Why Barrick Gold (ABX) Could Be Positioned for a Surge

Barrick Gold Corporation ABX is a leading international gold producer that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on ABX’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Barrick Gold could be a solid choice for investors.

Current Quarter Estimates for ABX

In the past 30 days, 3 estimates have gone higher for Barrick Gold while none has gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 10 cents a share 30 days ago, to 13 cents today, a move of 30%.

Current Year Estimates for ABX

Meanwhile, Barrick Gold’s current year figures are also looking quite promising, with 8 estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from 40 cents per share 30 days ago to 49 cents per share today, an increase of 22.5%.

Bottom Line

The stock has also started to move higher lately, adding 11.4% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #3 (Hold) stock to profit in the near future.

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