Why Barrick Gold's Stock Is Trading Lower Today

Barrick Gold Corporation GOLD shares are trading lower on Wednesday, after the company reported worse-than-expected first-quarter sales results.

Barrick Gold reported quarterly earnings of 16 cents per share, which met the analyst consensus estimate. The company reported quarterly sales of $2.721 billion, which missed the analyst consensus estimate of $2.77 billion.

Barrick Gold is one of the world's largest gold producers, operating mines in North America, South America, Australia, and Africa. In 2019, the firm produced nearly 5.5 million attributable ounces of gold and more than 430 million pounds of copper, boosted by the acquisition of Randgold at the end of 2018.

As of Dec. 31, 2019, Barrick had 71 million ounces and 13.5 billion pounds of proven and probable gold and copper reserves, respectively.

Barrick Gold shares were trading down 4.36% at $29.96 on Wednesday. The stock has a 52-week range between $28.50 and $11.65.

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