Raymond James Equities Analysts Decrease Earnings Estimates for Barrick Gold Corp (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Investment analysts at Raymond James lowered their Q2 2024 earnings per share estimates for shares of Barrick Gold in a research report issued on Thursday, July 4th. Raymond James analyst B. Macarthur now expects that the gold and copper producer will earn $0.28 per share for the quarter, down from their previous estimate of $0.31. The consensus estimate for Barrick Gold’s current full-year earnings is $1.08 per share. Raymond James also issued estimates for Barrick Gold’s Q2 2025 earnings at $0.33 EPS, Q3 2025 earnings at $0.32 EPS and Q4 2025 earnings at $0.36 EPS.

Several other analysts have also recently issued reports on the company. BMO Capital Markets reduced their price objective on Barrick Gold from $27.00 to $26.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. National Bank Financial reaffirmed a “sector perform overweight” rating on shares of Barrick Gold in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.60.

Barrick Gold Stock Performance

Shares of GOLD stock opened at $17.44 on Monday. The firm has a 50 day moving average of $16.89 and a two-hundred day moving average of $16.45. The stock has a market capitalization of $30.62 billion, a PE ratio of 21.27, a P/E/G ratio of 0.49 and a beta of 0.51. The company has a quick ratio of 2.49, a current ratio of 3.32 and a debt-to-equity ratio of 0.15. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $18.95.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Wednesday, May 1st. The gold and copper producer reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.04. The business had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.74 billion. Barrick Gold had a net margin of 12.58% and a return on equity of 4.88%. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.14 earnings per share.

Barrick Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend was Friday, May 31st. This is an increase from Barrick Gold’s previous quarterly dividend of $0.07. Barrick Gold’s payout ratio is currently 48.78%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Addenda Capital Inc. raised its position in Barrick Gold by 88.1% in the 4th quarter. Addenda Capital Inc. now owns 3,105,335 shares of the gold and copper producer’s stock valued at $56,176,000 after purchasing an additional 1,454,220 shares during the last quarter. 1832 Asset Management L.P. boosted its stake in shares of Barrick Gold by 19.2% during the fourth quarter. 1832 Asset Management L.P. now owns 1,051,755 shares of the gold and copper producer’s stock worth $19,026,000 after buying an additional 169,350 shares during the period. Klein Pavlis & Peasley Financial Inc. purchased a new position in shares of Barrick Gold during the fourth quarter worth about $1,331,000. Corient Private Wealth LLC increased its position in Barrick Gold by 0.9% in the 4th quarter. Corient Private Wealth LLC now owns 123,651 shares of the gold and copper producer’s stock valued at $2,237,000 after acquiring an additional 1,066 shares during the period. Finally, DAVENPORT & Co LLC raised its stake in Barrick Gold by 17.9% during the 4th quarter. DAVENPORT & Co LLC now owns 73,627 shares of the gold and copper producer’s stock valued at $1,332,000 after acquiring an additional 11,166 shares during the last quarter. Institutional investors and hedge funds 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.