Q3 2024 Earnings Estimate for Barrick Gold Corp Issued By Raymond James (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities researchers at Raymond James raised their Q3 2024 earnings per share estimates for shares of Barrick Gold in a research report issued on Wednesday, May 1st. Raymond James analyst B. Macarthur now forecasts that the gold and copper producer will post earnings of $0.34 per share for the quarter, up from their prior estimate of $0.33. Raymond James currently 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. Raymond James also issued estimates for Barrick Gold’s Q4 2024 earnings at $0.35 EPS, FY2024 earnings at $1.19 EPS and FY2025 earnings at $1.33 EPS.

A number of other research analysts also recently commented on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $18.00 target price on shares of Barrick Gold in a research report on Monday, March 4th. TD Securities lowered their price target on Barrick Gold from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, February 16th. CIBC reduced their target price 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. Sanford C. Bernstein downgraded shares of Barrick Gold from an “outperform” rating to a “market perform” rating in a report on Monday, January 8th. Finally, Jefferies Financial Group started coverage on Barrick Gold in a research note on Thursday, February 29th. They set a “buy” rating and a $21.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Barrick Gold currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.60.

Barrick Gold Trading Down 0.5 %

Shares of GOLD stock opened at $16.46 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.40 and a current ratio of 3.16. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $20.75. The stock has a fifty day simple moving average of $16.34 and a two-hundred day simple moving average of $16.35. The firm has a market capitalization of $28.90 billion, a PE ratio of 20.07, a PEG ratio of 1.45 and a beta of 0.59.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced 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 4.89%. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same period in the prior year, the company posted $0.14 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year.

Barrick Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be issued a $0.10 dividend. This is an increase from Barrick Gold’s previous quarterly dividend of $0.07. This represents a $0.40 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Friday, May 31st. Barrick Gold’s dividend payout ratio is presently 48.78%.

Institutional Investors Weigh In On Barrick Gold

Several hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in shares of Barrick Gold by 58.4% in the 4th quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock worth $1,821,963,000 after buying an additional 37,128,653 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Barrick Gold by 9.7% during the 4th quarter. Van ECK Associates Corp now owns 80,933,517 shares of the gold and copper producer’s stock worth $1,464,070,000 after buying an additional 7,150,142 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Barrick Gold by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 63,671,495 shares of the gold and copper producer’s stock worth $1,151,817,000 after purchasing an additional 1,103,710 shares during the period. Capital World Investors grew its holdings in shares of Barrick Gold by 16.4% during the 4th quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock worth $821,790,000 after purchasing an additional 6,417,244 shares during the period. Finally, First Eagle Investment Management LLC increased its position in Barrick Gold by 6.4% during the 4th quarter. First Eagle Investment Management LLC now owns 44,681,411 shares of the gold and copper producer’s stock worth $808,287,000 after purchasing an additional 2,680,178 shares in the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

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.