Barrick Gold Corp to Post Q2 2024 Earnings of $0.25 Per Share, Cormark Forecasts (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Research analysts at Cormark upped their Q2 2024 earnings per share (EPS) estimates for Barrick Gold in a report issued on Thursday, May 2nd. Cormark analyst R. Gray now anticipates that the gold and copper producer will post earnings of $0.25 per share for the quarter, up from their prior forecast of $0.17. The consensus estimate for Barrick Gold’s current full-year earnings is $0.95 per share. Cormark also issued estimates for Barrick Gold’s Q3 2024 earnings at $0.25 EPS.

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

Several other analysts also recently weighed in on GOLD. Argus restated a “hold” rating on shares of Barrick Gold in a research note on Monday, February 26th. Jefferies Financial Group initiated coverage on Barrick Gold in a research note on Thursday, February 29th. They set a “buy” rating and a $21.00 target price for the company. Royal Bank of Canada restated an “outperform” rating and set a $18.00 target price on shares of Barrick Gold in a research note on Monday, March 4th. Scotiabank decreased their target price on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research note on Tuesday, February 20th. Finally, BMO Capital Markets decreased their target price on Barrick Gold from $27.00 to $26.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and an average price target of $21.60.

Barrick Gold Stock Performance

GOLD opened at $16.76 on Monday. The company has a market cap of $29.42 billion, a PE ratio of 20.44, a price-to-earnings-growth ratio of 1.44 and a beta of 0.59. The stock has a 50-day moving average of $16.43 and a 200-day moving average of $16.35. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $20.26. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.49 and a current ratio of 3.32.

Barrick Gold Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, May 31st. This is a boost from Barrick Gold’s previous quarterly dividend of $0.07. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.39%. Barrick Gold’s dividend payout ratio is presently 48.78%.

Hedge Funds Weigh In On Barrick Gold

Hedge funds have recently modified their holdings of the stock. Principal Securities Inc. acquired a new position in shares of Barrick Gold in the 4th quarter worth approximately $26,000. EverSource Wealth Advisors LLC increased its holdings in Barrick Gold by 175.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock valued at $32,000 after purchasing an additional 1,143 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Barrick Gold during the 4th quarter valued at $35,000. Mark Sheptoff Financial Planning LLC acquired a new stake in Barrick Gold during the 4th quarter valued at $45,000. Finally, Optiver Holding B.V. acquired a new stake in Barrick Gold during the 4th quarter valued at $46,000. 62.85% of the stock is owned by institutional investors and hedge funds.

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.