Q1 2024 EPS Estimates for Barrick Gold Corp (NYSE:GOLD) Cut by Cormark

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at Cormark lowered their Q1 2024 earnings estimates for shares of Barrick Gold in a research report issued to clients and investors on Wednesday, April 17th. Cormark analyst R. Gray now anticipates that the gold and copper producer will earn $0.15 per share for the quarter, down from their previous forecast of $0.17. The consensus estimate for Barrick Gold’s current full-year earnings is $0.91 per share. Cormark also issued estimates for Barrick Gold’s FY2024 earnings at $0.66 EPS.

Other research analysts have also issued reports about the stock. Raymond James decreased their price target on shares of Barrick Gold from $24.00 to $23.00 and set an “outperform” rating on the stock in a research note on Thursday, February 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $18.00 price target on shares of Barrick Gold in a research note on Monday, March 4th. Jefferies Financial Group started coverage on shares of Barrick Gold in a research note on Thursday, February 29th. They issued a “buy” rating and a $21.00 price target on the stock. TD Securities cut their price objective on shares of Barrick Gold from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, February 16th. Finally, StockNews.com upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating in a report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Barrick Gold has a consensus rating of “Moderate Buy” and an average target price of $22.05.

Barrick Gold Trading Up 1.3 %

Shares of Barrick Gold stock opened at $16.70 on Thursday. The firm has a market capitalization of $29.32 billion, a PE ratio of 23.19, a P/E/G ratio of 1.58 and a beta of 0.58. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $20.75. The firm’s 50-day moving average price is $15.82 and its 200 day moving average price is $16.20. The company has a current ratio of 3.16, a quick ratio of 2.40 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.06. The firm had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a net margin of 11.16% and a return on equity of 4.64%. During the same period last year, the company posted $0.13 EPS.

Institutional Trading of Barrick Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Edge Wealth Management LLC increased its holdings in shares of Barrick Gold by 6.3% during the 1st quarter. Edge Wealth Management LLC now owns 12,255 shares of the gold and copper producer’s stock worth $204,000 after buying an additional 725 shares during the last quarter. S.A. Mason LLC increased its holdings in Barrick Gold by 3.5% in the 1st quarter. S.A. Mason LLC now owns 28,543 shares of the gold and copper producer’s stock valued at $475,000 after purchasing an additional 973 shares during the last quarter. Sunbelt Securities Inc. increased its holdings in Barrick Gold by 46.8% in the 1st quarter. Sunbelt Securities Inc. now owns 10,040 shares of the gold and copper producer’s stock valued at $167,000 after purchasing an additional 3,200 shares during the last quarter. Gateway Investment Advisers LLC increased its holdings in Barrick Gold by 1.5% in the 1st quarter. Gateway Investment Advisers LLC now owns 252,672 shares of the gold and copper producer’s stock valued at $4,204,000 after purchasing an additional 3,655 shares during the last quarter. Finally, Bangor Savings Bank increased its holdings in Barrick Gold by 12.4% in the 1st quarter. Bangor Savings Bank now owns 20,541 shares of the gold and copper producer’s stock valued at $342,000 after purchasing an additional 2,267 shares during the last quarter. Institutional investors and hedge funds own 62.85% of the company’s stock.

Barrick Gold Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.074 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.77%. Barrick Gold’s dividend payout ratio is currently 55.56%.

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.