Analysts Set Expectations for Barrick Gold FY2024 Earnings

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities research analysts at National Bank Financial dropped their FY2024 earnings per share estimates for Barrick Gold in a research report issued on Monday, February 10th. National Bank Financial analyst M. Parkin now anticipates that the gold and copper producer will post earnings of $1.24 per share for the year, down from their prior forecast of $1.33. The consensus estimate for Barrick Gold’s current full-year earnings is $1.23 per share. National Bank Financial also issued estimates for Barrick Gold’s Q4 2024 earnings at $0.43 EPS.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a return on equity of 5.82% and a net margin of 13.19%.

Several other brokerages have also issued reports on GOLD. Raymond James dropped their price target on Barrick Gold from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Bank of America downgraded Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $21.00 to $18.00 in a report on Monday, January 27th. CIBC downgraded Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday, November 25th. UBS Group downgraded Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Finally, Berenberg Bank boosted their price objective on Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.83.

Barrick Gold Price Performance

Shares of GOLD opened at $18.18 on Wednesday. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $21.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65. The business’s 50 day moving average price is $16.18 and its two-hundred day moving average price is $18.17. The firm has a market cap of $31.40 billion, a PE ratio of 19.55, a price-to-earnings-growth ratio of 0.39 and a beta of 0.55.

Institutional Investors Weigh In On Barrick Gold

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP increased its position in shares of Barrick Gold by 17.5% during the 4th quarter. Wellington Management Group LLP now owns 64,310,800 shares of the gold and copper producer’s stock valued at $996,802,000 after purchasing an additional 9,598,292 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Barrick Gold by 221.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock valued at $199,427,000 after purchasing an additional 6,904,934 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Barrick Gold by 33.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock valued at $227,524,000 after purchasing an additional 2,854,055 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Barrick Gold by 32.4% during the 4th quarter. Geode Capital Management LLC now owns 10,650,999 shares of the gold and copper producer’s stock valued at $169,261,000 after purchasing an additional 2,603,744 shares during the last quarter. Finally, Allianz SE purchased a new stake in shares of Barrick Gold during the 4th quarter valued at $33,726,000. 62.85% of the stock is owned by hedge funds and other institutional investors.

Barrick Gold announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 12th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the gold and copper producer to purchase up to 3.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Barrick Gold Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.20%. Barrick Gold’s payout ratio is currently 43.01%.

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.