Cormark Has Bullish Forecast for Barrick Gold Q3 Earnings

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Cormark increased their Q3 2024 earnings per share (EPS) estimates for shares of Barrick Gold in a report issued on Thursday, October 17th. Cormark analyst R. Gray now expects that the gold and copper producer will post earnings of $0.35 per share for the quarter, up from their previous estimate of $0.33. The consensus estimate for Barrick Gold’s current full-year earnings is $1.27 per share. Cormark also issued estimates for Barrick Gold’s Q4 2024 earnings at $0.36 EPS and FY2024 earnings at $1.21 EPS.

Several other research firms have also commented on GOLD. Jefferies Financial Group lifted 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. UBS Group upped their price objective on Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Royal Bank of Canada upped their price objective on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Raymond James cut their price objective on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Finally, Scotiabank boosted their target price on shares of Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.60.

Barrick Gold Stock Up 2.9 %

GOLD stock opened at $20.92 on Monday. The firm has a market cap of $36.67 billion, a PE ratio of 25.51, a PEG ratio of 0.47 and a beta of 0.55. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.31 and a current ratio of 3.01. The firm’s 50 day moving average price is $20.05 and its 200-day moving average price is $18.24. Barrick Gold has a one year low of $13.76 and a one year high of $21.21.

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. The business had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 EPS.

Institutional Investors Weigh In On Barrick Gold

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Barrick Gold by 1.7% in the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock valued at $1,077,624,000 after buying an additional 1,089,572 shares in the last quarter. First Eagle Investment Management LLC grew its position in shares of Barrick Gold by 31.6% in the first quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock valued at $978,766,000 after purchasing an additional 14,138,639 shares during the period. EdgePoint Investment Group Inc. grew its position in Barrick Gold by 3.7% during the second 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. National Bank of Canada FI grew its position in Barrick Gold by 9.0% during the first quarter. National Bank of Canada FI now owns 14,887,656 shares of the gold and copper producer’s stock valued at $251,929,000 after acquiring an additional 1,231,184 shares during the period. Finally, CIBC Asset Management Inc grew its position in Barrick Gold by 3.3% during the second quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock valued at $242,491,000 after acquiring an additional 461,406 shares during the period. Institutional investors and hedge funds own 62.85% of the company’s stock.

Barrick Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 annualized dividend and a yield of 1.91%. Barrick Gold’s dividend payout ratio is presently 48.78%.

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.