Raymond James Predicts Stronger Earnings for Barrick Gold

Barrick Gold Co. (TSE:ABX) (NYSE:ABX) – Raymond James raised their FY2024 earnings per share (EPS) estimates for Barrick Gold in a research note issued to investors on Wednesday, October 16th. Raymond James analyst B. Macarthur now anticipates that the basic materials company will post earnings per share of $1.73 for the year, up from their prior forecast of $1.71. The consensus estimate for Barrick Gold’s current full-year earnings is $2.24 per share.

Barrick Gold (TSE:ABX) (NYSE:ABX) last announced its quarterly earnings data on Monday, August 12th. The basic materials company reported C$0.44 earnings per share for the quarter, topping the consensus estimate of C$0.36 by C$0.08. Barrick Gold had a return on equity of 7.20% and a net margin of 12.78%. The company had revenue of C$4.33 billion during the quarter, compared to analyst estimates of C$4.12 billion.

Several other research analysts also recently commented on ABX. Argus raised shares of Barrick Gold from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 29th. Canaccord Genuity Group raised their price target on Barrick Gold from C$31.00 to C$33.00 in a report on Tuesday, July 23rd. Eight Capital lifted their price target on Barrick Gold from C$36.00 to C$38.00 in a research report on Thursday, July 11th. Finally, TD Securities reissued a “buy” rating and set a C$34.00 price objective on shares of Barrick Gold in a report on Wednesday, October 16th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Barrick Gold presently has an average rating of “Buy” and an average target price of C$30.18.

Barrick Gold Price Performance

Shares of TSE:ABX opened at C$28.88 on Monday. The company has a 50-day moving average price of C$26.89 and a two-hundred day moving average price of C$24.72. Barrick Gold has a twelve month low of C$18.65 and a twelve month high of C$29.18. The company has a quick ratio of 2.62, a current ratio of 3.01 and a debt-to-equity ratio of 14.54. The firm has a market capitalization of C$50.54 billion, a PE ratio of 24.27, a P/E/G ratio of 2.34 and a beta of 0.48.

Barrick Gold Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.138 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.55 annualized dividend and a dividend yield of 1.91%. This is a boost from Barrick Gold’s previous quarterly dividend of $0.14. Barrick Gold’s dividend payout ratio (DPR) is presently 45.38%.

Insider Activity

In related news, Director Andrew James Quinn acquired 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were bought at an average cost of C$26.00 per share, for a total transaction of C$129,999.00. In other news, Senior Officer Riaan Grobler sold 94,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of C$18.99, for a total transaction of C$1,784,693.40. Also, Director Andrew James Quinn acquired 5,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were bought at an average cost of C$26.00 per share, with a total value of C$129,999.00. In the last 90 days, insiders sold 235,334 shares of company stock worth $5,741,477. 0.60% of the stock is currently owned by insiders.

Barrick Gold Company Profile

Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties in Canada and internationally. The company also explores and sells silver and energy materials. It has ownership interests in producing gold mines located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania, and the United States.