Barrick Gold Corp (NYSE:GOLD) Forecasted to Earn Q2 2024 Earnings of $0.25 Per Share

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities researchers at Cormark raised their Q2 2024 earnings per share estimates for Barrick Gold in a note issued to investors on Thursday, May 2nd. Cormark analyst R. Gray now expects that the gold and copper producer will earn $0.25 per share for the quarter, up from their previous forecast of $0.17. The consensus estimate for Barrick Gold’s current full-year earnings is $0.95 per share. Cormark also issued estimates for Barrick Gold’s Q3 2024 earnings at $0.25 EPS.

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

Several other analysts have also recently weighed in on the company. Scotiabank dropped their price target on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a report on Tuesday, February 20th. BMO Capital Markets dropped their price target on Barrick Gold from $27.00 to $26.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Sanford C. Bernstein cut Barrick Gold from an “outperform” rating to a “market perform” rating in a report on Monday, January 8th. StockNews.com raised Barrick Gold from a “hold” rating to a “buy” rating in a report on Wednesday, February 21st. Finally, Jefferies Financial Group started coverage on Barrick Gold in a report on Thursday, February 29th. They set a “buy” rating and a $21.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Barrick Gold presently has an average rating of “Moderate Buy” and an average price target of $21.60.

Barrick Gold Stock Performance

NYSE:GOLD opened at $16.46 on Monday. The stock has a market cap of $28.90 billion, a P/E ratio of 20.07, a PEG ratio of 1.44 and a beta of 0.59. The stock has a 50 day simple moving average of $16.34 and a 200 day simple moving average of $16.35. The company has a current ratio of 3.16, a quick ratio of 2.40 and a debt-to-equity ratio of 0.15. Barrick Gold has a 1-year low of $13.76 and a 1-year high of $20.75.

Barrick Gold Increases Dividend

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

Hedge Funds Weigh In On Barrick Gold

Several hedge funds and other institutional investors have recently modified their holdings of GOLD. Creative Financial Designs Inc. ADV grew its position in Barrick Gold by 7.1% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 9,100 shares of the gold and copper producer’s stock worth $165,000 after acquiring an additional 600 shares during the last quarter. Stratos Wealth Partners LTD. grew its position in Barrick Gold by 5.3% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 13,714 shares of the gold and copper producer’s stock worth $200,000 after acquiring an additional 689 shares during the last quarter. Legacy Wealth Asset Management LLC grew its position in Barrick Gold by 2.9% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 24,555 shares of the gold and copper producer’s stock worth $357,000 after acquiring an additional 694 shares during the last quarter. A. D. Beadell Investment Counsel Inc. grew its position in Barrick Gold by 1.2% during the 4th quarter. A. D. Beadell Investment Counsel Inc. now owns 59,825 shares of the gold and copper producer’s stock worth $1,082,000 after acquiring an additional 700 shares during the last quarter. Finally, Fifth Third Bancorp grew its position in Barrick Gold by 13.1% during the 3rd quarter. Fifth Third Bancorp now owns 6,067 shares of the gold and copper producer’s stock worth $88,000 after acquiring an additional 702 shares during the last quarter. Institutional investors 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.