FY2024 EPS Estimates for Barrick Gold Cut by Analyst

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Research analysts at National Bank Financial cut their FY2024 earnings per share (EPS) estimates for Barrick Gold in a research note issued on Monday, February 10th. National Bank Financial analyst M. Parkin now expects that the gold and copper producer will post earnings of $1.24 per share for the year, down from their previous forecast of $1.33. The consensus estimate for Barrick Gold’s current full-year earnings is $1.23 per share. National Bank Financial also issued estimates for Barrick Gold’s Q4 2024 earnings at $0.43 EPS.

Other research analysts also recently issued reports about the stock. CIBC downgraded shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Berenberg Bank raised their price target on Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. TD Securities dropped their price target on Barrick Gold from $26.00 to $25.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Cibc World Mkts downgraded Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. Finally, Raymond James cut their price target on Barrick Gold from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $23.83.

Barrick Gold Price Performance

GOLD stock opened at $17.11 on Wednesday. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $29.54 billion, a P/E ratio of 18.39, a PEG ratio of 0.39 and a beta of 0.55. The business has a 50 day simple moving average of $16.19 and a 200-day simple moving average of $18.17. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $21.35.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Barrick Gold by 221.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock worth $199,427,000 after buying an additional 6,904,934 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings 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 acquiring an additional 2,854,055 shares in the last quarter. Van ECK Associates Corp raised its position in Barrick Gold by 2.1% during the fourth quarter. Van ECK Associates Corp now owns 76,299,834 shares of the gold and copper producer’s stock worth $1,182,641,000 after acquiring an additional 1,563,361 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of 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 in the last quarter. Finally, Ruffer LLP grew its position in shares of Barrick Gold by 14.8% in the fourth quarter. Ruffer LLP now owns 10,269,848 shares of the gold and copper producer’s stock valued at $159,180,000 after purchasing an additional 1,325,119 shares during the last quarter. 62.85% of the stock is currently owned by institutional investors and hedge funds.

Barrick Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.34%. Barrick Gold’s dividend payout ratio (DPR) is 43.01%.

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.