Raymond James Has Weak Outlook for Barrick Gold Q3 Earnings

Barrick Gold Co. (TSE:ABX) (NYSE:ABX) – Investment analysts at Raymond James cut their Q3 2024 earnings estimates for Barrick Gold in a research report issued on Wednesday, October 16th. Raymond James analyst B. Macarthur now expects that the basic materials company will earn $0.41 per share for the quarter, down from their prior forecast of $0.42. The consensus estimate for Barrick Gold’s current full-year earnings is $2.24 per share. Raymond James also issued estimates for Barrick Gold’s Q4 2024 earnings at $0.63 EPS.

Barrick Gold (TSE:ABX) (NYSE:ABX) last issued its earnings results on Monday, August 12th. The basic materials company reported C$0.44 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.36 by C$0.08. The business had revenue of C$4.33 billion during the quarter, compared to analyst estimates of C$4.12 billion. Barrick Gold had a return on equity of 7.20% and a net margin of 12.78%.

A number of other research firms also recently commented on ABX. Argus raised shares of Barrick Gold from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 29th. Eight Capital lifted their price objective on Barrick Gold from C$36.00 to C$38.00 in a report on Thursday, July 11th. TD Securities reissued a “buy” rating and issued a C$34.00 target price on shares of Barrick Gold in a report on Wednesday. Finally, Canaccord Genuity Group boosted their price target on Barrick Gold from C$31.00 to C$33.00 in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Barrick Gold presently has a consensus rating of “Buy” and a consensus target price of C$30.18.

Barrick Gold Stock Up 2.9 %

ABX opened at C$28.88 on Friday. The stock has a market capitalization of C$50.54 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 2.34 and a beta of 0.48. The firm has a 50 day moving average price of C$26.89 and a 200-day moving average price of C$24.70. Barrick Gold has a twelve month low of C$18.65 and a twelve month high of C$29.18. The company has a quick ratio of 2.62, a current ratio of 3.01 and a debt-to-equity ratio of 14.54.

Barrick Gold Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a $0.138 dividend. This is a positive change from Barrick Gold’s previous quarterly dividend of $0.14. This represents a $0.55 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio is presently 45.38%.

Insider Transactions at Barrick Gold

In other news, Director Andrew James Quinn bought 5,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were bought at an average price of C$26.00 per share, for a total transaction of C$129,999.00. In other Barrick Gold news, Director Andrew James Quinn bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were bought at an average price of C$26.00 per share, with a total value of C$129,999.00. Also, Senior Officer Riaan Grobler sold 94,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of C$18.99, for a total value of C$1,784,693.40. Insiders sold a total of 235,334 shares of company stock valued at $5,741,477 over the last three months. Corporate insiders own 0.60% of the company’s stock.

About Barrick Gold

Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties in Canada and internationally. The company also explores and sells silver and energy materials. It has ownership interests in producing gold mines located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania, and the United States.