Analysts Set Expectations for Barrick Gold FY2024 Earnings

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – National Bank Financial decreased their FY2024 earnings per share (EPS) estimates for shares of Barrick Gold in a report released on Monday, February 10th. National Bank Financial analyst M. Parkin now anticipates that the gold and copper producer will post earnings per share of $1.24 for the year, down from their previous forecast of $1.33. The consensus estimate for Barrick Gold’s current full-year earnings is $1.23 per share. National Bank Financial also issued estimates for Barrick Gold’s Q4 2024 earnings at $0.43 EPS.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Barrick Gold had a return on equity of 5.82% and a net margin of 13.19%.

Several other analysts have also recently weighed in on the company. Cibc World Mkts cut Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Scotiabank cut Barrick Gold from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from $23.00 to $19.00 in a report on Thursday, January 30th. Raymond James lowered their price target on Barrick Gold from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Bank of America cut Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $21.00 to $18.00 in a report on Monday, January 27th. Finally, CIBC cut Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday, November 25th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.83.

Barrick Gold Stock Performance

NYSE:GOLD opened at $18.18 on Wednesday. The business’s 50-day moving average price is $16.18 and its two-hundred day moving average price is $18.17. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $21.35. The stock has a market cap of $31.40 billion, a P/E ratio of 19.55, a PEG ratio of 0.39 and a beta of 0.55. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14.

Barrick Gold Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.20%. Barrick Gold’s dividend payout ratio (DPR) is currently 43.01%.

Barrick Gold announced that its board has approved a share repurchase plan on Wednesday, February 12th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the gold and copper producer to reacquire up to 3.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Barrick Gold

A number of large investors have recently bought and sold shares of the stock. Ritholtz Wealth Management raised its stake in shares of Barrick Gold by 2.8% in the third quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock worth $361,000 after purchasing an additional 502 shares during the last quarter. Greenleaf Trust raised its stake in shares of Barrick Gold by 2.1% in the third quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock worth $510,000 after purchasing an additional 540 shares during the last quarter. Moors & Cabot Inc. raised its stake in shares of Barrick Gold by 0.9% in the third quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock worth $1,275,000 after purchasing an additional 579 shares during the last quarter. Chelsea Counsel Co. raised its stake in shares of Barrick Gold by 1.4% in the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock worth $855,000 after purchasing an additional 590 shares during the last quarter. Finally, Avior Wealth Management LLC raised its stake in shares of Barrick Gold by 24.1% in the third quarter. Avior Wealth Management LLC now owns 3,399 shares of the gold and copper producer’s stock worth $68,000 after purchasing an additional 659 shares during the last quarter. 62.85% of the stock is owned by hedge funds and other 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.