FY2024 EPS Estimates for Barrick Gold Lowered by Analyst

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Investment analysts at Raymond James reduced their FY2024 earnings estimates for shares of Barrick Gold in a note issued to investors on Sunday, November 10th. Raymond James analyst B. Macarthur now forecasts that the gold and copper producer will earn $1.25 per share for the year, down from their prior forecast of $1.27. Raymond James currently has a “Outperform” rating and a $26.00 price target on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $1.29 per share.

Other analysts also recently issued research reports about the stock. Jefferies Financial Group increased their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Royal Bank of Canada lifted their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. TD Securities reduced their target price on Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a report on Friday, November 8th. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Thursday, August 29th. Finally, Scotiabank reduced their price objective on Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a research note on Friday, November 8th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $23.90.

Barrick Gold Trading Down 2.2 %

NYSE GOLD opened at $17.02 on Tuesday. The company has a current ratio of 3.01, a quick ratio of 2.31 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $29.75 billion, a P/E ratio of 18.32, a PEG ratio of 0.43 and a beta of 0.56. The business has a fifty day simple moving average of $19.89 and a 200 day simple moving average of $18.49. Barrick Gold has a 12 month low of $13.76 and a 12 month high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a return on equity of 5.85% and a net margin of 13.19%. Barrick Gold’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.19 earnings per share.

Institutional Investors Weigh In On Barrick Gold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GOLD. Exchange Traded Concepts LLC increased its stake in shares of Barrick Gold by 198.1% in the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after purchasing an additional 935 shares in the last quarter. Clean Yield Group bought a new position in Barrick Gold in the 1st quarter worth about $25,000. Eastern Bank purchased a new position in Barrick Gold during the third quarter valued at approximately $32,000. Crewe Advisors LLC lifted its stake in Barrick Gold by 628.8% in the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares in the last quarter. Finally, JFS Wealth Advisors LLC boosted its holdings in Barrick Gold by 451.7% in the 3rd quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock valued at $38,000 after purchasing an additional 1,563 shares during the period. 62.85% of the stock is currently owned by institutional investors.

Barrick Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.35%. The ex-dividend date is Friday, November 29th. Barrick Gold’s dividend payout ratio (DPR) is currently 43.01%.

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.