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Summary
- Beating analyst expectations, Barrick Gold reported a 78 per cent increase in adjusted profit amounting to US$ 507 million.
- Barrick’s Loulo-Gounkoto complex delivered 193,014 ounces of gold and it is on target to extract 640,000-700,000 ounces of gold this year.
- On average in the past five days, over 4 million ABX shares traded hands on the TSX.
Barrick Gold Corporation (TSX:ABX) posted strong first-quarter fiscal 2021 results on Wednesday, May 5, beating analyst expectations and reported a 78 per cent increase in adjusted profit amounting to US$ 507 million.
In the past few months, Barrick stock witnessed a downtrend and slumped by about 26 per cent in six months. However, the rising gold and copper prices might have played a key role in increasing its bottom line.
Since the commodity prices are expected to continue rising, the gold stock will likely witness an uptrend anytime soon.
On April 27, the mining company announced that its Loulo-Gounkoto gold complex has reached the first mining level and it will start delivering tonnes of gold in the current quarter.
Mark Bristow, Barrick's President and Chief Executive said that in Q1 2021, the Loulo-Gounkoto complex delivered 193,014 ounces of gold and it is on target to extract 640,000-700,000 ounces of gold this year.
Barrick Gold's (TSX:ABX) Stock And Key Financial Highlights:
Barrick stock gained the attention of the investors at the opening bell at the Toronto Stock Exchange (TSX) on Wednesday, May 5, and climbed up by 0.4 per cent at the time of writing this article (10 AM EST).
Barrick Gold holds a debt-to-equity (D/E) ratio of 0.23; its return on equity (ROE) is 10.23 per cent and return on assets (ROA) is 5.04 per cent according to the data from TMX.
One-year chart of stock performance of Barrick Gold (Source: EODHD/Others/Thomson Reuters)
On average in the past five days, over 4 million ABX shares traded hands on the TSX and the stock grew by one per cent in a week.
In the past 30 days, 3.5 million shares were traded and it advanced by about six per cent.
The gold exploration company distributes a quarterly dividend of US$ 0.09 and its current dividend yield is 1.69 per cent. In Q1 2021, the net cash provided by operating activities increased to US$ 1.3 billion. The free cash flow increased from US$ 438 million in Q1 2020 to US$ 763 million in Q1 2021.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.
