Barrick Gold Corp (NYSE:GOLD) Forecasted to Post Q3 2024 Earnings of $0.31 Per Share

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities research analysts at Raymond James dropped their Q3 2024 earnings per share (EPS) estimates for shares of Barrick Gold in a research note issued on Wednesday, September 25th. Raymond James analyst B. Macarthur now anticipates that the gold and copper producer will post earnings per share of $0.31 for the quarter, down from their previous estimate of $0.39. Raymond James currently has a “Outperform” rating and a $26.00 price objective on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $1.25 per share. Raymond James also issued estimates for Barrick Gold’s FY2024 earnings at $1.27 EPS.

Several other analysts also recently issued reports on the company. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Thursday, August 29th. Jefferies Financial Group raised their price target on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. CIBC lifted their price target 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. Royal Bank of Canada upped their price objective on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, Scotiabank lifted their target price on shares of Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.60.

Barrick Gold Stock Up 2.1 %

GOLD opened at $20.30 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.31 and a current ratio of 3.01. The business’s fifty day moving average is $19.45 and its two-hundred day moving average is $17.88. Barrick Gold has a one year low of $13.76 and a one year high of $21.21. The company has a market cap of $35.58 billion, a price-to-earnings ratio of 24.76, a PEG ratio of 0.49 and a beta of 0.55.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, topping 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 5.53% and a net margin of 12.78%. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.19 EPS.

Barrick Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio (DPR) is currently 48.78%.

Institutional Investors Weigh In On Barrick Gold

Institutional investors have recently added to or reduced their stakes in the company. Clean Yield Group acquired a new position in shares of Barrick Gold in the 1st quarter valued at about $25,000. Crewe Advisors LLC grew its stake in Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after buying an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Barrick Gold in the second quarter worth $32,000. LRI Investments LLC acquired a new stake in shares of Barrick Gold in the first quarter worth $37,000. Finally, City State Bank raised its stake in shares of Barrick Gold by 338.6% in the 2nd quarter. City State Bank now owns 2,500 shares of the gold and copper producer’s stock valued at $42,000 after acquiring an additional 1,930 shares during the period. Hedge funds and other institutional investors own 62.85% of the company’s stock.

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.