Barrick Gold Corp to Post Q2 2024 Earnings of $0.32 Per Share, Raymond James Forecasts (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Research analysts at Raymond James boosted their Q2 2024 earnings per share (EPS) estimates for shares of Barrick Gold in a report released on Tuesday, April 23rd. Raymond James analyst B. Macarthur now forecasts that the gold and copper producer will earn $0.32 per share for the quarter, up from their previous estimate of $0.21. 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. 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.

GOLD has been the subject of several other reports. Jefferies Financial Group started coverage on Barrick Gold in a report on Thursday, February 29th. They set a “buy” rating and a $21.00 target price for the company. TD Securities decreased their target price on shares of Barrick Gold from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, February 16th. Argus reiterated a “hold” rating on shares of Barrick Gold in a report on Monday, February 26th. Royal Bank of Canada reissued an “outperform” rating and issued a $18.00 price target on shares of Barrick Gold in a report on Monday, March 4th. Finally, StockNews.com upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.06.

Barrick Gold Stock Up 0.1 %

Shares of NYSE:GOLD opened at $17.09 on Friday. The stock has a market capitalization of $30.00 billion, a P/E ratio of 23.74, a price-to-earnings-growth ratio of 1.50 and a beta of 0.58. The stock’s 50-day moving average price is $16.14 and its 200-day moving average price is $16.32. The company has a current ratio of 3.16, a quick ratio of 2.40 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.

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

Barrick Gold Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were paid a $0.074 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $0.30 annualized dividend and a yield of 1.73%. Barrick Gold’s payout ratio is 55.56%.

Hedge Funds Weigh In On Barrick Gold

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

Barrick Gold Company Profile

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.