Barrick Gold Corp (NYSE:GOLD) Forecasted to Post Q2 2024 Earnings of $0.31 Per Share

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at Raymond James reduced their Q2 2024 earnings per share estimates for Barrick Gold in a research report issued to clients and investors on Wednesday, May 1st. Raymond James analyst B. Macarthur now forecasts that the gold and copper producer will post earnings of $0.31 per share for the quarter, down from their prior estimate of $0.32. 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 $0.95 per share.

GOLD has been the subject of a number of other research reports. Sanford C. Bernstein downgraded Barrick Gold from an “outperform” rating to a “market perform” rating in a report on Monday, January 8th. Argus reiterated a “hold” rating on shares of Barrick Gold in a report on Monday, February 26th. Royal Bank of Canada reiterated an “outperform” rating and set a $18.00 price objective on shares of Barrick Gold in a report on Monday, March 4th. Scotiabank decreased their price objective on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a report on Tuesday, February 20th. Finally, StockNews.com raised Barrick Gold from a “hold” rating to a “buy” rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $21.60.

Barrick Gold Trading Down 0.5 %

Shares of GOLD opened at $16.46 on Monday. 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 has a 12-month low of $13.76 and a 12-month high of $20.75. The firm has a market capitalization of $28.90 billion, a PE ratio of 20.07, a price-to-earnings-growth ratio of 1.44 and a beta of 0.59. The stock’s fifty day simple moving average is $16.34 and its 200-day simple moving average is $16.35.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GOLD. Stratos Wealth Partners LTD. raised its holdings in shares of Barrick Gold by 5.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 13,714 shares of the gold and copper producer’s stock worth $200,000 after acquiring an additional 689 shares during the last quarter. Stratos Wealth Advisors LLC purchased a new stake in Barrick Gold during the third quarter worth about $204,000. Oak Asset Management LLC raised its position in Barrick Gold by 21.9% in the third quarter. Oak Asset Management LLC now owns 44,250 shares of the gold and copper producer’s stock worth $644,000 after acquiring an additional 7,950 shares during the period. B&D White Capital Company LLC bought a new position in Barrick Gold during the third quarter valued at $166,000. Finally, Skylands Capital LLC increased its position in Barrick Gold by 12.8% in the third quarter. Skylands Capital LLC now owns 240,150 shares of the gold and copper producer’s stock worth $3,494,000 after buying an additional 27,300 shares during the last quarter. Institutional investors own 62.85% of the company’s stock.

Barrick Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors 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%. The ex-dividend date is Friday, May 31st. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.07. Barrick Gold’s dividend payout ratio (DPR) 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.