Barrick Gold Corp to Post Q2 2024 Earnings of $0.31 Per Share, Raymond James Forecasts (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at Raymond James lowered their Q2 2024 earnings estimates for Barrick Gold in a research report issued to clients and investors on Wednesday, May 1st. Raymond James analyst B. Macarthur now expects that the gold and copper producer will post earnings per share of $0.31 for the quarter, down from their prior forecast of $0.32. Raymond James has a “Outperform” rating and a $23.00 price target on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $0.95 per share.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced 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. The business had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.74 billion. Barrick Gold had a net margin of 12.58% and a return on equity of 4.88%. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the firm posted $0.14 earnings per share.

A number of other research analysts have also recently issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $18.00 price objective on shares of Barrick Gold in a research note on Monday, March 4th. National Bank Financial restated a “sector perform overweight” rating on shares of Barrick Gold in a research report on Monday, April 8th. Scotiabank cut their target price on shares of 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. TD Securities cut their target price on shares of Barrick Gold from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. Finally, Argus restated a “hold” rating on shares of Barrick Gold in a research report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $21.60.

Barrick Gold Stock Performance

Shares of NYSE:GOLD opened at $16.68 on Monday. The company’s 50 day simple moving average is $16.38 and its 200 day simple moving average is $16.35. The stock has a market capitalization of $29.28 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 1.44 and a beta of 0.59. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.32 and a quick ratio of 2.49. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $20.26.

Barrick Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a $0.10 dividend. The ex-dividend date is Friday, May 31st. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.07. This represents a $0.40 annualized dividend and a dividend yield of 2.40%. Barrick Gold’s dividend payout ratio (DPR) is 48.78%.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors and hedge funds have recently modified their holdings of the business. Principal Securities Inc. acquired a new position in shares of Barrick Gold during the fourth quarter valued at about $26,000. EverSource Wealth Advisors LLC raised its stake 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 during the period. Bruce G. Allen Investments LLC bought a new position in Barrick Gold in the fourth quarter worth approximately $35,000. Mark Sheptoff Financial Planning LLC acquired a new stake in Barrick Gold in the fourth quarter valued at approximately $45,000. Finally, Optiver Holding B.V. bought a new stake in shares of Barrick Gold during the fourth quarter valued at approximately $46,000. 62.85% of the stock is currently owned by institutional investors.

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.