Q1 2024 EPS Estimates for Barrick Gold Corp (NYSE:GOLD) Cut by Raymond James

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at Raymond James dropped their Q1 2024 earnings per share (EPS) estimates for Barrick Gold in a research note issued to investors on Tuesday, April 16th. Raymond James analyst B. Macarthur now forecasts that the gold and copper producer will post earnings per share of $0.17 for the quarter, down from their prior estimate of $0.22. 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 $0.91 per share. Raymond James also issued estimates for Barrick Gold’s Q2 2024 earnings at $0.21 EPS, Q3 2024 earnings at $0.21 EPS, Q4 2024 earnings at $0.22 EPS and FY2024 earnings at $0.81 EPS.

A number of other analysts have also commented on GOLD. Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 price objective on shares of Barrick Gold in a research report on Monday, March 4th. National Bank Financial restated a “sector perform overweight” rating on shares of Barrick Gold in a research report on Monday, April 8th. Jefferies Financial Group began coverage on Barrick Gold in a research report on Thursday, February 29th. They set a “buy” rating and a $21.00 target price for the company. Scotiabank decreased their target price on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research report on Tuesday, February 20th. Finally, Sanford C. Bernstein lowered Barrick Gold from an “outperform” rating to a “market perform” rating in a research report on Monday, January 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.05.

Barrick Gold Price Performance

Shares of GOLD stock opened at $16.70 on Thursday. The stock has a 50-day moving average price of $15.82 and a 200 day moving average price of $16.20. The company has a quick ratio of 2.40, a current ratio of 3.16 and a debt-to-equity ratio of 0.15. The firm has a market cap of $29.32 billion, a price-to-earnings ratio of 23.19, a PEG ratio of 1.58 and a beta of 0.58. Barrick Gold has a 12 month low of $13.76 and a 12 month high of $20.75.

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

Barrick Gold Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were paid a $0.074 dividend. This represents a $0.30 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Wednesday, February 28th. Barrick Gold’s payout ratio is 55.56%.

Institutional Investors Weigh In On Barrick Gold

Several institutional investors have recently bought and sold shares of GOLD. Wellington Management Group LLP lifted its stake in Barrick Gold by 58.4% in the 4th quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock valued at $1,821,963,000 after acquiring an additional 37,128,653 shares in the last quarter. Snider Financial Group bought a new stake in Barrick Gold in the 1st quarter valued at approximately $185,000. Van ECK Associates Corp lifted its stake in Barrick Gold by 9.7% in the 4th quarter. Van ECK Associates Corp now owns 80,933,517 shares of the gold and copper producer’s stock valued at $1,464,070,000 after acquiring an additional 7,150,142 shares in the last quarter. Capital World Investors lifted its stake in Barrick Gold by 16.4% in the 4th quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock valued at $821,790,000 after acquiring an additional 6,417,244 shares in the last quarter. Finally, Ruffer LLP lifted its stake in Barrick Gold by 198.3% in the 4th quarter. Ruffer LLP now owns 9,606,218 shares of the gold and copper producer’s stock valued at $173,727,000 after acquiring an additional 6,385,566 shares in the last quarter. Institutional investors own 62.85% of the company’s stock.

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.