Investing

Earnings Previews: Barrick Gold, BioNTech, Workhorse and 2 Cathie Wood Picks

Earnings reports released Thursday morning showed about a two-to-one edge for stocks beating estimates. That performance enhances the already heavily positive earnings surprises from companies that have reported June-quarter results.

After markets close on Thursday, four firms we covered in an earlier preview (Clean Energy, Fisker, Plug Power and Virgin Galactic) are due to report results. Before markets open on Friday, Canopy Growth, Cinemark, DraftKings and Norwegian Cruise Line will release their latest results.

There are no earnings reports scheduled for Friday afternoon, but here are five firms set to report quarterly results first thing Monday morning.

Barrick Gold

Barrick Gold Corp. (NYSE: GOLD) has had a share price decline of 26% over the past 12 months. For the year to date, the decline is about 4.2%. Futures prices peaked in January, about 7.7% higher than the current trading price. A new report from the World Gold Council sees commodity prices rising next month, so that could be good news for Barrick going forward. But keeping costs under control is almost as important to investors because that plays a big role in gold miners’ dividends.

Analysts are bullish on the stock, with 20 of 24 surveyed rating the shares at Buy or Strong Buy. Three more rate the stock at Hold. Shares were trading at around $21.50, implying a potential upside of nearly 31% to the median price target of $28.14. At the high price target of $35, the upside potential for the shares is almost 63%.

For the company’s second quarter, analysts are forecasting revenue will dip by about 1.2% sequentially to $2.92 billion. That’s about 6.5% higher than revenue in the same period last year. Adjusted earnings per share (EPS) are forecast at $0.26, down three cents sequentially but up three cents year over year. For the full year, analysts expect Barrick to post EPS of $1.23, up 7% year over year, on sales of $12.29 billion, down about 2.4% from 2020 revenue.

Barrick’s stock trades at 17.6 times expected 2021 EPS, 16.7 times estimated 2022 earnings and 18.5 times estimated 2023 earnings. The stock’s 52-week range is $18.64 to $31.22. Barrick pays an annual dividend of $0.92 (yield of 4.26%).