Barrick Gold Corporation
GOLD
reported preliminary second-quarter sales of 1.04 million ounces of gold and 113 million pounds of copper. It also announced preliminary second-quarter production of 1.04 million ounces of gold and 120 million pounds of copper.
Barrick’s gold production in 2022 is projected to increase through the year. Owing to stronger second-quarter performance, it remains on track to achieve its 2022 gold and copper guidance.
The average market price for gold in the second quarter was $1,871 per ounce. The average market price for copper in the quarter was $4.32 per pound. However, the closing price at the end of the quarter was $3.83 per pound.
Barrick’s second-quarter realized copper price is projected to be 13-15% lower than the average second-quarter market price for copper. This factor can be attributed to provisional pricing adjustments, which reflect the decrease in the copper price near the end of the second quarter.
The preliminary second-quarter gold production was higher than the first quarter due to a stronger performance across the portfolio, especially at Carlin, Turquoise Ridge, Veladero, Bulyanhulu and North Mara. The preliminary copper production was higher than the first quarter, driven by Lumwana. However, second-quarter copper sales were in line with the prior quarter due to the timing of shipments.
Shares of Barrick have plunged 24.4% in the past year compared with a 14.3% decline of the
industry
.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Barrick currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the basic materials space are
Albemarle Corporation
ALB
,
Cabot Corporation
CBT
and
Allegheny Technologies Inc.
ATI
.
Albemarle has a projected earnings growth rate of 231.7% for the current year. The Zacks Consensus Estimate for ALB’s current-year earnings has been revised 17.9% upward in the past 60 days.
Albemarle’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 22.5%, on average. ALB has gained around 8.9% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here.
Cabot, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 22.5% for the current year. The Zacks Consensus Estimate for CBT’s earnings for the current year has been revised 6% upward in the past 60 days.
Cabot’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 16.2%. CBT has gained around 17.8% over a year.
Allegheny has a projected earnings growth rate of 1,046.2% for the current year. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 15.5% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 128.9%. ATI has gained 12.3% in a year. The company sports a Zacks Rank #1.
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