FY2024 EPS Estimates for Barrick Gold Lowered by Analyst

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Raymond James lowered their FY2024 EPS estimates for shares of Barrick Gold in a report issued on Sunday, November 10th. Raymond James analyst B. Macarthur now anticipates that the gold and copper producer will post earnings per share of $1.25 for the year, down from their previous forecast of $1.27. Raymond James currently 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 $1.29 per share.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a net margin of 13.19% and a return on equity of 5.82%. The firm had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter last year, the business earned $0.19 earnings per share. Barrick Gold’s revenue was up 11.6% compared to the same quarter last year.

Several other equities analysts also recently weighed in on the company. Scotiabank reduced their target price on Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating on the stock in a research report on Friday, November 8th. Royal Bank of Canada raised their target price 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. UBS Group downgraded shares of 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. Jefferies Financial Group increased their price target on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Finally, Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Thursday, August 29th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Price Performance

GOLD stock opened at $16.81 on Tuesday. The stock has a market capitalization of $29.38 billion, a price-to-earnings ratio of 18.10, a price-to-earnings-growth ratio of 0.40 and a beta of 0.56. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $21.35. The stock’s fifty day simple moving average is $19.84 and its 200-day simple moving average is $18.49.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a yield of 2.38%. Barrick Gold’s dividend payout ratio (DPR) is 43.01%.

Institutional Investors Weigh In On Barrick Gold

A number of large investors have recently modified their holdings of GOLD. Empowered Funds LLC purchased a new stake in Barrick Gold during the 1st quarter worth $2,351,000. Sei Investments Co. lifted its stake in shares of Barrick Gold by 9.5% in the first quarter. Sei Investments Co. now owns 685,876 shares of the gold and copper producer’s stock worth $11,413,000 after acquiring an additional 59,456 shares in the last quarter. Headlands Technologies LLC lifted its stake in shares of Barrick Gold by 56.2% in the first quarter. Headlands Technologies LLC now owns 18,730 shares of the gold and copper producer’s stock worth $312,000 after acquiring an additional 6,740 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Barrick Gold by 7.2% in the first quarter. Russell Investments Group Ltd. now owns 2,268,534 shares of the gold and copper producer’s stock valued at $37,754,000 after purchasing an additional 151,458 shares during the last quarter. Finally, Bleakley Financial Group LLC grew its stake in Barrick Gold by 10.3% during the 1st quarter. Bleakley Financial Group LLC now owns 24,121 shares of the gold and copper producer’s stock valued at $401,000 after purchasing an additional 2,245 shares in the last quarter. Institutional investors and hedge funds 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.