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Barrick Gold (GOLD) Outpaces Stock Market Gains: What You Should Know
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Barrick Gold (GOLD - Free Report) closed the most recent trading day at $17.65, moving +1.67% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.71%. Elsewhere, the Dow gained 1.06%, while the tech-heavy Nasdaq added 4.62%.
Prior to today's trading, shares of the gold and copper mining company had gained 3.89% over the past month. This has outpaced the Basic Materials sector's gain of 1.62% and the S&P 500's gain of 2.65% in that time.
Barrick Gold will be looking to display strength as it nears its next earnings release, which is expected to be August 8, 2023. In that report, analysts expect Barrick Gold to post earnings of $0.18 per share. This would mark a year-over-year decline of 25%. 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 $0.86 per share and revenue of $11.64 billion, which would represent changes of +14.67% and +5.69%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Barrick Gold. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. The Zacks Consensus EPS estimate has moved 8.9% lower within the past month. Barrick Gold is currently a Zacks Rank #3 (Hold).
In terms of valuation, Barrick Gold is currently trading at a Forward P/E ratio of 20.12. This valuation marks a discount compared to its industry's average Forward P/E of 25.04.
Meanwhile, GOLD's PEG ratio is currently 10.06. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Mining - Gold industry currently had an average PEG ratio of 5.4 as of yesterday's close.
The Mining - Gold industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 182, putting it in the bottom 28% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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) Outpaces Stock Market Gains: What You Should Know
Barrick Gold (GOLD - Free Report) closed the most recent trading day at $17.65, moving +1.67% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.71%. Elsewhere, the Dow gained 1.06%, while the tech-heavy Nasdaq added 4.62%.
Prior to today's trading, shares of the gold and copper mining company had gained 3.89% over the past month. This has outpaced the Basic Materials sector's gain of 1.62% and the S&P 500's gain of 2.65% in that time.
Barrick Gold will be looking to display strength as it nears its next earnings release, which is expected to be August 8, 2023. In that report, analysts expect Barrick Gold to post earnings of $0.18 per share. This would mark a year-over-year decline of 25%. 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 $0.86 per share and revenue of $11.64 billion, which would represent changes of +14.67% and +5.69%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Barrick Gold. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. The Zacks Consensus EPS estimate has moved 8.9% lower within the past month. Barrick Gold is currently a Zacks Rank #3 (Hold).
In terms of valuation, Barrick Gold is currently trading at a Forward P/E ratio of 20.12. This valuation marks a discount compared to its industry's average Forward P/E of 25.04.
Meanwhile, GOLD's PEG ratio is currently 10.06. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Mining - Gold industry currently had an average PEG ratio of 5.4 as of yesterday's close.
The Mining - Gold industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 182, putting it in the bottom 28% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.