Cormark Comments on Barrick Gold Co.’s Q1 2024 Earnings (TSE:ABX)

Barrick Gold Co. (TSE:ABX) (NYSE:ABX) – Equities research analysts at Cormark lowered their Q1 2024 earnings per share (EPS) estimates for shares of Barrick Gold in a research note issued to investors on Wednesday, April 17th. Cormark analyst R. Gray now anticipates that the basic materials company will post earnings of $0.21 per share for the quarter, down from their prior estimate of $0.23. The consensus estimate for Barrick Gold’s current full-year earnings is $1.20 per share. Cormark also issued estimates for Barrick Gold’s FY2024 earnings at $0.91 EPS.

Barrick Gold (TSE:ABX) (NYSE:ABX) last released its earnings results on Wednesday, February 14th. The basic materials company reported C$0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.28 by C$0.09. The company had revenue of C$4.16 billion during the quarter, compared to analyst estimates of C$4.28 billion. Barrick Gold had a return on equity of 6.17% and a net margin of 11.16%.

Several other equities analysts have also issued reports on the company. Veritas Investment Research upped their target price on Barrick Gold from C$20.70 to C$25.00 in a report on Friday, April 12th. Sanford C. Bernstein reduced their target price on Barrick Gold from C$30.00 to C$29.00 and set an “outperform” rating for the company in a report on Thursday, January 25th. Raymond James reduced their target price on Barrick Gold from C$28.00 to C$24.00 in a report on Friday, February 16th. National Bankshares reduced their price objective on Barrick Gold from C$29.00 to C$28.00 and set a “sector perform” rating for the company in a report on Tuesday, February 6th. Finally, CIBC reissued an “outperform” rating and set a C$31.00 price objective on shares of Barrick Gold in a report on Thursday, February 15th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$28.10.

Barrick Gold Stock Performance

ABX stock opened at C$23.02 on Thursday. The firm has a market cap of C$40.52 billion, a PE ratio of 23.25, a P/E/G ratio of 1.94 and a beta of 0.46. The company has a quick ratio of 2.62, a current ratio of 3.16 and a debt-to-equity ratio of 16.32. The business has a 50 day moving average of C$21.44 and a 200-day moving average of C$21.95. Barrick Gold has a 12-month low of C$18.65 and a 12-month high of C$28.19.

Barrick Gold Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, February 28th. This represents a $0.40 annualized dividend and a dividend yield of 1.74%. Barrick Gold’s dividend payout ratio is currently 54.55%.

About Barrick Gold

Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties in Canada and internationally. The company also explores and sells silver and energy materials. It has ownership interests in producing gold mines located in Argentina, Canada, Côte d'Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania, and the United States.