Barrick Gold FY2024 EPS Forecast Lowered by Raymond James

Barrick Gold Corp (NYSE:GOLD - Free Report) TSE: ABX - Analysts at Raymond James dropped their FY2024 earnings per share (EPS) estimates for shares of Barrick Gold in a research note issued to investors on Sunday, November 10th. Raymond James analyst B. Macarthur now expects that the gold and copper producer will earn $1.25 per share for the year, down from their previous forecast of $1.27. Raymond James has a "Outperform" rating and a $26.00 price objective on the stock. The consensus estimate for Barrick Gold's current full-year earnings is $1.29 per share.

Other equities analysts have also issued reports about the stock. Royal Bank of Canada raised their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 10th. Scotiabank cut their price objective on shares of Barrick Gold from $25.00 to $24.00 and set a "sector outperform" rating on the stock in a research report on Friday. TD Securities lowered their target price on shares of Barrick Gold from $27.00 to $26.00 and set a "buy" rating for the company in a research note on Friday. Jefferies Financial Group increased their price objective on Barrick Gold from $23.00 to $24.00 and gave the company a "buy" rating in a report on Friday, September 13th. Finally, UBS Group cut Barrick Gold from a "buy" rating to a "neutral" rating and decreased their price target for the company from $23.00 to $22.00 in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Barrick Gold presently has an average rating of "Moderate Buy" and an average target price of $23.90.

Barrick Gold Trading Down 2.8 %

Shares of NYSE GOLD traded down $0.48 during midday trading on Tuesday, hitting $16.92. The company's stock had a trading volume of 13,508,956 shares, compared to its average volume of 21,269,883. The business's 50 day moving average is $19.89 and its two-hundred day moving average is $18.49. Barrick Gold has a 12-month low of $13.76 and a 12-month high of $21.35. The company has a current ratio of 3.01, a quick ratio of 2.31 and a debt-to-equity ratio of 0.15. The firm has a market cap of $29.58 billion, a P/E ratio of 18.32, a price-to-earnings-growth ratio of 0.43 and a beta of 0.56.

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX last posted its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.05. The firm had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. Barrick Gold had a net margin of 13.19% and a return on equity of 5.85%. The business's quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 EPS.

Institutional Trading of Barrick Gold

Large investors have recently added to or reduced their stakes in the stock. Meridian Wealth Management LLC acquired a new position in shares of Barrick Gold during the third quarter worth $298,000. Raymond James Trust N.A. lifted its stake in shares of Barrick Gold by 22.0% in the third quarter. Raymond James Trust N.A. now owns 21,699 shares of the gold and copper producer's stock worth $432,000 after acquiring an additional 3,917 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Barrick Gold by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,945,514 shares of the gold and copper producer's stock valued at $98,469,000 after purchasing an additional 244,057 shares in the last quarter. Moors & Cabot Inc. boosted its stake in shares of Barrick Gold by 0.9% during the 3rd quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer's stock valued at $1,275,000 after buying an additional 579 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its position in shares of Barrick Gold by 2.0% during the third quarter. Advisors Asset Management Inc. now owns 57,896 shares of the gold and copper producer's stock worth $1,152,000 after buying an additional 1,159 shares in the last quarter. 62.85% of the stock is currently owned by institutional investors and hedge funds.

Barrick Gold Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 annualized dividend and a yield of 2.36%. Barrick Gold's dividend payout ratio is presently 43.01%.

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.