Barrick Gold (GOLD) closed the most recent trading day at $16.93, moving +1.8% from the previous trading session. This move outpaced the S&P 500's daily gain of 1.23%. Elsewhere, the Dow gained 0.84%, while the tech-heavy Nasdaq lost 2.24%.
Coming into today, shares of the gold and copper mining company had lost 4.7% in the past month. In that same time, the Basic Materials sector gained 5.3%, while the S&P 500 gained 4.67%.
Barrick Gold will be looking to display strength as it nears its next earnings release. On that day, Barrick Gold is projected to report earnings of $0.22 per share, which would represent 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.
Investors might also notice recent changes to analyst estimates for Barrick Gold. These revisions typically reflect the latest short-term business trends, which can change frequently. 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 1.22% higher within the past month. Barrick Gold is currently a Zacks Rank #3 (Hold).
Investors should also note Barrick Gold's current valuation metrics, including its Forward P/E ratio of 17.56. For comparison, its industry has an average Forward P/E of 21.86, which means Barrick Gold is trading at a discount to the group.
Also, we should mention that GOLD has a PEG ratio of 8.78. 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 was holding an average PEG ratio of 3.94 at yesterday's closing price.
The Mining - Gold industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 112, putting it in the top 45% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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