Scotiabank Has Positive View of Barrick Gold FY2024 Earnings

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities researchers at Scotiabank lifted their FY2024 EPS estimates for Barrick Gold in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now anticipates that the gold and copper producer will post earnings of $1.15 per share for the year, up from their prior forecast of $1.11. Scotiabank has a “Sector Outperform” rating and a $23.00 price objective on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $1.28 per share. Scotiabank also issued estimates for Barrick Gold’s FY2025 earnings at $1.50 EPS and FY2026 earnings at $1.46 EPS.

A number of other brokerages have also recently commented on GOLD. Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. Citigroup cut their target price on Barrick Gold from $23.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, December 20th. Berenberg Bank upped their price target on Barrick Gold from $37.00 to $38.00 in a research report on Tuesday, November 26th. CIBC lowered Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday, November 25th. Finally, Raymond James reduced their target price on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Monday, November 25th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.82.

Barrick Gold Price Performance

NYSE:GOLD opened at $15.85 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65. The company has a 50-day moving average of $16.88 and a 200-day moving average of $18.39. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $21.35. The company has a market capitalization of $27.60 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 0.47 and a beta of 0.54.

Barrick Gold Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.52%. Barrick Gold’s payout ratio is 43.01%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in shares of Barrick Gold by 19.9% during the third quarter. Principal Financial Group Inc. now owns 483,613 shares of the gold and copper producer’s stock valued at $9,630,000 after acquiring an additional 80,366 shares during the period. DCF Advisers LLC lifted its position in Barrick Gold by 48.3% during the 2nd quarter. DCF Advisers LLC now owns 107,500 shares of the gold and copper producer’s stock valued at $1,793,000 after purchasing an additional 35,000 shares during the period. Mizuho Markets Americas LLC boosted its stake in shares of Barrick Gold by 21.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 2,317,580 shares of the gold and copper producer’s stock valued at $46,097,000 after purchasing an additional 413,012 shares during the last quarter. Entropy Technologies LP acquired a new stake in shares of Barrick Gold during the 3rd quarter worth approximately $3,711,000. Finally, Aigen Investment Management LP raised its stake in shares of Barrick Gold by 330.5% during the third quarter. Aigen Investment Management LP now owns 99,240 shares of the gold and copper producer’s stock worth $1,974,000 after buying an additional 76,186 shares during the last quarter. 62.85% of the stock is currently 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.