Cormark Analysts Cut Earnings Estimates for Barrick Gold Corp (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Stock analysts at Cormark dropped their Q1 2024 earnings per share estimates for Barrick Gold in a research note issued on Wednesday, April 17th. Cormark analyst R. Gray now anticipates that the gold and copper producer will post earnings per share of $0.15 for the quarter, down from their previous estimate of $0.17. The consensus estimate for Barrick Gold’s current full-year earnings is $0.91 per share. Cormark also issued estimates for Barrick Gold’s FY2024 earnings at $0.66 EPS.

GOLD has been the topic of a number of other reports. Royal Bank of Canada reissued an “outperform” rating and set a $18.00 target price on shares of Barrick Gold in a research report on Monday, March 4th. StockNews.com raised Barrick Gold from a “hold” rating to a “buy” rating in a research report on Wednesday, February 21st. CIBC decreased their target price on Barrick Gold from $27.00 to $23.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 7th. Jefferies Financial Group started coverage on Barrick Gold in a research report on Thursday, February 29th. They set a “buy” rating and a $21.00 target price on the stock. Finally, Raymond James lowered their price objective on Barrick Gold from $24.00 to $23.00 and set an “outperform” rating on the stock in a research note on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.48.

Barrick Gold Stock Up 1.7 %

GOLD stock opened at $16.98 on Thursday. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $20.75. The company has a market cap of $29.81 billion, a PE ratio of 23.58, a price-to-earnings-growth ratio of 1.50 and a beta of 0.58. The business’s 50-day simple moving average is $15.86 and its 200 day simple moving average is $16.21. The company has a quick ratio of 2.40, a current ratio of 3.16 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.06. Barrick Gold had a return on equity of 4.64% and a net margin of 11.16%. The business had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same period last year, the business earned $0.13 earnings per share.

Barrick Gold Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were issued a $0.074 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend was Wednesday, February 28th. Barrick Gold’s payout ratio is currently 55.56%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GOLD. Principal Securities Inc. acquired a new position in shares of Barrick Gold in the 4th quarter worth approximately $26,000. Fairfield Bush & CO. acquired a new position in Barrick Gold during the 2nd quarter worth $29,000. EverSource Wealth Advisors LLC lifted its holdings in 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 buying an additional 1,143 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new position in Barrick Gold during the 4th quarter worth $35,000. Finally, Resurgent Financial Advisors LLC acquired a new position in Barrick Gold during the 4th quarter worth $36,000. 62.85% of the stock is owned by institutional investors and hedge funds.

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.