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Why Barrick Gold (GOLD) Outpaced the Stock Market Today
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Barrick Gold (GOLD - Free Report) closed the most recent trading day at $19.98, moving +1.89% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.27%. Elsewhere, the Dow saw an upswing of 0.65%, while the tech-heavy Nasdaq appreciated by 0.26%.
Prior to today's trading, shares of the gold and copper mining company had lost 3.06% over the past month. This has was narrower than the Basic Materials sector's loss of 3.73% and lagged the S&P 500's gain of 2% in that time.
The upcoming earnings release of Barrick Gold will be of great interest to investors. The company's earnings report is expected on November 7, 2024. It is anticipated that the company will report an EPS of $0.33, marking a 37.5% rise compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.29 per share and a revenue of $13.24 billion, indicating changes of +53.57% and +16.17%, respectively, from the former year.
Any recent changes to analyst estimates for Barrick Gold should also be noted by investors. 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 demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. Over the past month, the Zacks Consensus EPS estimate has shifted 2.61% upward. Barrick Gold is holding a Zacks Rank of #2 (Buy) right now.
Digging into valuation, Barrick Gold currently has a Forward P/E ratio of 15.19. This indicates a discount in contrast to its industry's Forward P/E of 15.55.
We can additionally observe that GOLD currently boasts a PEG ratio of 0.46. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Mining - Gold industry had an average PEG ratio of 0.77.
The Mining - Gold industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 11, finds itself in the top 5% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow GOLD in the coming trading sessions, be sure to utilize Zacks.com.
View the Zacks #1 Rank List
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Why Barrick Gold (GOLD) Outpaced the Stock Market Today
Barrick Gold (GOLD - Free Report) closed the most recent trading day at $19.98, moving +1.89% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.27%. Elsewhere, the Dow saw an upswing of 0.65%, while the tech-heavy Nasdaq appreciated by 0.26%.
Prior to today's trading, shares of the gold and copper mining company had lost 3.06% over the past month. This has was narrower than the Basic Materials sector's loss of 3.73% and lagged the S&P 500's gain of 2% in that time.
The upcoming earnings release of Barrick Gold will be of great interest to investors. The company's earnings report is expected on November 7, 2024. It is anticipated that the company will report an EPS of $0.33, marking a 37.5% rise compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.29 per share and a revenue of $13.24 billion, indicating changes of +53.57% and +16.17%, respectively, from the former year.
Any recent changes to analyst estimates for Barrick Gold should also be noted by investors. 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 demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. Over the past month, the Zacks Consensus EPS estimate has shifted 2.61% upward. Barrick Gold is holding a Zacks Rank of #2 (Buy) right now.
Digging into valuation, Barrick Gold currently has a Forward P/E ratio of 15.19. This indicates a discount in contrast to its industry's Forward P/E of 15.55.
We can additionally observe that GOLD currently boasts a PEG ratio of 0.46. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Mining - Gold industry had an average PEG ratio of 0.77.
The Mining - Gold industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 11, finds itself in the top 5% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow GOLD in the coming trading sessions, be sure to utilize Zacks.com.