Barrick Gold Corp (NYSE:GOLD) to Post Q3 2024 Earnings of $0.34 Per Share, Raymond James Forecasts

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Stock analysts at Raymond James lifted their Q3 2024 earnings estimates for shares of Barrick Gold in a research note issued to investors on Wednesday, May 1st. Raymond James analyst B. Macarthur now anticipates that the gold and copper producer will post earnings of $0.34 per share for the quarter, up from their previous estimate of $0.33. Raymond James has a “Outperform” rating and a $23.00 price objective on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $0.95 per share. Raymond James also issued estimates for Barrick Gold’s Q4 2024 earnings at $0.35 EPS, FY2024 earnings at $1.19 EPS and FY2025 earnings at $1.33 EPS.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings results on Wednesday, May 1st. The gold and copper producer reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.04. Barrick Gold had a net margin of 12.58% and a return on equity of 4.89%. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same period in the prior year, the company posted $0.14 earnings per share. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis.

GOLD has been the topic of several other reports. 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. Jefferies Financial Group initiated coverage on shares of Barrick Gold in a report on Thursday, February 29th. They set a “buy” rating and a $21.00 price objective on the stock. Argus reaffirmed a “hold” rating on shares of Barrick Gold in a report on Monday, February 26th. CIBC decreased their price target on Barrick Gold from $27.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 7th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Barrick Gold in a research note on Monday, March 4th. One research 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.06.

Barrick Gold Stock Down 0.5 %

GOLD opened at $16.46 on Friday. The business has a 50 day simple moving average of $16.31 and a 200-day simple moving average of $16.35. Barrick Gold has a 12 month low of $13.76 and a 12 month high of $20.75. The stock has a market capitalization of $28.90 billion, a P/E ratio of 20.07, a P/E/G ratio of 1.44 and a beta of 0.59. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.16 and a quick ratio of 2.40.

Institutional Trading of Barrick Gold

Hedge funds have recently bought and sold shares of the company. Principal Securities Inc. purchased a new position in shares of Barrick Gold during the 4th quarter worth $26,000. EverSource Wealth Advisors LLC lifted its position in Barrick Gold by 175.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock worth $32,000 after buying an additional 1,143 shares during the period. Bruce G. Allen Investments LLC acquired a new stake in Barrick Gold in the 4th quarter worth about $35,000. Mark Sheptoff Financial Planning LLC purchased a new stake in Barrick Gold in the 4th quarter valued at about $45,000. Finally, Optiver Holding B.V. acquired a new position in shares of Barrick Gold during the 4th quarter valued at about $46,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

Barrick Gold Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.43%. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.07. The ex-dividend date is Friday, May 31st. Barrick Gold’s dividend payout ratio is 48.78%.

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.