Q2 2024 EPS Estimates for Barrick Gold Corp Reduced by Raymond James (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Raymond James reduced their Q2 2024 earnings per share (EPS) estimates for Barrick Gold in a research note issued on Wednesday, May 1st. Raymond James analyst B. Macarthur now forecasts that the gold and copper producer will post earnings of $0.31 per share for the quarter, down from their prior estimate of $0.32. Raymond James currently has a “Outperform” rating and a $23.00 target price on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $0.95 per share.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings results on Wednesday, May 1st. The gold and copper producer reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.04. The firm had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.74 billion. Barrick Gold had a return on equity of 4.88% and a net margin of 12.58%. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 earnings per share.

Several other analysts have also recently commented on the stock. Sanford C. Bernstein cut shares of Barrick Gold from an “outperform” rating to a “market perform” rating in a research note on Monday, January 8th. 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 target price for the company. Scotiabank decreased their price target on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, February 20th. National Bank Financial reaffirmed a “sector perform overweight” rating on shares of Barrick Gold in a report on Monday, April 8th. Finally, CIBC reduced their target price on Barrick Gold from $27.00 to $23.00 and set an “outperform” rating for the company in a report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.60.

Barrick Gold Trading Up 1.3 %

NYSE GOLD opened at $16.68 on Monday. The firm’s fifty day moving average is $16.38 and its two-hundred day moving average is $16.35. Barrick Gold has a one year low of $13.76 and a one year high of $20.26. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.49 and a current ratio of 3.32. The firm has a market cap of $29.28 billion, a PE ratio of 20.34, a P/E/G ratio of 1.44 and a beta of 0.59.

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 paid a dividend of $0.10 per share. The ex-dividend date is Friday, May 31st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.40%. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.07. Barrick Gold’s dividend payout ratio (DPR) is currently 48.78%.

Institutional Trading of Barrick Gold

Hedge funds have recently made changes to their positions in the company. Principal Securities Inc. bought a new stake in shares of Barrick Gold in the fourth quarter worth $26,000. EverSource Wealth Advisors LLC increased its stake in Barrick Gold by 175.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock valued at $32,000 after purchasing an additional 1,143 shares during the last quarter. Bruce G. Allen Investments LLC bought a new stake in Barrick Gold during the fourth quarter valued at $35,000. Mark Sheptoff Financial Planning LLC bought a new stake in Barrick Gold during the fourth quarter valued at $45,000. Finally, Optiver Holding B.V. bought a new stake in Barrick Gold during the fourth quarter valued at $46,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

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.