Raymond James Has Weak Estimate for Barrick Gold Q3 Earnings

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Investment analysts at Raymond James decreased their Q3 2024 earnings per share estimates for shares of Barrick Gold in a research report issued on Wednesday, October 16th. Raymond James analyst B. Macarthur now forecasts that the gold and copper producer will post earnings per share of $0.30 for the quarter, down from their previous forecast of $0.31. Raymond James currently has a “Outperform” rating and a $26.00 target price on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $1.27 per share.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The firm had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the previous year, the company posted $0.19 earnings per share. The company’s quarterly revenue was up 11.6% on a year-over-year basis.

Other equities research analysts have also issued research reports about the stock. CIBC upped their target price on shares of Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Scotiabank raised their target price on Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Thursday, August 29th. Jefferies Financial Group raised their price objective on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Finally, Royal Bank of Canada upped their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Barrick Gold has an average rating of “Moderate Buy” and an average target price of $23.60.

Barrick Gold Stock Performance

Shares of GOLD stock opened at $20.92 on Friday. Barrick Gold has a 12 month low of $13.76 and a 12 month high of $21.21. The firm has a market capitalization of $36.67 billion, a PE ratio of 25.51, a price-to-earnings-growth ratio of 0.47 and a beta of 0.55. The firm has a fifty day simple moving average of $20.05 and a two-hundred day simple moving average of $18.22. The company has a current ratio of 3.01, a quick ratio of 2.31 and a debt-to-equity ratio of 0.15.

Hedge Funds Weigh In On Barrick Gold

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. E&G Advisors LP purchased a new stake in shares of Barrick Gold during the 3rd quarter valued at approximately $203,000. Mitsubishi UFJ Asset Management UK Ltd. lifted its position in shares of Barrick Gold by 200.0% during the third quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 30,000 shares of the gold and copper producer’s stock worth $597,000 after acquiring an additional 20,000 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Barrick Gold by 24.9% in the third quarter. Blue Trust Inc. now owns 39,097 shares of the gold and copper producer’s stock worth $778,000 after acquiring an additional 7,792 shares during the period. Inspire Advisors LLC bought a new position in shares of Barrick Gold in the third quarter worth $541,000. Finally, Bar Harbor Wealth Management grew its position in shares of Barrick Gold by 2.7% in the third quarter. Bar Harbor Wealth Management now owns 398,725 shares of the gold and copper producer’s stock valued at $7,931,000 after purchasing an additional 10,331 shares in the last quarter. Institutional investors own 62.85% of the company’s stock.

Barrick Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 annualized dividend and a dividend yield of 1.91%. Barrick Gold’s payout ratio is presently 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.