Equities Analysts Offer Predictions for Barrick Gold Corp’s Q1 2024 Earnings (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities researchers at Raymond James reduced their Q1 2024 earnings estimates for shares of Barrick Gold in a research report issued on Tuesday, April 16th. Raymond James analyst B. Macarthur now forecasts that the gold and copper producer will earn $0.17 per share for the quarter, down from their prior 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 analysts have also recently issued reports on GOLD. TD Securities decreased their price target on shares of Barrick Gold from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, February 16th. Sanford C. Bernstein cut shares of Barrick Gold from an “outperform” rating to a “market perform” rating in a research report on Monday, January 8th. Royal Bank of Canada restated an “outperform” rating and issued a $18.00 price target on shares of Barrick Gold in a research report on Monday, March 4th. Argus restated a “hold” rating on shares of Barrick Gold in a research report on Monday, February 26th. Finally, StockNews.com upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.48.

Barrick Gold Price Performance

GOLD stock opened at $16.98 on Thursday. The company has a 50 day simple moving average of $15.86 and a 200 day simple moving average of $16.21. The stock has a market cap of $29.81 billion, a price-to-earnings ratio of 23.58, a P/E/G ratio of 1.50 and a beta of 0.58. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $20.75. 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, topping analysts’ consensus estimates of $0.21 by $0.06. The company had revenue of $3.06 billion during the quarter, compared to the consensus estimate 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 in the prior year, the firm posted $0.13 EPS.

Institutional Trading of Barrick Gold

Institutional investors and hedge funds have recently made changes to their positions in the company. Addenda Capital Inc. raised its holdings in shares of Barrick Gold by 88.1% in the fourth quarter. Addenda Capital Inc. now owns 3,105,335 shares of the gold and copper producer’s stock valued at $56,176,000 after purchasing an additional 1,454,220 shares during the last quarter. Cheyne Capital Management UK LLP purchased a new stake in Barrick Gold during the third quarter worth about $2,910,000. Klein Pavlis & Peasley Financial Inc. purchased a new stake in Barrick Gold during the fourth quarter worth about $1,331,000. DAVENPORT & Co LLC increased its holdings in Barrick Gold by 17.9% during the fourth quarter. DAVENPORT & Co LLC now owns 73,627 shares of the gold and copper producer’s stock worth $1,332,000 after buying an additional 11,166 shares during the last quarter. Finally, Gateway Investment Advisers LLC increased its holdings in Barrick Gold by 204.2% during the fourth quarter. Gateway Investment Advisers LLC now owns 249,017 shares of the gold and copper producer’s stock worth $4,505,000 after buying an additional 167,145 shares during the last quarter. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were paid a $0.074 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend was Wednesday, February 28th. Barrick Gold’s dividend payout ratio (DPR) is 55.56%.

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.