FY2024 EPS Forecast for Barrick Gold Lowered by Analyst

Barrick Gold Corp (NYSE:GOLD - Free Report) TSE: ABX - Research analysts at National Bank Financial reduced their FY2024 earnings per share estimates for shares of Barrick Gold in a report released on Monday, February 10th. National Bank Financial analyst M. Parkin now anticipates that the gold and copper producer will post earnings per share of $1.24 for the year, down from their prior 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.

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX last released its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.46. Barrick Gold had a return on equity of 5.82% and a net margin of 13.19%.

A number of other equities analysts have also recently commented on the company. Raymond James decreased their target price on Barrick Gold from $25.00 to $24.00 and set an "outperform" rating on the stock in a report on Friday, February 7th. Scotiabank cut Barrick Gold from an "outperform" rating to a "sector perform" rating and decreased their target price for the stock from $23.00 to $19.00 in a report on Thursday, January 30th. Berenberg Bank raised their target price on Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. Citigroup decreased their target price on Barrick Gold from $23.00 to $17.00 and set a "neutral" rating on the stock in a report on Friday, December 20th. Finally, Cibc World Mkts cut Barrick Gold from a "strong-buy" rating to a "hold" rating in a report on Monday, November 25th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Barrick Gold has a consensus rating of "Moderate Buy" and a consensus price target of $23.67.

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Barrick Gold Stock Performance

Barrick Gold stock traded down $0.49 during trading on Wednesday, reaching $17.96. The company had a trading volume of 29,052,684 shares, compared to its average volume of 19,482,404. Barrick Gold has a 52 week low of $14.25 and a 52 week high of $21.35. The firm's 50-day simple moving average is $16.25 and its 200 day simple moving average is $18.17. The firm has a market capitalization of $31.01 billion, a price-to-earnings ratio of 19.31, a price-to-earnings-growth ratio of 0.39 and a beta of 0.55. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. grew its position in shares of Barrick Gold by 19.9% during the third quarter. Principal Financial Group Inc. now owns 483,613 shares of the gold and copper producer's stock valued at $9,630,000 after purchasing an additional 80,366 shares in the last quarter. Mizuho Markets Americas LLC grew its position in shares of Barrick Gold by 21.7% during the third quarter. Mizuho Markets Americas LLC now owns 2,317,580 shares of the gold and copper producer's stock valued at $46,097,000 after purchasing an additional 413,012 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of Barrick Gold during the third quarter valued at about $3,711,000. Aigen Investment Management LP grew its position in Barrick Gold by 330.5% in the third quarter. Aigen Investment Management LP now owns 99,240 shares of the gold and copper producer's stock worth $1,974,000 after acquiring an additional 76,186 shares in the last quarter. Finally, Crocodile Capital Partners GmbH grew its position in Barrick Gold by 97.3% in the fourth quarter. Crocodile Capital Partners GmbH now owns 1,460,000 shares of the gold and copper producer's stock worth $22,630,000 after acquiring an additional 720,000 shares in the last quarter. Hedge funds and other institutional investors own 62.85% of the company's stock.

Barrick Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Friday, February 28th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.23%. Barrick Gold's payout ratio is 43.01%.

Barrick Gold declared that its board has approved a stock buyback program on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the gold and copper producer to buy up to 3.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

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.