Raymond James Weighs in on Barrick Gold Corp’s Q3 2024 Earnings (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at Raymond James increased their Q3 2024 EPS estimates for Barrick Gold in a note issued to investors on Monday, September 23rd. Raymond James analyst B. Macarthur now anticipates that the gold and copper producer will post earnings per share of $0.39 for the quarter, up from their prior estimate of $0.34. 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 Q1 2025 earnings at $0.46 EPS, Q2 2025 earnings at $0.48 EPS, Q3 2025 earnings at $0.48 EPS, Q4 2025 earnings at $0.50 EPS and FY2025 earnings at $1.92 EPS.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the business earned $0.19 EPS.

Several other brokerages have also recently issued reports on GOLD. Royal Bank of Canada raised their price objective on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Thursday, August 29th. Scotiabank upped their target price on Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. Jefferies Financial Group raised their price target on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Finally, CIBC upped their price objective on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.30.

Barrick Gold Trading Up 1.4 %

Shares of NYSE GOLD opened at $20.71 on Thursday. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average price is $19.26 and its two-hundred day moving average price is $17.71. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $21.13. The stock has a market capitalization of $36.30 billion, a P/E ratio of 25.26, a PEG ratio of 0.49 and a beta of 0.55.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Clean Yield Group bought a new position in Barrick Gold during the 1st quarter valued at $25,000. Principal Securities Inc. acquired a new stake in Barrick Gold in the 4th quarter valued at about $26,000. Crewe Advisors LLC raised its position in shares of 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 purchasing an additional 1,572 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Barrick Gold by 175.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock valued at $32,000 after purchasing an additional 1,143 shares during the last quarter. Finally, Jackson Grant Investment Advisers Inc. acquired a new stake in Barrick Gold during the 2nd quarter worth about $32,000. 62.85% of the stock is currently owned by institutional investors.

Barrick Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $0.10 per share. The ex-dividend date was Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.93%. Barrick Gold’s dividend payout ratio (DPR) is 48.78%.

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.