Raymond James Has Negative View of Barrick Gold Q3 Earnings

Barrick Gold Corp (NYSE:GOLD - Free Report) TSE: ABX - Raymond James lowered their Q3 2024 earnings per share (EPS) estimates for shares of Barrick Gold in a research note issued on Wednesday, October 16th. Raymond James analyst B. Macarthur now expects that the gold and copper producer will post earnings per share of $0.30 for the quarter, down from their previous forecast of $0.31. Raymond James currently has a "Outperform" rating and a $26.00 target price on the stock. The consensus estimate for Barrick Gold's current full-year earnings is $1.27 per share.

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX last issued its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.05. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The company had revenue of $3.16 billion during the quarter, compared to analysts' expectations of $3.13 billion. During the same quarter in the previous year, the company posted $0.19 earnings per share. The business's revenue was up 11.6% on a year-over-year basis.

Several other research analysts also recently commented on the stock. Scotiabank boosted their price objective on shares of Barrick Gold from $23.00 to $25.00 and gave the company a "sector outperform" rating in a research report on Monday, August 19th. Argus upgraded shares of Barrick Gold from a "hold" rating to a "buy" rating and set a $24.00 price objective for the company in a research report on Thursday, August 29th. UBS Group boosted their price objective on shares of Barrick Gold from $22.00 to $23.00 and gave the company a "buy" rating in a research report on Tuesday. Jefferies Financial Group boosted their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the company a "buy" rating in a research report on Friday, September 13th. Finally, Royal Bank of Canada boosted their price objective on shares of Barrick Gold from $21.00 to $22.00 and gave the company an "outperform" rating in a research report on Tuesday, September 10th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $23.60.

Barrick Gold Price Performance

Shares of NYSE GOLD traded up $0.58 during midday trading on Friday, reaching $20.92. The company's stock had a trading volume of 22,602,366 shares, compared to its average volume of 21,058,141. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.31 and a current ratio of 3.01. Barrick Gold has a fifty-two week low of $13.76 and a fifty-two week high of $21.21. The business's 50 day moving average price is $19.98 and its two-hundred day moving average price is $18.19. The company has a market cap of $36.67 billion, a P/E ratio of 25.41, a P/E/G ratio of 0.47 and a beta of 0.55.

Barrick Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a $0.10 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.40 annualized dividend and a dividend yield of 1.91%. Barrick Gold's dividend payout ratio is 48.78%.

Institutional Trading of Barrick Gold

A number of institutional investors have recently bought and sold shares of the company. Ritholtz Wealth Management boosted its position in Barrick Gold by 2.8% during the third quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer's stock valued at $361,000 after acquiring an additional 502 shares during the last quarter. Silverlake Wealth Management LLC boosted its position in Barrick Gold by 1.3% during the third quarter. Silverlake Wealth Management LLC now owns 49,890 shares of the gold and copper producer's stock valued at $992,000 after acquiring an additional 628 shares during the last quarter. Edge Wealth Management LLC raised its holdings in shares of Barrick Gold by 6.3% during the first quarter. Edge Wealth Management LLC now owns 12,255 shares of the gold and copper producer's stock valued at $204,000 after purchasing an additional 725 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Barrick Gold by 1.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 38,999 shares of the gold and copper producer's stock valued at $650,000 after purchasing an additional 731 shares during the period. Finally, Greenleaf Trust raised its holdings in shares of Barrick Gold by 3.5% during the first quarter. Greenleaf Trust now owns 25,119 shares of the gold and copper producer's stock valued at $418,000 after purchasing an additional 838 shares during the period. Institutional investors own 62.85% of the company's stock.

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.