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

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at Raymond James decreased their Q2 2024 EPS estimates for Barrick Gold in a research note issued on Wednesday, May 1st. Raymond James analyst B. Macarthur now anticipates that the gold and copper producer will post earnings per share of $0.31 for the quarter, down from their prior forecast of $0.32. Raymond James 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.

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

GOLD has been the topic of a number of other research reports. StockNews.com upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating in a research note on Wednesday, February 21st. CIBC lowered their price objective on shares of Barrick Gold from $27.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 7th. Royal Bank of Canada reiterated an “outperform” rating and set a $18.00 price objective on shares of Barrick Gold in a research note on Monday, March 4th. TD Securities decreased their price target on shares of Barrick Gold from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. Finally, Jefferies Financial Group began coverage on shares of Barrick Gold in a research report on Thursday, February 29th. They issued a “buy” rating and a $21.00 price target on the stock. 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.60.

Barrick Gold Stock Performance

GOLD opened at $16.76 on Monday. The business’s 50 day moving average is $16.43 and its 200-day moving average is $16.35. The stock has a market cap of $29.42 billion, a PE ratio of 20.44, a price-to-earnings-growth ratio of 1.44 and a beta of 0.59. The company has a current ratio of 3.32, a quick ratio of 2.49 and a debt-to-equity ratio of 0.15. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $20.26.

Barrick Gold Increases Dividend

The company also recently announced 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. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.07. The ex-dividend date is Friday, May 31st. This represents a $0.40 dividend on an annualized basis and a yield of 2.39%. Barrick Gold’s payout ratio is currently 48.78%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Principal Securities Inc. bought a new position in shares of Barrick Gold during the 4th quarter worth about $26,000. EverSource Wealth Advisors LLC increased its holdings in shares of Barrick Gold by 175.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock worth $32,000 after purchasing an additional 1,143 shares during the period. Bruce G. Allen Investments LLC bought a new position in shares of Barrick Gold during the 4th quarter worth about $35,000. Mark Sheptoff Financial Planning LLC bought a new position in shares of Barrick Gold during the 4th quarter worth about $45,000. Finally, Optiver Holding B.V. bought a new position in shares of Barrick Gold during the 4th quarter worth about $46,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.