Movement Alert|Barrick Mining Corporation Rises 5.37% in Regular Trading, Strong Earnings Expectations and Gold Sector Collective Strength

Market Focus
08/05

On August 5, Barrick Mining Corporation rose 5.37% in regular trading, trading at $39.96/share, with turnover of $55.91 million.

On the news front, the company is scheduled to release its Q2 results before markets open on August 10. Market consensus estimates project revenue of $5.226 billion, up 42.29% year-over-year, and adjusted EPS of $0.88, representing a 91.86% year-over-year increase. Gold and copper price co-movement is expected to deliver significant earnings elasticity. In the prior quarter, the company posted revenue of $5.218 billion with a net margin of 30.70% and adjusted EPS of $0.98, up 180% year-over-year.

Additionally, severe winter storms in Chile forced Barrick to evacuate workers at its Barriales camp and caused multiple copper mines to suspend operations for weeks, further tightening global copper supply and providing price support for the company's copper business. BofA Securities and UBS both maintain Buy ratings on the stock, with mean analyst price target at $56.

Within the Gold sector, the overall sector showed broad strength. Among individual stocks, Anglogold Ashanti up 6.84%, Agnico Eagle Mines up 6.11%, Newmont Mining up 5.44%, Pan American Silver up 4.36%, Coeur Mining up 4.19%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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