Q3 EPS Estimates for Barrick Gold Reduced by Raymond James

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Equities research analysts at Raymond James cut their Q3 2024 earnings per share (EPS) estimates for Barrick Gold in a research report issued to clients and investors on Wednesday, October 16th. Raymond James analyst B. Macarthur now forecasts that the gold and copper producer will earn $0.30 per share for the quarter, down from their prior estimate of $0.31. Raymond James currently has a “Outperform” rating and a $26.00 target price on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $1.27 per share.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly 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 business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the prior year, the company posted $0.19 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year.

GOLD has been the subject of several other research reports. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Thursday, August 29th. Royal Bank of Canada lifted their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. UBS Group upped their price objective on shares of Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday. Jefferies Financial Group increased their target price on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Scotiabank increased their price objective on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.60.

Barrick Gold Stock Performance

Barrick Gold stock opened at $20.92 on Friday. The company has a current ratio of 3.01, a quick ratio of 2.31 and a debt-to-equity ratio of 0.15. The firm has a market cap of $36.67 billion, a P/E ratio of 25.51, a P/E/G ratio of 0.47 and a beta of 0.55. Barrick Gold has a 1-year low of $13.76 and a 1-year high of $21.21. The firm has a 50-day moving average of $20.05 and a 200-day moving average of $18.22.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.10 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.40 annualized dividend and a yield of 1.91%. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Hedge Funds Weigh In On Barrick Gold

A number of hedge funds have recently added to or reduced their stakes in GOLD. Vanguard Group Inc. raised its stake in shares of Barrick Gold by 1.7% in the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock worth $1,077,624,000 after purchasing an additional 1,089,572 shares during the last quarter. First Eagle Investment Management LLC lifted its stake in Barrick Gold by 31.6% during the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock valued at $978,766,000 after acquiring an additional 14,138,639 shares during the period. EdgePoint Investment Group Inc. lifted its stake in Barrick Gold by 3.7% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock valued at $314,254,000 after acquiring an additional 666,214 shares during the period. National Bank of Canada FI boosted its holdings in shares of Barrick Gold by 9.0% during the 1st quarter. National Bank of Canada FI now owns 14,887,656 shares of the gold and copper producer’s stock valued at $251,929,000 after acquiring an additional 1,231,184 shares during the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of Barrick Gold by 3.3% in the second quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock worth $242,491,000 after acquiring an additional 461,406 shares during the period. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

About Barrick Gold

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.