Here’s Why Barrick Gold (GOLD) is a Strong Growth Stock
Both new and experienced investors strive to make the most out of the stock market and invest with confidence. One helpful tool for finding winning stocks that align with your investing style is using the Zacks Style Scores, which rate stocks based on three popular investing types: value, growth, and momentum.
For growth investors, a company’s financial strength, overall health, and future outlook are key. This is where the Growth Style Score comes in, analyzing factors like projected and historical earnings, sales, and cash flow to identify stocks with sustainable growth potential.
One growth stock to watch is Barrick Gold (GOLD). This Toronto-based company is a major player in the gold mining industry, with advanced projects on five continents. GOLD is currently rated a Zacks Rank #3 (Hold) stock, with a Growth Style Score of B and VGM Score of A. Earnings are projected to grow by 26.2% year-over-year, with sales growth of 10.5%.
Analysts have been revising their earnings estimates upwards for fiscal 2024, with the Zacks Consensus Estimate also seeing a positive increase. Barrick Gold has a strong cash flow position, with significant growth and expected expansion in the coming year.
Considering its solid Zacks Rank, strong growth metrics, and impressive Style Scores, investors may want to consider adding Barrick Gold to their portfolios.