Cormark Weighs in on Barrick Gold Corp’s Q1 2024 Earnings (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at Cormark cut their Q1 2024 earnings estimates for shares of Barrick Gold in a research report issued on Wednesday, April 17th. Cormark analyst R. Gray now anticipates that the gold and copper producer will post earnings per share of $0.15 for the quarter, down from their prior estimate of $0.17. The consensus estimate for Barrick Gold’s current full-year earnings is $0.90 per share. Cormark also issued estimates for Barrick Gold’s FY2024 earnings at $0.66 EPS.

A number of other research analysts have also weighed in on the stock. TD Securities decreased their target price on shares of Barrick Gold from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, February 16th. Scotiabank reduced their price target on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a report on Tuesday, February 20th. BMO Capital Markets cut their price objective on shares of Barrick Gold from $27.00 to $26.00 and set an “outperform” rating for the company in a research report on Wednesday. CIBC decreased their target price on shares of Barrick Gold from $27.00 to $23.00 and set an “outperform” rating on the stock in a report on Wednesday, February 7th. Finally, StockNews.com upgraded Barrick Gold from a “hold” rating to a “buy” rating in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.48.

Barrick Gold Stock Performance

NYSE:GOLD opened at $17.09 on Thursday. The company has a market cap of $30.00 billion, a P/E ratio of 23.74, a P/E/G ratio of 1.54 and a beta of 0.58. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $20.75. The company’s 50-day moving average price is $15.91 and its 200-day moving average price is $16.23. The company has a current ratio of 3.16, a quick ratio of 2.40 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings data on Wednesday, February 14th. The gold and copper producer reported $0.27 EPS for the quarter, beating the consensus estimate of $0.21 by $0.06. Barrick Gold had a return on equity of 4.64% and a net margin of 11.16%. The firm had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the prior year, the company earned $0.13 EPS.

Institutional Trading of Barrick Gold

Several hedge funds have recently modified their holdings of GOLD. Creative Financial Designs Inc. ADV lifted its position in shares of Barrick Gold by 7.1% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 9,100 shares of the gold and copper producer’s stock worth $165,000 after purchasing an additional 600 shares during the last quarter. Stratos Wealth Partners LTD. grew its holdings in shares of Barrick Gold by 5.3% during the third quarter. Stratos Wealth Partners LTD. now owns 13,714 shares of the gold and copper producer’s stock worth $200,000 after purchasing an additional 689 shares during the last quarter. Legacy Wealth Asset Management LLC grew its stake in Barrick Gold by 2.9% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 24,555 shares of the gold and copper producer’s stock worth $357,000 after buying an additional 694 shares during the last quarter. A. D. Beadell Investment Counsel Inc. boosted its holdings in shares of Barrick Gold by 1.2% in the fourth quarter. A. D. Beadell Investment Counsel Inc. now owns 59,825 shares of the gold and copper producer’s stock valued at $1,082,000 after acquiring an additional 700 shares during the period. Finally, Fifth Third Bancorp raised its position in Barrick Gold by 13.1% in the 3rd quarter. Fifth Third Bancorp now owns 6,067 shares of the gold and copper producer’s stock valued at $88,000 after purchasing an additional 702 shares during the last quarter. 62.85% of the stock is currently owned by institutional investors and hedge funds.

Barrick Gold Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were paid a dividend of $0.074 per share. This represents a $0.30 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend was Wednesday, February 28th. Barrick Gold’s payout ratio is currently 55.56%.

About Barrick Gold

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.