Research Analysts Offer Predictions for Barrick Gold Corp’s Q2 2024 Earnings (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities researchers at Raymond James boosted their Q2 2024 earnings per share (EPS) estimates for Barrick Gold in a research report issued on Tuesday, April 23rd. Raymond James analyst B. Macarthur now expects that the gold and copper producer will post earnings of $0.32 per share for the quarter, up from their previous forecast of $0.21. Raymond James has a “Outperform” rating and a $23.00 price target on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $0.90 per share. Raymond James also issued estimates for Barrick Gold’s Q3 2024 earnings at $0.33 EPS, Q4 2024 earnings at $0.34 EPS and FY2024 earnings at $1.15 EPS.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 EPS for the quarter, topping 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 business had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the previous year, the business earned $0.13 earnings per share.

Several other equities analysts have also recently commented on GOLD. Argus restated a “hold” rating on shares of Barrick Gold in a research report on Monday, February 26th. CIBC dropped their price target on Barrick Gold from $27.00 to $23.00 and set an “outperform” rating for the company in a research note on Wednesday, February 7th. StockNews.com raised Barrick Gold from a “hold” rating to a “buy” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 price target on shares of Barrick Gold in a research note on Monday, March 4th. Finally, Sanford C. Bernstein lowered Barrick Gold from an “outperform” rating to a “market perform” rating in a research note on Monday, January 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Barrick Gold presently has a consensus rating of “Moderate Buy” and an average target price of $20.06.

Barrick Gold Price Performance

Barrick Gold stock opened at $17.07 on Friday. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $20.75. The business has a 50-day simple moving average of $16.09 and a 200 day simple moving average of $16.29. The company has a quick ratio of 2.40, a current ratio of 3.16 and a debt-to-equity ratio of 0.15. The stock has a market cap of $29.97 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 1.53 and a beta of 0.58.

Barrick Gold Cuts Dividend

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Securities Inc. purchased a new stake in shares of Barrick Gold in the 4th quarter worth approximately $26,000. EverSource Wealth Advisors LLC grew its stake in shares of Barrick Gold by 175.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock worth $32,000 after buying an additional 1,143 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Barrick Gold in the 4th quarter worth approximately $35,000. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Barrick Gold in the 4th quarter worth approximately $45,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Barrick Gold in the 4th quarter worth approximately $46,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

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.