Brokers Offer Predictions for Barrick Gold FY2024 Earnings

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Investment analysts at National Bank Financial upped their FY2024 earnings per share estimates for shares of Barrick Gold in a research report issued on Tuesday, October 22nd. National Bank Financial analyst M. Parkin now forecasts that the gold and copper producer will post earnings of $1.46 per share for the year, up from their prior estimate of $1.24. 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 $1.97 EPS.

Other equities analysts have also recently issued research reports about the company. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Thursday, August 29th. Jefferies Financial Group raised their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Royal Bank of Canada upped their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Raymond James lowered their price objective on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Finally, 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 report on Tuesday, October 15th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $23.60.

Barrick Gold Trading Down 2.3 %

Shares of Barrick Gold stock opened at $20.32 on Friday. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15. The firm has a market cap of $35.62 billion, a price-to-earnings ratio of 24.78, a PEG ratio of 0.47 and a beta of 0.55. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $21.35. The business has a 50-day moving average price of $20.16 and a 200-day moving average price of $18.30.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. Barrick Gold’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.19 earnings per share.

Barrick Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Institutional Trading of Barrick Gold

A number of hedge funds and other institutional investors have recently bought and sold shares of GOLD. Clean Yield Group purchased a new position in Barrick Gold in the 1st quarter worth about $25,000. Exchange Traded Concepts LLC increased its position in shares of 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 acquiring an additional 935 shares during the period. Crewe Advisors LLC raised its stake in shares of Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock valued at $30,000 after acquiring an additional 1,572 shares in the last quarter. Jackson Grant Investment Advisers Inc. purchased a new stake in shares of Barrick Gold in the second quarter valued at approximately $32,000. Finally, Eastern Bank bought a new position in Barrick Gold in the third quarter worth approximately $32,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

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.