Cormark Equities Analysts Lower Earnings Estimates for Barrick Gold Corp (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Cormark decreased their Q1 2024 earnings per share estimates for shares of Barrick Gold in a report released on Wednesday, April 17th. Cormark analyst R. Gray now forecasts that the gold and copper producer will earn $0.15 per share for the quarter, down from their previous estimate of $0.17. The consensus estimate for Barrick Gold’s current full-year earnings is $0.90 per share. Cormark also issued estimates for Barrick Gold’s FY2024 earnings at $0.66 EPS.

Several other brokerages have also weighed in on GOLD. Sanford C. Bernstein lowered Barrick Gold from an “outperform” rating to a “market perform” rating in a report on Monday, January 8th. Argus reiterated a “hold” rating on shares of Barrick Gold in a research note on Monday, February 26th. National Bank Financial reaffirmed a “sector perform overweight” rating on shares of Barrick Gold in a research note on Monday, April 8th. Raymond James reduced their target price on shares of Barrick Gold from $24.00 to $23.00 and set an “outperform” rating on the stock in a research note on Thursday, February 15th. Finally, TD Securities reduced their price target on shares of Barrick Gold from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Barrick Gold presently has an average rating of “Moderate Buy” and a consensus target price of $21.48.

Barrick Gold Price Performance

Shares of Barrick Gold stock opened at $17.09 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.16 and a quick ratio of 2.40. The firm has a fifty day moving average price of $15.91 and a two-hundred day moving average price of $16.23. Barrick Gold has a fifty-two week low of $13.76 and a fifty-two week high of $20.75. The company has a market cap of $30.00 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 1.54 and a beta of 0.58.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.06. Barrick Gold had a net margin of 11.16% and a return on equity of 4.64%. The company had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the prior year, the company earned $0.13 earnings per share.

Institutional Trading of Barrick Gold

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Principal Securities Inc. bought a new stake in Barrick Gold in the fourth quarter valued at approximately $26,000. Fairfield Bush & CO. bought a new position in Barrick Gold during the second quarter worth about $29,000. EverSource Wealth Advisors LLC increased its holdings in shares of Barrick Gold by 175.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock worth $32,000 after acquiring an additional 1,143 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Barrick Gold during the fourth quarter worth about $35,000. Finally, Resurgent Financial Advisors LLC acquired a new position in shares of Barrick Gold in the 4th quarter valued at approximately $36,000. 62.85% of the stock is owned by institutional investors.

Barrick Gold Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were paid a dividend of $0.074 per share. The ex-dividend date was Wednesday, February 28th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.73%. Barrick Gold’s dividend payout ratio (DPR) is presently 55.56%.

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.