FY2024 EPS Estimate for Barrick Gold Reduced by Analyst

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Research analysts at National Bank Financial reduced their FY2024 earnings estimates for Barrick Gold in a research note issued to investors on Wednesday, January 15th. National Bank Financial analyst M. Parkin now forecasts that the gold and copper producer will earn $1.33 per share for the year, down from their previous forecast of $1.46. The consensus estimate for Barrick Gold’s current full-year earnings is $1.27 per share. National Bank Financial also issued estimates for Barrick Gold’s FY2025 earnings at $1.80 EPS and FY2026 earnings at $1.90 EPS.

Other research analysts also recently issued reports about the company. CIBC downgraded Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday, November 25th. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Cibc World Mkts lowered shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. Scotiabank dropped their target price on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a report on Monday, November 25th. Finally, TD Securities dropped their target price on shares of Barrick Gold from $26.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.82.

Barrick Gold Price Performance

GOLD stock opened at $16.00 on Monday. The stock has a market cap of $27.85 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 0.28 and a beta of 0.54. The stock has a 50-day moving average price of $16.52 and a two-hundred day moving average price of $18.37. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $21.35. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.50%. Barrick Gold’s dividend payout ratio (DPR) is currently 43.01%.

Institutional Investors Weigh In On Barrick Gold

Hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP increased its holdings in Barrick Gold by 2.7% in the third quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock valued at $1,088,484,000 after purchasing an additional 1,458,084 shares during the period. EdgePoint Investment Group Inc. boosted its holdings in Barrick Gold by 3.7% in the second 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 last quarter. The Manufacturers Life Insurance Company increased its position in Barrick Gold by 33.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock valued at $227,524,000 after purchasing an additional 2,854,055 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Barrick Gold by 221.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock valued at $199,427,000 after purchasing an additional 6,904,934 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Barrick Gold by 9.5% during the third quarter. Geode Capital Management LLC now owns 8,047,255 shares of the gold and copper producer’s stock worth $162,140,000 after buying an additional 696,556 shares during the period. 62.85% of the stock is currently owned by institutional investors and hedge funds.

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.