Barrick Gold FY2024 EPS Lowered by National Bank Financial

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at National Bank Financial reduced their FY2024 EPS estimates for Barrick Gold in a research report issued to clients and investors on Wednesday, January 15th. National Bank Financial analyst M. Parkin now anticipates that the gold and copper producer will post earnings of $1.33 per share for the year, down from their previous forecast of $1.46. The consensus estimate for Barrick Gold’s current full-year earnings is $1.25 per share. National Bank Financial also issued estimates for Barrick Gold’s FY2025 earnings at $1.80 EPS and FY2026 earnings at $1.90 EPS.

A number of other research analysts have also commented on the company. Berenberg Bank upped their price objective on Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. Raymond James decreased their target price on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a research report on Monday, November 25th. Citigroup lowered their target price on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a report on Friday, December 20th. Finally, Scotiabank cut Barrick Gold from a “sector outperform” rating to a “sector perform” rating and cut their price target for the company from $23.00 to $19.00 in a research note on Tuesday. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Barrick Gold presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.45.

Barrick Gold Price Performance

Barrick Gold stock opened at $15.98 on Monday. The company has a market capitalization of $27.59 billion, a price-to-earnings ratio of 17.18, a PEG ratio of 0.30 and a beta of 0.54. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14. Barrick Gold has a 12 month low of $13.76 and a 12 month high of $21.35. The stock’s 50 day moving average is $16.50 and its 200-day moving average is $18.36.

Barrick Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a dividend of $0.10 per share. The ex-dividend date was Friday, November 29th. This represents a $0.40 annualized dividend and a dividend yield of 2.50%. Barrick Gold’s dividend payout ratio is currently 43.01%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GOLD. Wellington Management Group LLP boosted its stake in shares of Barrick Gold by 2.7% in the 3rd quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock valued at $1,088,484,000 after purchasing an additional 1,458,084 shares in the last quarter. EdgePoint Investment Group Inc. grew its stake in shares of Barrick Gold by 3.7% during the second quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock worth $314,254,000 after buying an additional 666,214 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Barrick Gold by 33.3% during the third quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock worth $227,524,000 after buying an additional 2,854,055 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Barrick Gold by 221.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock valued at $199,427,000 after acquiring an additional 6,904,934 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Barrick Gold by 9.5% during the 3rd quarter. Geode Capital Management LLC now owns 8,047,255 shares of the gold and copper producer’s stock worth $162,140,000 after acquiring an additional 696,556 shares during the last quarter. Institutional investors and hedge funds 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.