and the technology-dominated Nasdaq saw an increase of 1.18%.
Shares of the gold and copper mining company witnessed a gain of 7.79% over the previous month, beating the performance of the Basic Materials sector with its loss of 3.78% and the S&P 500's gain of 4.44%.
Investors will be eagerly watching for the performance of Barrick Gold in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 12, 2024. In that report, analysts expect Barrick Gold to post earnings of $0.26 per share. This would mark year-over-year growth of 36.84%. Our most recent consensus estimate is calling for quarterly revenue of $3.02 billion, up 6.45% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.07 per share and revenue of $12.59 billion. These totals would mark changes of +27.38% and +10.48%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Barrick Gold. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. The Zacks Consensus EPS estimate has moved 0.81% higher within the past month. Right now, Barrick Gold possesses a Zacks Rank of #2 (Buy).
Digging into valuation, Barrick Gold currently has a Forward P/E ratio of 16.26. This valuation marks a premium compared to its industry's average Forward P/E of 16.09.
One should further note that GOLD currently holds a PEG ratio of 0.49. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. By the end of yesterday's trading, the Mining - Gold industry had an average PEG ratio of 0.76.
The Mining - Gold industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 47, putting it in the top 19% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Barrick Gold (GOLD) Outperforms Broader Market: What You Need to Know
Barrick Gold (GOLD - Free Report) closed at $17.78 in the latest trading session, marking a +1.95% move from the prior day. The stock exceeded the S&P 500, which registered a gain of 1.02% for the day. Meanwhile, the Dow experienced a rise of 1.09%, and the technology-dominated Nasdaq saw an increase of 1.18%.
Shares of the gold and copper mining company witnessed a gain of 7.79% over the previous month, beating the performance of the Basic Materials sector with its loss of 3.78% and the S&P 500's gain of 4.44%.
Investors will be eagerly watching for the performance of Barrick Gold in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 12, 2024. In that report, analysts expect Barrick Gold to post earnings of $0.26 per share. This would mark year-over-year growth of 36.84%. Our most recent consensus estimate is calling for quarterly revenue of $3.02 billion, up 6.45% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.07 per share and revenue of $12.59 billion. These totals would mark changes of +27.38% and +10.48%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Barrick Gold. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. The Zacks Consensus EPS estimate has moved 0.81% higher within the past month. Right now, Barrick Gold possesses a Zacks Rank of #2 (Buy).
Digging into valuation, Barrick Gold currently has a Forward P/E ratio of 16.26. This valuation marks a premium compared to its industry's average Forward P/E of 16.09.
One should further note that GOLD currently holds a PEG ratio of 0.49. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. By the end of yesterday's trading, the Mining - Gold industry had an average PEG ratio of 0.76.
The Mining - Gold industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 47, putting it in the top 19% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.