Raymond James Trims Barrick Gold (NYSE:GOLD) Target Price to $26.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price cut by Raymond James from $26.50 to $26.00 in a research report report published on Thursday morning, BayStreet.CA reports. They currently have an outperform rating on the gold and copper producer’s stock. Raymond James also issued estimates for Barrick Gold’s Q3 2024 earnings at $0.39 EPS, Q4 2024 earnings at $0.45 EPS, Q4 2024 earnings at $0.46 EPS, FY2024 earnings at $1.34 EPS, Q1 2025 earnings at $0.46 EPS, Q2 2025 earnings at $0.48 EPS, Q3 2025 earnings at $0.48 EPS, Q4 2025 earnings at $0.50 EPS and FY2025 earnings at $1.92 EPS.

Several other research analysts also recently issued reports on the stock. CIBC boosted 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. Argus raised Barrick Gold from a hold rating to a buy rating and set a $24.00 price target for the company in a report on Thursday, August 29th. Jefferies Financial Group lifted their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a buy rating in a report on Friday, September 13th. Royal Bank of Canada upped their target price on Barrick Gold from $21.00 to $22.00 and gave the company an outperform rating in a research note on Tuesday, September 10th. Finally, Scotiabank lifted their price target on shares of Barrick Gold from $23.00 to $25.00 and gave the stock a sector outperform rating in a research note on Monday, August 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Barrick Gold currently has an average rating of Moderate Buy and an average target price of $23.60.

Barrick Gold Trading Down 3.7 %

Barrick Gold stock opened at $20.23 on Thursday. The business’s 50-day simple moving average is $19.38 and its 200-day simple moving average is $17.79. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $21.21. The firm has a market capitalization of $35.46 billion, a PE ratio of 24.67, a PEG ratio of 0.49 and a beta of 0.55. 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 (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating 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 company had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the prior year, the business earned $0.19 earnings per share. Barrick Gold’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities research analysts forecast that Barrick Gold will post 1.25 earnings per share for the current year.

Barrick Gold Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s payout ratio is 48.78%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP raised its position in Barrick Gold by 58.4% in the 4th quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock valued at $1,821,963,000 after purchasing an additional 37,128,653 shares during the last quarter. First Eagle Investment Management LLC increased its stake in shares of Barrick Gold by 31.6% in the first 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 in the last quarter. Capital World Investors raised its holdings in shares of Barrick Gold by 16.4% in the fourth quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock valued at $821,790,000 after buying an additional 6,417,244 shares during the last quarter. EdgePoint Investment Group Inc. lifted its position in Barrick Gold by 38.8% during the 1st quarter. EdgePoint Investment Group Inc. now owns 18,170,814 shares of the gold and copper producer’s stock worth $302,366,000 after buying an additional 5,080,510 shares in the last quarter. Finally, 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 worth $69,141,000 after acquiring an additional 4,058,351 shares during the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

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.