Cormark Analysts Cut Earnings Estimates for Barrick Gold Corp (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities research analysts at Cormark reduced their Q1 2024 earnings per share (EPS) estimates for Barrick Gold in a report issued on Wednesday, April 17th. Cormark analyst R. Gray now forecasts that the gold and copper producer will earn $0.15 per share for the quarter, down from their previous forecast of $0.17. The consensus estimate for Barrick Gold’s current full-year earnings is $0.91 per share. Cormark also issued estimates for Barrick Gold’s FY2024 earnings at $0.66 EPS.

Several other equities research analysts have also commented on the company. Royal Bank of Canada restated an “outperform” rating and set a $18.00 price target on shares of Barrick Gold in a research note on Monday, March 4th. Argus reaffirmed a “hold” rating on shares of Barrick Gold in a research report on Monday, February 26th. BMO Capital Markets decreased their target price on Barrick Gold from $27.00 to $26.00 and set an “outperform” rating for the company in a research report on Wednesday. StockNews.com raised Barrick Gold from a “hold” rating to a “buy” rating in a research report on Wednesday, February 21st. Finally, Jefferies Financial Group assumed coverage on Barrick Gold in a research report on Thursday, February 29th. They issued a “buy” rating and a $21.00 target price for the company. One investment 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.com, Barrick Gold presently has an average rating of “Moderate Buy” and a consensus price target of $21.48.

Barrick Gold Stock Performance

Shares of NYSE:GOLD opened at $16.98 on Thursday. The firm has a market capitalization of $29.81 billion, a PE ratio of 23.58, a P/E/G ratio of 1.50 and a beta of 0.58. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.16 and a quick ratio of 2.40. The business has a 50-day moving average of $15.86 and a two-hundred day moving average of $16.21. Barrick Gold has a 12 month low of $13.76 and a 12 month high of $20.75.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly 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. The company had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a return on equity of 4.64% and a net margin of 11.16%. During the same period in the prior year, the firm posted $0.13 earnings per share.

Barrick Gold Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were issued a $0.074 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Wednesday, February 28th. Barrick Gold’s dividend payout ratio is currently 55.56%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in Barrick Gold by 58.4% during the fourth quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock valued at $1,821,963,000 after buying an additional 37,128,653 shares in the last quarter. Van ECK Associates Corp raised its stake in Barrick Gold by 9.7% during the fourth quarter. Van ECK Associates Corp now owns 80,933,517 shares of the gold and copper producer’s stock valued at $1,464,070,000 after buying an additional 7,150,142 shares in the last quarter. Vanguard Group Inc. raised its stake in Barrick Gold by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 63,671,495 shares of the gold and copper producer’s stock valued at $1,151,817,000 after buying an additional 1,103,710 shares in the last quarter. Capital World Investors raised its stake in Barrick Gold by 16.4% during the fourth quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock valued at $821,790,000 after buying an additional 6,417,244 shares in the last quarter. Finally, First Eagle Investment Management LLC raised its stake in Barrick Gold by 6.4% during the fourth quarter. First Eagle Investment Management LLC now owns 44,681,411 shares of the gold and copper producer’s stock valued at $808,287,000 after buying an additional 2,680,178 shares in the last quarter. 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.