Cormark Has Optimistic Outlook of Barrick Gold Q3 Earnings

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Cormark raised their Q3 2024 earnings estimates for shares of Barrick Gold in a research report issued to clients and investors on Thursday, October 17th. Cormark analyst R. Gray now expects that the gold and copper producer will post earnings of $0.35 per share for the quarter, up from their previous forecast of $0.33. The consensus estimate for Barrick Gold’s current full-year earnings is $1.27 per share. Cormark also issued estimates for Barrick Gold’s Q4 2024 earnings at $0.36 EPS and FY2024 earnings at $1.21 EPS.

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

A number of other equities research analysts also recently commented on the stock. Jefferies Financial Group increased their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 13th. UBS Group increased their price objective on shares of Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. CIBC increased their price objective on shares of Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Raymond James dropped their target price on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Finally, Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Thursday, August 29th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.60.

Barrick Gold Price Performance

Shares of GOLD opened at $21.19 on Monday. Barrick Gold has a fifty-two week low of $13.76 and a fifty-two week high of $21.35. The firm’s 50 day moving average price is $20.12 and its 200 day moving average price is $18.28. The company has a market cap of $37.14 billion, a P/E ratio of 25.84, a PEG ratio of 0.47 and a beta of 0.55. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15.

Hedge Funds Weigh In On Barrick Gold

Several hedge funds have recently added to or reduced their stakes in the business. Clean Yield Group purchased a new stake in shares of Barrick Gold during the first quarter worth about $25,000. Exchange Traded Concepts LLC boosted its position in shares of Barrick Gold by 198.1% in the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after acquiring an additional 935 shares during the last quarter. Crewe Advisors LLC boosted its position in shares of Barrick Gold by 628.8% in the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after acquiring an additional 1,572 shares during the last quarter. Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Barrick Gold in the second quarter worth approximately $32,000. Finally, Eastern Bank acquired a new position in Barrick Gold during the third quarter valued at approximately $32,000. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, August 30th. This represents a $0.40 annualized dividend and a yield of 1.89%. Barrick Gold’s dividend payout ratio (DPR) is currently 48.78%.

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.