Raymond James Weighs in on Barrick Gold Corp’s Q2 2024 Earnings (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Investment analysts at Raymond James boosted their Q2 2024 earnings estimates for shares of Barrick Gold in a research report issued to clients and investors on Tuesday, April 23rd. Raymond James analyst B. Macarthur now expects that the gold and copper producer will post earnings of $0.32 per share for the quarter, up from their prior estimate of $0.21. Raymond James currently has a “Outperform” rating and a $23.00 target price on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $0.90 per share. Raymond James also issued estimates for Barrick Gold’s Q3 2024 earnings at $0.33 EPS, Q4 2024 earnings at $0.34 EPS and FY2024 earnings at $1.15 EPS.

Several other research analysts have also recently issued reports on the stock. Scotiabank lowered their target price on shares of Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a report on Tuesday, February 20th. BMO Capital Markets lowered their target price on shares of Barrick Gold from $27.00 to $26.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. StockNews.com upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating in a report on Wednesday, February 21st. Sanford C. Bernstein cut shares of Barrick Gold from an “outperform” rating to a “market perform” rating in a report on Monday, January 8th. Finally, National Bank Financial restated a “sector perform overweight” rating on shares of Barrick Gold in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.06.

Barrick Gold Trading Up 3.3 %

NYSE GOLD opened at $17.07 on Friday. The company has a quick ratio of 2.40, a current ratio of 3.16 and a debt-to-equity ratio of 0.15. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $20.75. The stock has a market capitalization of $29.97 billion, a PE ratio of 23.71, a price-to-earnings-growth ratio of 1.53 and a beta of 0.58. The firm has a 50 day moving average of $16.09 and a two-hundred day moving average of $16.29.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 EPS for the quarter, topping the consensus estimate 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 quarter in the previous year, the business posted $0.13 EPS.

Institutional Investors Weigh In On Barrick Gold

Large investors have recently added to or reduced their stakes in the business. Creative Financial Designs Inc. ADV boosted its stake in shares of Barrick Gold by 7.1% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 9,100 shares of the gold and copper producer’s stock worth $165,000 after purchasing an additional 600 shares during the last quarter. Stratos Wealth Partners LTD. raised its stake in shares of Barrick Gold by 5.3% during the third quarter. Stratos Wealth Partners LTD. now owns 13,714 shares of the gold and copper producer’s stock valued at $200,000 after purchasing an additional 689 shares during the period. Legacy Wealth Asset Management LLC raised its stake in shares of Barrick Gold by 2.9% during the third quarter. Legacy Wealth Asset Management LLC now owns 24,555 shares of the gold and copper producer’s stock valued at $357,000 after purchasing an additional 694 shares during the period. A. D. Beadell Investment Counsel Inc. grew its position in shares of Barrick Gold by 1.2% during the fourth quarter. A. D. Beadell Investment Counsel Inc. now owns 59,825 shares of the gold and copper producer’s stock worth $1,082,000 after buying an additional 700 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in shares of Barrick Gold by 13.1% during the third quarter. Fifth Third Bancorp now owns 6,067 shares of the gold and copper producer’s stock worth $88,000 after buying an additional 702 shares in the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

Barrick Gold Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were paid a dividend of $0.074 per share. The ex-dividend date of this dividend 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%.

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.