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Barrick Gold Corporation (GOLD - Free Report) announced the acquisition of 7,000,000 warrants to purchase common shares of Hercules Silver Corp. for a total consideration of C$6.58 million (or $4.76 million). Immediately following the purchase, the warrants were exercised at their exercise price of C$0.11 per Hercules common share.
Before obtaining and exercising the warrants, Barrick held 26,556,870 common shares of Hercules and 6,804,918 warrants, constituting approximately 12.33% of the outstanding Hercules common shares on a non-diluted basis and 15.02% on a partially-diluted basis. Subsequent to these transactions, Barrick's ownership increased to 33,556,870 common shares and 6,804,918 warrants of Hercules. This represents about 15.09% of the outstanding Hercules common shares on a non-diluted basis and 17.61% on a partially-diluted basis.
Barrick clarified that it acquired Hercules’ shares for investment purposes and may, based on market conditions and other factors, consider acquiring additional shares, warrants or other securities of Hercules. GOLD reserves the right to dispose of some or all of the Hercules shares, warrants or other securities it holds at any given time.
Barrick’s shares have lost 6.5% in the past year compared with a 1% fall of the industry.
Image Source: Zacks Investment Research
The company’s adjusted earnings per share in the third quarter of 24 cents beat the Zacks Consensus Estimate of 21 cents. It recorded total sales of $2,862 million in the quarter, up 13% year over year. The figure missed the Zacks Consensus Estimate of $2,998.8 million.
For 2023, Barrick anticipates attributable gold production to be modestly below the bottom end of its earlier announced guidance of 4.2-4.6 million ounces.
The consensus estimate for CRS’s current fiscal year earnings is pegged at $3.57, indicating year-over-year growth of 213.2%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have surged 69.2% in the past year.
The Zacks Consensus Estimate for ANDE’s current-year earnings has been revised 8.6% upward in the past 60 days. Andersons beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 32.8% on average. ANDE shares have rallied around 33.3% in a year.
The consensus estimate for Linde’s current fiscal year earnings is pegged at $14.11, indicating year-over-year growth of 14.8%. LIN beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 5.7%. The company’s shares have increased 20.4% in the past year.
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Barrick (GOLD) Buys Hercules' Warrants, Increases Stake
Barrick Gold Corporation (GOLD - Free Report) announced the acquisition of 7,000,000 warrants to purchase common shares of Hercules Silver Corp. for a total consideration of C$6.58 million (or $4.76 million). Immediately following the purchase, the warrants were exercised at their exercise price of C$0.11 per Hercules common share.
Before obtaining and exercising the warrants, Barrick held 26,556,870 common shares of Hercules and 6,804,918 warrants, constituting approximately 12.33% of the outstanding Hercules common shares on a non-diluted basis and 15.02% on a partially-diluted basis. Subsequent to these transactions, Barrick's ownership increased to 33,556,870 common shares and 6,804,918 warrants of Hercules. This represents about 15.09% of the outstanding Hercules common shares on a non-diluted basis and 17.61% on a partially-diluted basis.
Barrick clarified that it acquired Hercules’ shares for investment purposes and may, based on market conditions and other factors, consider acquiring additional shares, warrants or other securities of Hercules. GOLD reserves the right to dispose of some or all of the Hercules shares, warrants or other securities it holds at any given time.
Barrick’s shares have lost 6.5% in the past year compared with a 1% fall of the industry.
Image Source: Zacks Investment Research
The company’s adjusted earnings per share in the third quarter of 24 cents beat the Zacks Consensus Estimate of 21 cents. It recorded total sales of $2,862 million in the quarter, up 13% year over year. The figure missed the Zacks Consensus Estimate of $2,998.8 million.
For 2023, Barrick anticipates attributable gold production to be modestly below the bottom end of its earlier announced guidance of 4.2-4.6 million ounces.
Barrick Gold Corporation Price and Consensus
Barrick Gold Corporation price-consensus-chart | Barrick Gold Corporation Quote
Zacks Rank & Key Picks
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and The Andersons Inc. (ANDE - Free Report) and Linde plc (LIN - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for CRS’s current fiscal year earnings is pegged at $3.57, indicating year-over-year growth of 213.2%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have surged 69.2% in the past year.
The Zacks Consensus Estimate for ANDE’s current-year earnings has been revised 8.6% upward in the past 60 days. Andersons beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 32.8% on average. ANDE shares have rallied around 33.3% in a year.
The consensus estimate for Linde’s current fiscal year earnings is pegged at $14.11, indicating year-over-year growth of 14.8%. LIN beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 5.7%. The company’s shares have increased 20.4% in the past year.