Barrick Gold (GOLD) Increases Despite Market Slip: Here's What You Need to Know

In the latest trading session, Barrick Gold (GOLD) closed at $20.21, marking a +1.15% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.76%. Elsewhere, the Dow saw a downswing of 0.75%, while the tech-heavy Nasdaq depreciated by 1.01%.

The gold and copper mining company's shares have seen a decrease of 2.63% over the last month, not keeping up with the Basic Materials sector's gain of 2.96% and the S&P 500's gain of 4.31%.

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 $0.35, marking a 45.83% rise compared to the same quarter of the previous year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.27 per share and a revenue of $13.3 billion, indicating changes of +51.19% and +16.73%, respectively, from the former year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Barrick Gold. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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 witnessed a 5.97% increase. Barrick Gold presently features a Zacks Rank of #2 (Buy).

Digging into valuation, Barrick Gold currently has a Forward P/E ratio of 15.68. This indicates a premium in contrast to its industry's Forward P/E of 14.44.

Investors should also note that GOLD has a PEG ratio of 0.48 right now. 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 had an average PEG ratio of 0.81 as trading concluded yesterday.

The Mining - Gold industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 44, this industry ranks in the top 18% of all industries, numbering over 250.

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.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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