Barrick Gold Corp Forecasted to Post Q3 2024 Earnings of $0.34 Per Share (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Research analysts at Raymond James raised their Q3 2024 EPS estimates for shares of Barrick Gold in a research note issued to investors on Wednesday, May 1st. Raymond James analyst B. Macarthur now anticipates that the gold and copper producer will post earnings per share of $0.34 for the quarter, up from their prior estimate of $0.33. 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 Q4 2024 earnings at $0.35 EPS, FY2024 earnings at $1.19 EPS and FY2025 earnings at $1.33 EPS.

Other research analysts also recently issued reports about the stock. Argus reiterated a “hold” rating on shares of Barrick Gold in a research report on Monday, February 26th. Sanford C. Bernstein cut Barrick Gold from an “outperform” rating to a “market perform” rating in a research report on Monday, January 8th. Scotiabank lowered their price objective on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, February 20th. Royal Bank of Canada restated an “outperform” rating and set a $18.00 target price on shares of Barrick Gold in a research note on Monday, March 4th. Finally, BMO Capital Markets dropped their price target on shares of Barrick Gold from $27.00 to $26.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.06.

Barrick Gold Stock Performance

GOLD stock opened at $16.46 on Friday. 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 has a 1 year low of $13.76 and a 1 year high of $20.75. The company has a market cap of $28.90 billion, a P/E ratio of 20.07, a price-to-earnings-growth ratio of 1.44 and a beta of 0.59. The stock’s fifty day moving average price is $16.31 and its 200-day moving average price is $16.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings results on Wednesday, May 1st. The gold and copper producer reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.04. Barrick Gold had a net margin of 12.58% and a return on equity of 4.89%. The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same period in the previous year, the business posted $0.14 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis.

Barrick Gold Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be given a $0.10 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.40 annualized dividend and a yield of 2.43%. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.07. Barrick Gold’s dividend payout ratio (DPR) is currently 48.78%.

Hedge Funds Weigh In On Barrick Gold

Large investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its position in Barrick Gold by 58.4% during 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 acquiring an additional 37,128,653 shares during the last quarter. Van ECK Associates Corp lifted its stake in Barrick Gold by 9.7% in the fourth 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 purchasing an additional 7,150,142 shares during the last quarter. Capital World Investors boosted its position in shares of Barrick Gold by 16.4% during 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 buying an additional 6,417,244 shares during the period. Ruffer LLP grew its stake in shares of Barrick Gold by 198.3% during the fourth 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 during the last quarter. Finally, FMR LLC raised its holdings in shares of Barrick Gold by 12.2% in the third quarter. FMR LLC now owns 43,399,480 shares of the gold and copper producer’s stock worth $631,228,000 after buying an additional 4,731,559 shares during the period. Institutional investors 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.