Barrick Gold (GOLD) Stock Moves -1%: What You Should Know

The latest trading session saw Barrick Gold (GOLD) ending at $17.86, denoting a -1% adjustment from its last day's close. The stock's change was more than the S&P 500's daily loss of 1.46%. Elsewhere, the Dow lost 1.24%, while the tech-heavy Nasdaq lost 1.63%.

Prior to today's trading, shares of the gold and copper mining company had gained 14.47% over the past month. This has outpaced the Basic Materials sector's gain of 3.2% and the S&P 500's gain of 1.6% 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 May 1, 2024. In that report, analysts expect Barrick Gold to post earnings of $0.20 per share. This would mark year-over-year growth of 42.86%. Alongside, our most recent consensus estimate is anticipating revenue of $2.93 billion, indicating a 10.94% upward movement from the same quarter last year.

GOLD's full-year Zacks Consensus Estimates are calling for earnings of $0.91 per share and revenue of $12.37 billion. These results would represent year-over-year changes of +8.33% and +8.51%, respectively.

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, 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 1.59% rise in the Zacks Consensus EPS estimate. Barrick Gold presently features a Zacks Rank of #3 (Hold).

In the context of valuation, Barrick Gold is at present trading with a Forward P/E ratio of 19.73. For comparison, its industry has an average Forward P/E of 20.47, which means Barrick Gold is trading at a discount to the group.

It's also important to note that GOLD currently trades at a PEG ratio of 1.65. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Mining - Gold industry currently had an average PEG ratio of 2.11 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 83, which puts it in the top 33% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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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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