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Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio

Zacks Equity Research
·2-min read

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.

Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

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Barrick Gold (GOLD)

Barrick Gold Corporation, based in Toronto, Canada, is one of the largest gold mining companies in the world. The company has many advanced exploration and development projects located across five continents.

GOLD boasts a Momentum Style Score of A and VGM Score of A, and holds a Zacks Rank #3 (Hold) rating. Shares of Barrick Gold has seen some interesting price action recently; the stock is up 2.9% over the past one week and up 3.2% over the past four weeks. And in the last one-year period, GOLD has lost 1.6%. As for the stock's trading volume, 21,239,848 shares on average were traded over the last 20 days.

A company's earnings performance is important for momentum investors as well. For fiscal 2024, five analysts revised their earnings estimate higher in the last 60 days for GOLD, while the Zacks Consensus Estimate has increased $0.11 to $1.01 per share. GOLD also boasts an average earnings surprise of 18.3%.

Investors should take the time to consider GOLD for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.

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Barrick Gold Corporation (GOLD) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research