FY2024 EPS Estimates for Barrick Gold Corp Lifted by Analyst (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Raymond James lifted their FY2024 EPS estimates for Barrick Gold in a research report issued to clients and investors on Monday, September 23rd. Raymond James analyst B. Macarthur now anticipates that the gold and copper producer will earn $1.34 per share for the year, up from their previous estimate of $1.21. Raymond James has a “Outperform” rating and a $26.00 price objective on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $1.25 per share. Raymond James also issued estimates for Barrick Gold’s Q4 2024 earnings at $0.45 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 for the quarter, topping the consensus estimate of $0.27 by $0.05. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the prior year, the business posted $0.19 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year.

Several other research firms have also commented on GOLD. Royal Bank of Canada increased their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Thursday, August 29th. Scotiabank increased their price target on shares of Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. CIBC increased their price target on shares of Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Finally, Jefferies Financial Group increased their price target 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $23.60.

Barrick Gold Trading Up 1.5 %

Shares of GOLD opened at $21.02 on Wednesday. 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 firm’s 50-day moving average is $19.30 and its two-hundred day moving average is $17.74. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $21.21. The firm has a market capitalization of $36.84 billion, a P/E ratio of 25.84, a PEG ratio of 0.49 and a beta of 0.55.

Barrick Gold Dividend Announcement

The business 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. This represents a $0.40 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Friday, August 30th. Barrick Gold’s dividend payout ratio is currently 48.78%.

Hedge Funds Weigh In On Barrick Gold

A number of large investors have recently bought and sold shares of the stock. Wellington Management Group LLP raised its stake in Barrick Gold by 58.4% during the fourth 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 purchasing an additional 37,128,653 shares during the period. Vanguard Group Inc. raised its stake in Barrick Gold by 1.7% during 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 raised its stake in Barrick Gold by 31.6% during the first 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 purchasing an additional 14,138,639 shares during the period. Capital World Investors raised its stake in Barrick Gold by 16.4% during the fourth 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, EdgePoint Investment Group Inc. raised its stake in shares of Barrick Gold by 3.7% in the 2nd 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. 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.