Gold Prices Boost Barrick Gold's Q2 Profits; Says On Track For Strong H2: Details
Portfolio Pulse from Lekha Gupta
Barrick Gold Corp (NYSE:GOLD) reported strong Q2 FY24 results with revenue of $3.162 billion, beating expectations. Despite a decline in gold and copper production, higher realized prices boosted profits. The company declared a $0.10 dividend and repurchased 2.95 million shares. Key projects are on track, and the FY24 outlook was reiterated. Investors can also gain exposure via Sprott Gold Miners ETF (NYSE:SGDM) and VanEck Gold Miners ETF (NYSE:GDX).
August 12, 2024 | 12:37 pm
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POSITIVE IMPACT
VanEck Gold Miners ETF (NYSE:GDX) is likely to benefit from Barrick Gold's strong Q2 FY24 results and positive outlook, as Barrick is a significant component of the ETF.
As Barrick Gold is a significant component of the VanEck Gold Miners ETF, the strong performance and positive outlook of Barrick are likely to positively impact the ETF's price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Barrick Gold Corp reported strong Q2 FY24 results with revenue of $3.162 billion, beating expectations. Despite a decline in gold and copper production, higher realized prices boosted profits. The company declared a $0.10 dividend and repurchased 2.95 million shares. Key projects are on track, and the FY24 outlook was reiterated.
The strong financial performance, higher realized prices, and positive outlook for key projects are likely to boost investor confidence and drive the stock price higher in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Sprott Gold Miners ETF (NYSE:SGDM) is likely to benefit from Barrick Gold's strong Q2 FY24 results and positive outlook, as Barrick is a significant component of the ETF.
As Barrick Gold is a significant component of the Sprott Gold Miners ETF, the strong performance and positive outlook of Barrick are likely to positively impact the ETF's price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50