Barrick Gold Corp (NYSE:GOLD) Expected to Earn Q2 2024 Earnings of $0.32 Per Share

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at Raymond James boosted their Q2 2024 EPS estimates for Barrick Gold in a report released on Tuesday, April 23rd. Raymond James analyst B. Macarthur now expects that the gold and copper producer will post earnings of $0.32 per share for the quarter, up from their previous estimate of $0.21. 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. Raymond James also issued estimates for Barrick Gold’s Q3 2024 earnings at $0.33 EPS, Q4 2024 earnings at $0.34 EPS and FY2024 earnings at $1.15 EPS.

A number of other brokerages have also issued reports on GOLD. Scotiabank decreased their target price on shares of Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research note on Tuesday, February 20th. National Bank Financial restated a “sector perform overweight” rating on shares of Barrick Gold in a research report on Monday, April 8th. StockNews.com raised Barrick Gold from a “hold” rating to a “buy” rating in a research note on Wednesday, February 21st. Jefferies Financial Group initiated coverage on shares of Barrick Gold in a report on Thursday, February 29th. They issued a “buy” rating and a $21.00 price target for the company. Finally, BMO Capital Markets reduced their price objective on Barrick Gold from $27.00 to $26.00 and set an “outperform” rating on the stock in a report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.06.

Barrick Gold Stock Up 0.1 %

GOLD stock opened at $17.09 on Friday. The company’s 50 day simple moving average is $16.14 and its 200-day simple moving average is $16.32. The firm has a market capitalization of $30.00 billion, a P/E ratio of 23.74, a P/E/G ratio of 1.50 and a beta of 0.58. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $20.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.16 and a quick ratio of 2.40.

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

Barrick Gold Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were issued a dividend of $0.074 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Wednesday, February 28th. Barrick Gold’s dividend payout ratio is currently 55.56%.

Hedge Funds Weigh In On Barrick Gold

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP lifted its holdings in shares of Barrick Gold by 58.4% in the fourth quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock valued at $1,821,963,000 after purchasing an additional 37,128,653 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Barrick Gold by 9.7% during the 4th quarter. Van ECK Associates Corp now owns 80,933,517 shares of the gold and copper producer’s stock worth $1,464,070,000 after buying an additional 7,150,142 shares during the period. Capital World Investors grew its position in shares of Barrick Gold by 16.4% in the fourth quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock valued at $821,790,000 after purchasing an additional 6,417,244 shares during the last quarter. Ruffer LLP grew its holdings in Barrick Gold by 198.3% in the 4th quarter. Ruffer LLP now owns 9,606,218 shares of the gold and copper producer’s stock valued at $173,727,000 after buying an additional 6,385,566 shares in the last quarter. Finally, FMR LLC increased its position in Barrick Gold by 12.2% during the third quarter. FMR LLC now owns 43,399,480 shares of the gold and copper producer’s stock worth $631,228,000 after acquiring an additional 4,731,559 shares during the period. 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.