Cormark Issues Positive Forecast for Barrick Gold Earnings

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities research analysts at Cormark raised their Q4 2024 earnings estimates for Barrick Gold in a research report issued on Friday, November 8th. Cormark analyst R. Gray now forecasts that the gold and copper producer will post earnings of $0.39 per share for the quarter, up from their prior estimate of $0.36. The consensus estimate for Barrick Gold’s current full-year earnings is $1.29 per share. Cormark also issued estimates for Barrick Gold’s FY2025 earnings at $1.81 EPS and FY2026 earnings at $2.06 EPS.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a net margin of 13.19% and a return on equity of 5.85%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.19 EPS.

Several other equities research analysts have also issued reports on the company. TD Securities dropped their price target on Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Royal Bank of Canada raised their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Jefferies Financial Group boosted their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Scotiabank cut their target price on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating on the stock in a report on Friday, November 8th. Finally, UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and lowered their target price for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Barrick Gold presently has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Stock Down 2.2 %

Shares of Barrick Gold stock opened at $17.02 on Monday. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $19.89 and a 200 day moving average price of $18.49. Barrick Gold has a fifty-two week low of $13.76 and a fifty-two week high of $21.35. The firm has a market cap of $29.75 billion, a P/E ratio of 18.32, a P/E/G ratio of 0.43 and a beta of 0.56.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GOLD. Exchange Traded Concepts LLC lifted its holdings in Barrick Gold by 198.1% in the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after purchasing an additional 935 shares during the period. Clean Yield Group acquired a new stake in shares of Barrick Gold in the 1st quarter worth approximately $25,000. Eastern Bank bought a new position in shares of Barrick Gold in the third quarter valued at approximately $32,000. Crewe Advisors LLC increased its stake in shares of Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock valued at $30,000 after acquiring an additional 1,572 shares during the period. Finally, JFS Wealth Advisors LLC raised its holdings in Barrick Gold by 451.7% during the third quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock worth $38,000 after purchasing an additional 1,563 shares in the last quarter. Institutional investors own 62.85% of the company’s stock.

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a yield of 2.35%. Barrick Gold’s dividend payout ratio (DPR) is presently 43.01%.

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.