The latest trading session saw Barrick Gold (GOLD) ending at $16.98, denoting a 1.68% adjustment from its last day's close. The stock's change was more than the S&P 500's daily loss of 0.22%. Meanwhile, the Dow gained 0.06%, and the Nasdaq, a tech-heavy index, lost 0.52%.
Coming into today, shares of the gold and copper mining company had gained 6.51% in the past month. In that same time, the Basic Materials sector lost 0.37%, while the S&P 500 lost 1.66%.
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 May 1, 2024. It is anticipated that the company will report an EPS of $0.17, marking a 21.43% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $2.93 billion, reflecting a 10.94% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $0.90 per share and a revenue of $12.37 billion, demonstrating changes of 7.14% and 8.51%, respectively, from the preceding year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Barrick Gold. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming 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.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of 25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.32% higher. Barrick Gold presently features a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Barrick Gold has a Forward P/E ratio of 18.5 right now. This signifies a discount in comparison to the average Forward P/E of 19.43 for its industry.
It's also important to note that GOLD currently trades at a PEG ratio of 1.54. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Mining - Gold industry currently had an average PEG ratio of 2.22 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 65, which puts it in the top 26% of all 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.
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