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

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at Raymond James raised their Q2 2024 earnings per share (EPS) estimates for shares of Barrick Gold in a research note issued to investors on Tuesday, April 23rd. Raymond James analyst B. Macarthur now anticipates that the gold and copper producer will post earnings of $0.32 per share for the quarter, up from their prior forecast of $0.21. Raymond James has a “Outperform” rating and a $23.00 price target on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $0.90 per share. Raymond James also issued estimates for Barrick Gold’s Q3 2024 earnings at $0.33 EPS, Q4 2024 earnings at $0.34 EPS and FY2024 earnings at $1.15 EPS.

Several other equities analysts also recently issued reports on GOLD. StockNews.com upgraded Barrick Gold from a “hold” rating to a “buy” rating in a research report on Wednesday, February 21st. Argus reiterated a “hold” rating on shares of Barrick Gold in a research report on Monday, February 26th. CIBC decreased their price target 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. Jefferies Financial Group initiated coverage on shares of Barrick Gold in a research note on Thursday, February 29th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Sanford C. Bernstein lowered shares of Barrick Gold from an “outperform” rating to a “market perform” rating in a research report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.06.

Barrick Gold Stock Performance

Barrick Gold stock opened at $17.08 on Friday. The firm has a 50-day moving average price of $16.14 and a two-hundred day moving average price of $16.31. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $20.75. The firm has a market capitalization of $29.99 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 1.53 and a beta of 0.58. 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 quarterly earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.06. Barrick Gold had a net margin of 11.16% and a return on equity of 4.64%. The company had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the previous year, the company posted $0.13 earnings per share.

Barrick Gold Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were given a dividend of $0.074 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $0.30 annualized dividend and a dividend yield of 1.73%. Barrick Gold’s dividend payout ratio (DPR) is 55.56%.

Hedge Funds Weigh In On Barrick Gold

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP boosted its holdings in Barrick Gold by 58.4% during the fourth quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock worth $1,821,963,000 after buying an additional 37,128,653 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Barrick Gold by 9.7% during the 4th quarter. Van ECK Associates Corp now owns 80,933,517 shares of the gold and copper producer’s stock worth $1,464,070,000 after acquiring an additional 7,150,142 shares in the last quarter. Capital World Investors grew its holdings in shares of Barrick Gold by 16.4% in the 4th quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock worth $821,790,000 after acquiring an additional 6,417,244 shares during the last quarter. Ruffer LLP raised its position in shares of Barrick Gold by 198.3% during the fourth quarter. Ruffer LLP now owns 9,606,218 shares of the gold and copper producer’s stock worth $173,727,000 after purchasing an additional 6,385,566 shares during the period. Finally, FMR LLC lifted its holdings in shares of Barrick Gold by 12.2% during the third quarter. FMR LLC now owns 43,399,480 shares of the gold and copper producer’s stock valued at $631,228,000 after purchasing an additional 4,731,559 shares during the last quarter. Institutional investors and hedge funds 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.