Barrick Gold FY2024 EPS Lifted by National Bank Financial

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at National Bank Financial upped their FY2024 earnings estimates for Barrick Gold in a report released on Tuesday, October 22nd. National Bank Financial analyst M. Parkin now anticipates that the gold and copper producer will post earnings of $1.46 per share for the year, up from their previous forecast of $1.24. The consensus estimate for Barrick Gold’s current full-year earnings is $1.27 per share. National Bank Financial also issued estimates for Barrick Gold’s FY2025 earnings at $1.97 EPS.

GOLD has been the subject of a number of other reports. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Thursday, August 29th. CIBC boosted their price target on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Raymond James reduced their price objective on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. UBS Group boosted their target price on Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Finally, Royal Bank of Canada raised their price target on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.60.

Barrick Gold Price Performance

GOLD opened at $19.61 on Friday. The company has a current ratio of 3.01, a quick ratio of 2.31 and a debt-to-equity ratio of 0.15. The company has a market cap of $34.37 billion, a price-to-earnings ratio of 23.91, a price-to-earnings-growth ratio of 0.47 and a beta of 0.55. The stock has a fifty day simple moving average of $20.18 and a two-hundred day simple moving average of $18.33. Barrick Gold has a 12-month low of $13.76 and a 12-month high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The firm had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the prior year, the business earned $0.19 EPS. The business’s revenue for the quarter was up 11.6% on a year-over-year basis.

Barrick Gold Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.04%. Barrick Gold’s dividend payout ratio is currently 48.78%.

Institutional Trading of Barrick Gold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Barrick Gold by 1.7% in the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock worth $1,077,624,000 after purchasing an additional 1,089,572 shares during the period. First Eagle Investment Management LLC boosted its holdings in Barrick Gold by 31.6% in the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock worth $978,766,000 after buying an additional 14,138,639 shares during the period. EdgePoint Investment Group Inc. raised its holdings in Barrick Gold by 3.7% during the second quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock valued at $314,254,000 after acquiring an additional 666,214 shares during the period. National Bank of Canada FI lifted its position in shares of Barrick Gold by 9.0% in the first quarter. National Bank of Canada FI now owns 14,887,656 shares of the gold and copper producer’s stock valued at $251,929,000 after acquiring an additional 1,231,184 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of Barrick Gold by 3.3% in the second quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock worth $242,491,000 after acquiring an additional 461,406 shares during the period. 62.85% of the stock is owned by hedge funds and other institutional investors.

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.