Cormark Estimates Barrick Gold's Q3 Earnings (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD - Free Report) TSE: ABX - Investment analysts at Cormark upped their Q3 2024 earnings estimates for Barrick Gold in a research note issued to investors on Thursday, October 17th. Cormark analyst R. Gray now forecasts that the gold and copper producer will earn $0.35 per share for the quarter, up from their previous forecast of $0.33. The consensus estimate for Barrick Gold's current full-year earnings is $1.27 per share. Cormark also issued estimates for Barrick Gold's Q4 2024 earnings at $0.36 EPS and FY2024 earnings at $1.21 EPS.

A number of other research firms also recently weighed in on GOLD. Royal Bank of Canada lifted their price target on Barrick Gold from $21.00 to $22.00 and gave the company an "outperform" rating in a research note on Tuesday, September 10th. UBS Group increased their price target on shares of Barrick Gold from $22.00 to $23.00 and gave the company a "buy" rating in a report on Tuesday, October 15th. CIBC boosted their target price on Barrick Gold from $23.00 to $27.00 and gave the stock an "outperformer" rating in a research report on Wednesday, July 10th. Argus raised Barrick Gold from a "hold" rating to a "buy" rating and set a $24.00 price target for the company in a research note on Thursday, August 29th. Finally, Raymond James lowered their price objective on shares of Barrick Gold from $26.50 to $26.00 and set an "outperform" rating on the stock in a research note on Thursday, September 26th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Barrick Gold has a consensus rating of "Moderate Buy" and a consensus target price of $23.60.

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Barrick Gold Stock Performance

Shares of NYSE GOLD traded down $0.06 during mid-day trading on Monday, hitting $20.86. 20,226,342 shares of the company were exchanged, compared to its average volume of 21,055,850. The firm has a market cap of $36.56 billion, a price-to-earnings ratio of 25.44, a price-to-earnings-growth ratio of 0.47 and a beta of 0.55. The stock has a 50 day simple moving average of $20.08 and a 200-day simple moving average of $18.26. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15. Barrick Gold has a 1-year low of $13.76 and a 1-year high of $21.35.

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX last issued its quarterly 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 during the quarter, compared to analysts' expectations of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. Barrick Gold's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.19 EPS.

Barrick Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold's payout ratio is currently 48.78%.

Institutional Investors Weigh In On Barrick Gold

Institutional investors have recently bought and sold shares of the business. First Eagle Investment Management LLC raised its holdings in shares of Barrick Gold by 31.6% during the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer's stock valued at $978,766,000 after buying an additional 14,138,639 shares during the period. EdgePoint Investment Group Inc. boosted its stake in shares of Barrick Gold by 38.8% in the first quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer's stock valued at $302,366,000 after purchasing an additional 5,080,510 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Barrick Gold by 4,713.3% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,144,456 shares of the gold and copper producer's stock valued at $69,141,000 after purchasing an additional 4,058,351 shares in the last quarter. Letko Brosseau & Associates Inc. purchased a new stake in Barrick Gold during the 2nd quarter worth $66,820,000. Finally, Equity Investment Corp lifted its holdings in Barrick Gold by 82.1% in the 1st quarter. Equity Investment Corp now owns 5,302,815 shares of the gold and copper producer's stock worth $88,239,000 after buying an additional 2,390,238 shares in the last quarter. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

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.