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

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Raymond James boosted their Q4 2024 earnings per share (EPS) estimates for Barrick Gold in a research note issued on Wednesday, September 25th. Raymond James analyst B. Macarthur now forecasts that the gold and copper producer will post earnings of $0.46 per share for the quarter, up from their prior estimate of $0.45. 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 $1.25 per share.

A number of other equities analysts also recently commented on GOLD. Jefferies Financial Group boosted their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Argus raised 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. Scotiabank upped their price target on Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. Royal Bank of Canada upped their price target on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Finally, CIBC upped their price target on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.60.

Barrick Gold Stock Performance

Shares of Barrick Gold stock opened at $20.23 on Friday. Barrick Gold has a one year low of $13.76 and a one year high of $21.21. The company has a market cap of $35.46 billion, a PE ratio of 24.67, a P/E/G ratio of 0.49 and a beta of 0.55. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.31 and a current ratio of 3.01. The business has a 50-day simple moving average of $19.38 and a 200-day simple moving average of $17.79.

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

Barrick Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio is currently 48.78%.

Institutional Investors Weigh In On Barrick Gold

Several large investors have recently modified their holdings of GOLD. Wellington Management Group LLP raised its stake in shares of Barrick Gold by 58.4% during the fourth quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock worth $1,821,963,000 after purchasing an additional 37,128,653 shares during the last quarter. First Eagle Investment Management LLC raised its stake in shares of Barrick Gold by 31.6% during the first quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock worth $978,766,000 after purchasing an additional 14,138,639 shares during the last quarter. Capital World Investors raised its stake in shares of Barrick Gold by 16.4% during the fourth quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock worth $821,790,000 after purchasing an additional 6,417,244 shares during the last quarter. EdgePoint Investment Group Inc. raised its stake in shares of Barrick Gold by 38.8% during the first quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock worth $302,366,000 after purchasing an additional 5,080,510 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Barrick Gold by 4,713.3% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer’s stock worth $69,141,000 after purchasing an additional 4,058,351 shares during the last quarter. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Company Profile

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.