Q2 2024 Earnings Estimate for Barrick Gold Corp Issued By Raymond James (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Investment analysts at Raymond James dropped their Q2 2024 earnings estimates for Barrick Gold in a report released on Wednesday, May 1st. Raymond James analyst B. Macarthur now expects that the gold and copper producer will post earnings per share of $0.31 for the quarter, down from their previous forecast of $0.32. Raymond James currently has a “Outperform” rating and a $23.00 price objective on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $0.95 per share.

Several other equities analysts have also weighed in on the company. TD Securities cut their target price on Barrick Gold from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, February 16th. Argus reiterated a “hold” rating on shares of Barrick Gold in a research note on Monday, February 26th. BMO Capital Markets lowered their price objective on Barrick Gold from $27.00 to $26.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. National Bank Financial reaffirmed a “sector perform overweight” rating on shares of Barrick Gold in a report on Monday, April 8th. Finally, Scotiabank reduced their price objective 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $21.60.

Barrick Gold Price Performance

Shares of NYSE:GOLD opened at $16.46 on Monday. 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 has a 1 year low of $13.76 and a 1 year high of $20.75. The business has a fifty day simple moving average of $16.34 and a 200 day simple moving average of $16.35. The firm has a market cap of $28.90 billion, a price-to-earnings ratio of 20.07, a P/E/G ratio of 1.44 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 the consensus estimate of $0.15 by $0.04. Barrick Gold had a return on equity of 4.89% and a net margin of 12.58%. The business had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same period last year, the company earned $0.14 earnings per share. Barrick Gold’s quarterly revenue was up 3.9% compared to the same quarter last year.

Institutional Investors Weigh In On Barrick Gold

Hedge funds and other institutional investors have recently made changes to their positions in the business. Addenda Capital Inc. raised its position in shares of Barrick Gold by 88.1% in the fourth quarter. Addenda Capital Inc. now owns 3,105,335 shares of the gold and copper producer’s stock valued at $56,176,000 after buying an additional 1,454,220 shares in the last quarter. Cheyne Capital Management UK LLP bought a new position in Barrick Gold in the third quarter valued at approximately $2,910,000. Klein Pavlis & Peasley Financial Inc. bought a new stake in shares of Barrick Gold during the fourth quarter worth $1,331,000. DAVENPORT & Co LLC grew its stake in shares of Barrick Gold by 17.9% during the fourth quarter. DAVENPORT & Co LLC now owns 73,627 shares of the gold and copper producer’s stock worth $1,332,000 after buying an additional 11,166 shares during the last quarter. Finally, Gateway Investment Advisers LLC grew its stake in shares of Barrick Gold by 204.2% during the fourth quarter. Gateway Investment Advisers LLC now owns 249,017 shares of the gold and copper producer’s stock worth $4,505,000 after buying an additional 167,145 shares during the last quarter. 62.85% of the stock is currently owned by institutional investors and hedge funds.

Barrick Gold Increases Dividend

The business also recently disclosed 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 an increase from Barrick Gold’s previous quarterly dividend of $0.07. This represents a $0.40 annualized dividend and a yield of 2.43%. Barrick Gold’s dividend payout ratio (DPR) is 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.