Raymond James Predicts Stronger Earnings for Barrick Gold

Barrick Gold Co. (TSE:ABX) (NYSE:ABX) – Equities research analysts at Raymond James raised their FY2024 earnings per share (EPS) estimates for shares of Barrick Gold in a report released on Wednesday, October 16th. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings of $1.73 per share for the year, up from their previous forecast of $1.71. The consensus estimate for Barrick Gold’s current full-year earnings is $2.24 per share.

Barrick Gold (TSE:ABX) (NYSE:ABX) last announced its quarterly earnings results on Monday, August 12th. The basic materials company reported C$0.44 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.36 by C$0.08. The business had revenue of C$4.33 billion during the quarter, compared to analysts’ expectations of C$4.12 billion. Barrick Gold had a return on equity of 7.20% and a net margin of 12.78%.

A number of other equities analysts have also weighed in on ABX. Eight Capital boosted their price objective on shares of Barrick Gold from C$36.00 to C$38.00 in a research report on Thursday, July 11th. TD Securities reaffirmed a “buy” rating and issued a C$34.00 price objective on shares of Barrick Gold in a research note on Wednesday, October 16th. Argus raised shares of Barrick Gold from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 29th. Canaccord Genuity Group boosted their price objective on Barrick Gold from C$31.00 to C$33.00 in a research note on Tuesday, July 23rd. Finally, Stifel Nicolaus upped their target price on shares of Barrick Gold from C$28.50 to C$33.50 in a research note on Monday. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Barrick Gold presently has an average rating of “Buy” and a consensus price target of C$30.77.

Barrick Gold Price Performance

ABX stock opened at C$29.28 on Monday. Barrick Gold has a 1 year low of C$18.65 and a 1 year high of C$29.50. The firm has a market cap of C$51.24 billion, a P/E ratio of 24.61, a PEG ratio of 2.34 and a beta of 0.48. The stock’s 50 day moving average price is C$27.08 and its 200 day moving average price is C$24.83. The company has a debt-to-equity ratio of 14.54, a quick ratio of 2.62 and a current ratio of 3.01.

Barrick Gold Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a dividend of $0.138 per share. This represents a $0.55 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date was Friday, August 30th. This is a boost from Barrick Gold’s previous quarterly dividend of $0.14. Barrick Gold’s payout ratio is 45.38%.

Insider Buying and Selling

In other Barrick Gold news, Director Christopher Lewis Coleman sold 121,334 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of C$28.10, for a total value of C$3,409,485.40. In related news, Director Andrew James Quinn bought 5,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were bought at an average cost of C$26.00 per share, with a total value of C$129,999.00. Also, Director Christopher Lewis Coleman sold 121,334 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of C$28.10, for a total transaction of C$3,409,485.40. Insiders sold 235,334 shares of company stock valued at $5,741,477 over the last 90 days. 0.60% of the stock is currently owned by company insiders.

About Barrick Gold

Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties in Canada and internationally. The company also explores and sells silver and energy materials. It has ownership interests in producing gold mines located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania, and the United States.