Cormark Forecasts Barrick Gold’s Q3 Earnings (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities research analysts at Cormark lifted their Q3 2024 EPS estimates for shares of Barrick Gold in a research note issued on Thursday, October 17th. Cormark analyst R. Gray now expects that the gold and copper producer will earn $0.35 per share for the quarter, up from their previous estimate 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.

Several other equities analysts also recently issued reports on the company. Scotiabank boosted their price objective on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Thursday, August 29th. CIBC raised 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. UBS Group boosted their target price on shares of Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Finally, Raymond James decreased their price target on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.60.

Barrick Gold Stock Down 0.3 %

Shares of GOLD opened at $20.86 on Monday. The business’s 50 day simple moving average is $20.08 and its 200-day simple moving average is $18.26. Barrick Gold has a one year low of $13.76 and a one year high of $21.35. The company has a market capitalization of $36.56 billion, a P/E ratio of 25.44, a PEG ratio of 0.47 and a beta of 0.55. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued 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 firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.19 earnings per share.

Barrick Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 annualized dividend and a yield of 1.92%. Barrick Gold’s dividend payout ratio is currently 48.78%.

Hedge Funds Weigh In On Barrick Gold

Hedge funds and other institutional investors have recently bought and sold shares of the business. Clean Yield Group acquired a new position in shares of Barrick Gold in the 1st quarter valued at $25,000. Exchange Traded Concepts LLC boosted its holdings in Barrick Gold by 198.1% during the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after buying an additional 935 shares during the last quarter. Crewe Advisors LLC grew its position in shares of Barrick Gold by 628.8% during the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after buying an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Barrick Gold in the 2nd quarter valued at about $32,000. Finally, LRI Investments LLC acquired a new stake in shares of Barrick Gold in the 1st quarter valued at approximately $37,000. 62.85% of the stock is owned by institutional investors.

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.