Q2 2024 EPS Estimates for Barrick Gold Corp Lifted by Analyst (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities research analysts at Cormark increased their Q2 2024 earnings per share estimates for shares of Barrick Gold in a research report issued to clients and investors on Thursday, May 2nd. Cormark analyst R. Gray now forecasts that the gold and copper producer will earn $0.25 per share for the quarter, up from their prior estimate 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 posted its quarterly earnings data 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 4.88%. The company had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same period in the prior year, the business posted $0.14 EPS. The company’s quarterly revenue was up 3.9% on a year-over-year basis.

Other equities research analysts also recently issued reports about the stock. Raymond James cut their price objective on shares of Barrick Gold from $24.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. Argus restated a “hold” rating on shares of Barrick Gold in a research report on Monday, February 26th. CIBC lowered their target price on shares of Barrick Gold from $27.00 to $23.00 and set an “outperform” rating on the stock in a report on Wednesday, February 7th. StockNews.com raised shares of Barrick Gold from a “hold” rating to a “buy” rating in a report on Wednesday, February 21st. Finally, TD Securities lowered their target price on shares of Barrick Gold from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, February 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.60.

Barrick Gold Trading Up 0.5 %

Shares of GOLD stock opened at $16.76 on Monday. The firm has a 50 day moving average price of $16.43 and a two-hundred day moving average price of $16.35. The company has a quick ratio of 2.49, a current ratio of 3.32 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $29.42 billion, a PE ratio of 20.44, a price-to-earnings-growth ratio of 1.44 and a beta of 0.59. Barrick Gold has a 12-month low of $13.76 and a 12-month high of $20.26.

Hedge Funds Weigh In On Barrick Gold

Hedge funds and other institutional investors have recently bought and sold shares of the company. Addenda Capital Inc. increased its stake in Barrick Gold by 88.1% in the fourth quarter. Addenda Capital Inc. now owns 3,105,335 shares of the gold and copper producer’s stock valued at $56,176,000 after purchasing an additional 1,454,220 shares in the last quarter. Cheyne Capital Management UK LLP bought a new stake in Barrick Gold in the third quarter valued at $2,910,000. Klein Pavlis & Peasley Financial Inc. bought a new stake in Barrick Gold in the fourth quarter valued at $1,331,000. DAVENPORT & Co LLC increased its stake in Barrick Gold by 17.9% in the fourth quarter. DAVENPORT & Co LLC now owns 73,627 shares of the gold and copper producer’s stock valued at $1,332,000 after purchasing an additional 11,166 shares in the last quarter. Finally, Gateway Investment Advisers LLC increased its stake in Barrick Gold by 204.2% in the fourth quarter. Gateway Investment Advisers LLC now owns 249,017 shares of the gold and copper producer’s stock valued at $4,505,000 after purchasing an additional 167,145 shares in the last quarter. Institutional investors and hedge funds own 62.85% of the company’s stock.

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 issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Friday, May 31st. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.07. Barrick Gold’s payout ratio is 48.78%.

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.