Barrick Gold Corp (NYSE:GOLD) to Post Q3 2024 Earnings of $0.34 Per Share, Raymond James Forecasts

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Raymond James decreased their Q3 2024 EPS estimates for Barrick Gold in a report issued on Monday, August 12th. Raymond James analyst B. Macarthur now anticipates that the gold and copper producer will post earnings per share of $0.34 for the quarter, down from their prior forecast of $0.35. The consensus estimate for Barrick Gold’s current full-year earnings is $1.16 per share.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a net margin of 12.58% and a return on equity of 4.88%. The business’s revenue was up 11.6% on a year-over-year basis. During the same period last year, the business earned $0.19 EPS.

Several other equities research analysts also recently weighed in on GOLD. CIBC boosted their target price on shares of Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Jefferies Financial 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 research report on Friday, July 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.20.

Barrick Gold Price Performance

GOLD opened at $19.71 on Thursday. The company has a 50-day moving average of $17.58 and a 200-day moving average of $16.71. The company has a market capitalization of $34.55 billion, a P/E ratio of 24.04, a PEG ratio of 0.48 and a beta of 0.51. Barrick Gold has a 1-year low of $13.76 and a 1-year high of $19.77. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.49 and a current ratio of 3.32.

Institutional Trading of Barrick Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its holdings 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 valued at $1,821,963,000 after acquiring an additional 37,128,653 shares during the period. Van ECK Associates Corp increased its stake in shares of Barrick Gold by 9.7% during the 4th quarter. Van ECK Associates Corp now owns 80,933,517 shares of the gold and copper producer’s stock worth $1,464,070,000 after purchasing an additional 7,150,142 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Barrick Gold by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock worth $1,077,624,000 after purchasing an additional 1,089,572 shares during the last quarter. First Eagle Investment Management LLC increased its stake in shares of Barrick Gold by 31.6% during the 1st 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. Finally, Capital World Investors increased its stake in shares of Barrick Gold by 16.4% during the 4th 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. 62.85% of the stock is owned by institutional investors and hedge funds.

Barrick Gold Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, August 30th. Barrick Gold’s dividend payout ratio is currently 48.78%.

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.