Q4 2023 Earnings Forecast for Barrick Gold Corp (NYSE:GOLD) Issued By Cormark

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at Cormark decreased their Q4 2023 earnings per share estimates for shares of Barrick Gold in a report issued on Friday, November 3rd. Cormark analyst R. Gray now expects that the gold and copper producer will post earnings of $0.21 per share for the quarter, down from their prior forecast of $0.23. Cormark has a “Buy” rating on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $0.82 per share. Cormark also issued estimates for Barrick Gold’s FY2024 earnings at $1.00 EPS.

A number of other analysts also recently issued reports on GOLD. Veritas Investment Research downgraded Barrick Gold from a “buy” rating to a “reduce” rating in a research note on Wednesday, October 4th. StockNews.com cut Barrick Gold from a “buy” rating to a “hold” rating in a report on Friday, September 29th. Scotiabank dropped their target price on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Friday. Jefferies Financial Group dropped their target price on Barrick Gold from $18.00 to $15.00 and set a “hold” rating for the company in a report on Wednesday, October 4th. Finally, BMO Capital Markets dropped their target price on Barrick Gold from $31.00 to $30.00 and set an “outperform” rating for the company in a report on Friday, October 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.34.

Barrick Gold Stock Performance

NYSE:GOLD opened at $16.48 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.25 and a quick ratio of 2.42. Barrick Gold has a 1 year low of $13.57 and a 1 year high of $20.75. The stock’s 50 day simple moving average is $15.81 and its two-hundred day simple moving average is $15.15. The company has a market cap of $28.93 billion, a price-to-earnings ratio of -412.00, a PEG ratio of 1.59 and a beta of 0.46.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Thursday, November 2nd. The gold and copper producer reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. Barrick Gold had a positive return on equity of 3.25% and a negative net margin of 0.64%. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter in the previous year, the company posted $0.13 EPS. The company’s revenue was up 13.3% compared to the same quarter last year.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.43%. The ex-dividend date is Wednesday, November 29th. Barrick Gold’s dividend payout ratio is currently -1,025.00%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC acquired a new position in Barrick Gold during the 1st quarter valued at about $32,000. Fairfield Bush & CO. purchased a new stake in Barrick Gold during the 2nd quarter valued at about $29,000. HM Payson & Co. grew its stake in Barrick Gold by 58.2% during the 2nd quarter. HM Payson & Co. now owns 1,740 shares of the gold and copper producer’s stock valued at $29,000 after purchasing an additional 640 shares during the last quarter. RFP Financial Group LLC purchased a new stake in Barrick Gold during the 2nd quarter valued at about $30,000. Finally, Graham Capital Wealth Management LLC purchased a new stake in Barrick Gold during the 1st quarter valued at about $340,574,000. 58.20% of the stock is owned by institutional investors and hedge funds.

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.