Stifel Canada Forecasts Barrick Gold Q3 Earnings

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities research analysts at Stifel Canada issued their Q3 2024 earnings per share (EPS) estimates for shares of Barrick Gold in a research note issued to investors on Monday, October 21st. Stifel Canada analyst I. Rico anticipates that the gold and copper producer will post earnings of $0.32 per share for the quarter. The consensus estimate for Barrick Gold’s current full-year earnings is $1.27 per share. Stifel Canada also issued estimates for Barrick Gold’s FY2024 earnings at $1.39 EPS.

Several other research analysts have also recently weighed in on the stock. Royal Bank of Canada boosted their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Thursday, August 29th. Raymond James reduced their target price on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Scotiabank lifted their price target on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Finally, UBS Group upped their price objective on Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $23.60.

Barrick Gold Price Performance

GOLD opened at $20.80 on Wednesday. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $21.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31. The company has a market capitalization of $36.45 billion, a price-to-earnings ratio of 25.36, a P/E/G ratio of 0.47 and a beta of 0.55. The firm’s fifty day moving average price is $20.16 and its two-hundred day moving average price is $18.30.

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

Institutional Trading of Barrick Gold

Several hedge funds and other institutional investors have recently modified their holdings of the business. International Assets Investment Management LLC lifted its position in shares of Barrick Gold by 25.5% during the first quarter. International Assets Investment Management LLC now owns 21,664 shares of the gold and copper producer’s stock worth $365,000 after acquiring an additional 4,407 shares in the last quarter. Gateway Investment Advisers LLC boosted its stake in Barrick Gold by 1.5% in the 1st quarter. Gateway Investment Advisers LLC now owns 252,672 shares of the gold and copper producer’s stock worth $4,204,000 after purchasing an additional 3,655 shares during the period. Sunbelt Securities Inc. boosted its stake in Barrick Gold by 46.8% in the 1st quarter. Sunbelt Securities Inc. now owns 10,040 shares of the gold and copper producer’s stock worth $167,000 after purchasing an additional 3,200 shares during the period. S.A. Mason LLC grew its holdings in Barrick Gold by 3.5% during the 1st quarter. S.A. Mason LLC now owns 28,543 shares of the gold and copper producer’s stock valued at $475,000 after buying an additional 973 shares in the last quarter. Finally, Edge Wealth Management LLC increased its position in shares of Barrick Gold by 6.3% during the first quarter. Edge Wealth Management LLC now owns 12,255 shares of the gold and copper producer’s stock valued at $204,000 after buying an additional 725 shares during the period. Institutional investors own 62.85% of the company’s stock.

Barrick Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio is currently 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.