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

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Investment analysts at Raymond James reduced their Q1 2024 earnings per share estimates for Barrick Gold in a report released on Tuesday, April 16th. Raymond James analyst B. Macarthur now expects that the gold and copper producer will earn $0.17 per share for the quarter, down from their previous estimate of $0.22. Raymond James currently has a “Outperform” rating and a $23.00 target price on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $0.91 per share. Raymond James also issued estimates for Barrick Gold’s Q2 2024 earnings at $0.21 EPS, Q3 2024 earnings at $0.21 EPS, Q4 2024 earnings at $0.22 EPS and FY2024 earnings at $0.81 EPS.

Several other equities research analysts have also recently commented on GOLD. Sanford C. Bernstein cut Barrick Gold from an “outperform” rating to a “market perform” rating in a research note on Monday, January 8th. BMO Capital Markets decreased their target price on Barrick Gold from $26.00 to $24.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. Argus reaffirmed a “hold” rating on shares of Barrick Gold in a research note on Monday, February 26th. National Bank Financial reaffirmed a “sector perform overweight” rating on shares of Barrick Gold in a research note on Monday, April 8th. Finally, CIBC decreased their target price on Barrick Gold from $27.00 to $23.00 and set an “outperform” rating for the company in a research note on Wednesday, February 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Barrick Gold has a consensus rating of “Moderate Buy” and a consensus price target of $22.05.

Barrick Gold Trading Up 1.3 %

NYSE GOLD opened at $16.70 on Thursday. The business has a 50 day simple moving average of $15.82 and a 200 day simple moving average of $16.20. Barrick Gold has a one year low of $13.76 and a one year high of $20.75. The stock has a market capitalization of $29.32 billion, a P/E ratio of 23.19, a P/E/G ratio of 1.58 and a beta of 0.58. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.16 and a quick ratio of 2.40.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.06. The company had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a return on equity of 4.64% and a net margin of 11.16%. During the same quarter in the prior year, the firm posted $0.13 earnings per share.

Barrick Gold Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were issued a $0.074 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.77%. Barrick Gold’s dividend payout ratio is presently 55.56%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Edge Wealth Management LLC lifted its holdings in shares of Barrick Gold by 6.3% in the first quarter. Edge Wealth Management LLC now owns 12,255 shares of the gold and copper producer’s stock valued at $204,000 after purchasing an additional 725 shares in the last quarter. S.A. Mason LLC boosted its position in Barrick Gold by 3.5% in the first quarter. S.A. Mason LLC now owns 28,543 shares of the gold and copper producer’s stock worth $475,000 after purchasing an additional 973 shares during the last quarter. Sunbelt Securities Inc. boosted its position in Barrick Gold by 46.8% in the first quarter. Sunbelt Securities Inc. now owns 10,040 shares of the gold and copper producer’s stock worth $167,000 after purchasing an additional 3,200 shares during the last quarter. Gateway Investment Advisers LLC boosted its position in Barrick Gold by 1.5% in the first quarter. Gateway Investment Advisers LLC now owns 252,672 shares of the gold and copper producer’s stock worth $4,204,000 after purchasing an additional 3,655 shares during the last quarter. Finally, Bangor Savings Bank boosted its position in Barrick Gold by 12.4% in the first quarter. Bangor Savings Bank now owns 20,541 shares of the gold and copper producer’s stock worth $342,000 after purchasing an additional 2,267 shares during the last quarter. 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.