Cormark Issues Optimistic Estimate for Barrick Gold Earnings

Barrick Gold Corp (NYSE:GOLD - Free Report) TSE: ABX - Cormark increased their Q3 2024 earnings per share (EPS) estimates for shares of Barrick Gold in a report issued on Thursday, October 17th. Cormark analyst R. Gray now expects that the gold and copper producer will post earnings of $0.35 per share for the quarter, up from their previous estimate 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.

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

Several other equities research analysts have also recently issued reports on the company. Argus raised Barrick Gold from a "hold" rating to a "buy" rating and set a $24.00 target price for the company in a research note on Thursday, August 29th. Royal Bank of Canada upped their target price 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. Scotiabank lifted their price target 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. CIBC upped their price objective on shares of Barrick Gold from $23.00 to $27.00 and gave the stock an "outperformer" rating in a report on Wednesday, July 10th. Finally, UBS Group lifted their target price 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. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $23.60.

Barrick Gold Trading Down 0.1 %

Shares of Barrick Gold stock traded down $0.03 during mid-day trading on Monday, hitting $20.89. The stock had a trading volume of 13,885,116 shares, compared to its average volume of 21,038,514. The firm has a 50-day moving average of $20.05 and a two-hundred day moving average of $18.24. The firm has a market cap of $36.61 billion, a P/E ratio of 25.60, a price-to-earnings-growth ratio of 0.47 and a beta of 0.55. 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 12-month low of $13.76 and a 12-month high of $21.35.

Institutional Trading of Barrick Gold

A number of large investors have recently made changes to their positions in GOLD. Allspring Global Investments Holdings LLC raised its holdings in shares of Barrick Gold by 4.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 876,559 shares of the gold and copper producer's stock valued at $17,435,000 after purchasing an additional 40,500 shares in the last quarter. Means Investment CO. Inc. lifted its holdings in Barrick Gold by 5.8% during the 3rd quarter. Means Investment CO. Inc. now owns 21,520 shares of the gold and copper producer's stock worth $428,000 after buying an additional 1,173 shares during the last quarter. E&G Advisors LP acquired a new position in shares of Barrick Gold during the 3rd quarter worth about $203,000. Mitsubishi UFJ Asset Management UK Ltd. increased its holdings in shares of Barrick Gold by 200.0% in the 3rd quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 30,000 shares of the gold and copper producer's stock valued at $597,000 after acquiring an additional 20,000 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Barrick Gold by 24.9% during the third quarter. Blue Trust Inc. now owns 39,097 shares of the gold and copper producer's stock worth $778,000 after purchasing an additional 7,792 shares during the last quarter. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

Barrick Gold Announces Dividend

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

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.