Barrick Gold (GOLD) Outperforms Broader Market: What You Need to Know
In the latest market close, Barrick Gold (GOLD) reached $15.70, with a +1.09% movement compared to the previous day. This move outpaced the S&P 500's daily gain of 0.76%. At the same time, the Dow added 0.59%, and the tech-heavy Nasdaq gained 1.12%.
Prior to today's trading, shares of the gold and copper mining company had lost 14.15% over the past month. This has lagged the Basic Materials sector's loss of 7.22% and the S&P 500's gain of 2.5% in that time.
The investment community will be closely monitoring the performance of Barrick Gold in its forthcoming earnings report. The company is scheduled to release its earnings on February 14, 2024. On that day, Barrick Gold is projected to report earnings of $0.22 per share, which would represent year-over-year growth of 69.23%. Alongside, our most recent consensus estimate is anticipating revenue of $3.13 billion, indicating a 12.89% upward movement from the same quarter last year.
Any recent changes to analyst estimates for Barrick Gold should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. The Zacks Consensus EPS estimate has moved 1.03% higher within the past month. Barrick Gold is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Barrick Gold currently has a Forward P/E ratio of 13.9. This valuation marks a discount compared to its industry's average Forward P/E of 15.26.
We can also see that GOLD currently has a PEG ratio of 0.98. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Gold industry currently had an average PEG ratio of 0.98 as of yesterday's close.
The Mining - Gold industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 209, positioning it in the bottom 18% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Barrick Gold Corporation (GOLD) : Free Stock Analysis Report
