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Barrick Gold (GOLD) Gains As Market Dips: What You Should Know
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In the latest trading session, Barrick Gold (GOLD - Free Report) closed at $16.34, marking a +0.74% move from the previous day. This change outpaced the S&P 500's 0.29% loss on the day. Meanwhile, the Dow lost 0.55%, and the Nasdaq, a tech-heavy index, added 1.24%.
Heading into today, shares of the gold and copper mining company had lost 5.42% over the past month, lagging the Basic Materials sector's loss of 0.49% and the S&P 500's gain of 3.1% in that time.
Investors will be hoping for strength from Barrick Gold as it approaches its next earnings release, which is expected to be August 8, 2023. In that report, analysts expect Barrick Gold to post earnings of $0.22 per share. This would mark a year-over-year decline of 8.33%. Our most recent consensus estimate is calling for quarterly revenue of $3.4 billion, up 18.82% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.95 per share and revenue of $11.72 billion, which would represent changes of +26.67% and +6.46%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Barrick Gold. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Barrick Gold is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Barrick Gold is currently trading at a Forward P/E ratio of 17.13. This represents a discount compared to its industry's average Forward P/E of 22.16.
We can also see that GOLD currently has a PEG ratio of 8.56. 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. The Mining - Gold industry currently had an average PEG ratio of 4.38 as of yesterday's close.
The Mining - Gold industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 155, which puts it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Barrick Gold (GOLD) Gains As Market Dips: What You Should Know
In the latest trading session, Barrick Gold (GOLD - Free Report) closed at $16.34, marking a +0.74% move from the previous day. This change outpaced the S&P 500's 0.29% loss on the day. Meanwhile, the Dow lost 0.55%, and the Nasdaq, a tech-heavy index, added 1.24%.
Heading into today, shares of the gold and copper mining company had lost 5.42% over the past month, lagging the Basic Materials sector's loss of 0.49% and the S&P 500's gain of 3.1% in that time.
Investors will be hoping for strength from Barrick Gold as it approaches its next earnings release, which is expected to be August 8, 2023. In that report, analysts expect Barrick Gold to post earnings of $0.22 per share. This would mark a year-over-year decline of 8.33%. Our most recent consensus estimate is calling for quarterly revenue of $3.4 billion, up 18.82% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.95 per share and revenue of $11.72 billion, which would represent changes of +26.67% and +6.46%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Barrick Gold. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Barrick Gold is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Barrick Gold is currently trading at a Forward P/E ratio of 17.13. This represents a discount compared to its industry's average Forward P/E of 22.16.
We can also see that GOLD currently has a PEG ratio of 8.56. 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. The Mining - Gold industry currently had an average PEG ratio of 4.38 as of yesterday's close.
The Mining - Gold industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 155, which puts it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.