Q1 2024 EPS Estimates for Barrick Gold Corp (NYSE:GOLD) Cut by Cormark

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities researchers at Cormark lowered their Q1 2024 EPS estimates for Barrick Gold in a report issued on Wednesday, April 17th. Cormark analyst R. Gray now anticipates that the gold and copper producer will post earnings per share of $0.15 for the quarter, down from their prior estimate of $0.17. The consensus estimate for Barrick Gold’s current full-year earnings is $0.91 per share. Cormark also issued estimates for Barrick Gold’s FY2024 earnings at $0.66 EPS.

GOLD has been the topic of a number of other research reports. TD Securities decreased their price target 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. CIBC decreased their price target 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. Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 price target on shares of Barrick Gold in a report on Monday, March 4th. Argus reissued a “hold” rating on shares of Barrick Gold in a research note on Monday, February 26th. Finally, 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 note on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.05.

Barrick Gold Stock Up 1.3 %

Shares of GOLD opened at $16.70 on Thursday. The firm has a market cap of $29.32 billion, a PE ratio of 23.19, a price-to-earnings-growth ratio of 1.58 and a beta of 0.58. The company’s fifty day moving average is $15.82 and its two-hundred day moving average is $16.20. Barrick Gold has a fifty-two week low of $13.76 and a fifty-two week high of $20.75. The company has a quick ratio of 2.40, a current ratio of 3.16 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.06. The firm had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a net margin of 11.16% and a return on equity of 4.64%. During the same quarter last year, the business earned $0.13 earnings per share.

Barrick Gold Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were paid a dividend of $0.074 per share. This represents a $0.30 annualized dividend and a yield of 1.77%. The ex-dividend date was Wednesday, February 28th. Barrick Gold’s dividend payout ratio (DPR) is 55.56%.

Institutional Investors Weigh In On Barrick Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Securities Inc. purchased a new stake in Barrick Gold during the 4th quarter worth $26,000. Fairfield Bush & CO. acquired a new position in Barrick Gold during the 2nd quarter worth $29,000. EverSource Wealth Advisors LLC grew its holdings 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 acquiring an additional 1,143 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new position in Barrick Gold during the 4th quarter worth $35,000. Finally, Chilton Capital Management LLC acquired a new position in Barrick Gold during the 1st quarter worth $37,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

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.