Q2 2024 EPS Estimates for Barrick Gold Corp Reduced by Analyst (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at Raymond James decreased their Q2 2024 earnings estimates for Barrick Gold in a report issued on Wednesday, May 1st. Raymond James analyst B. Macarthur now forecasts that the gold and copper producer will post earnings per share of $0.31 for the quarter, down from their prior estimate of $0.32. 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 $0.95 per share.

A number of other brokerages have also weighed in on GOLD. StockNews.com upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating in a research report on Wednesday, February 21st. CIBC cut their target price on shares of Barrick Gold from $27.00 to $23.00 and set an “outperform” rating for the company in a research report on Wednesday, February 7th. Scotiabank cut their target price on shares of Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research report on Tuesday, February 20th. BMO Capital Markets cut their target price 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, April 17th. Finally, Jefferies Financial Group started coverage on shares of Barrick Gold in a research report on Thursday, February 29th. They issued a “buy” rating and a $21.00 price objective for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.60.

Barrick Gold Price Performance

Shares of NYSE:GOLD opened at $16.76 on Monday. The company has a quick ratio of 2.49, a current ratio of 3.32 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $29.42 billion, a PE ratio of 20.44, a P/E/G ratio of 1.44 and a beta of 0.59. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $20.26. The company has a 50-day moving average price of $16.43 and a two-hundred day moving average price of $16.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings data on Wednesday, May 1st. The gold and copper producer reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.04. Barrick Gold had a net margin of 12.58% and a return on equity of 4.88%. The business had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter last year, the company posted $0.14 earnings per share. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year.

Institutional Inflows and Outflows

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

Barrick Gold Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be given a dividend of $0.10 per share. The ex-dividend date is Friday, May 31st. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.07. This represents a $0.40 annualized dividend and a yield of 2.39%. Barrick Gold’s payout ratio is presently 48.78%.

Barrick Gold Company Profile

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.