Raymond James Analysts Boost Earnings Estimates for Barrick Gold Corp (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Analysts at Raymond James lifted their Q3 2024 earnings per share (EPS) estimates for shares of Barrick Gold in a report issued on Monday, September 23rd. Raymond James analyst B. Macarthur now anticipates that the gold and copper producer will earn $0.39 per share for the quarter, up from their previous estimate of $0.34. 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 $1.25 per share. Raymond James also issued estimates for Barrick Gold’s 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.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced 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. The firm had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.19 earnings per share.

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

Barrick Gold Stock Performance

NYSE GOLD opened at $20.23 on Thursday. The firm’s 50 day simple moving average is $19.34 and its 200 day simple moving average is $17.76. The firm has a market capitalization of $35.46 billion, a price-to-earnings ratio of 24.93, a P/E/G ratio of 0.49 and a beta of 0.55. The company has a current ratio of 3.01, a quick ratio of 2.31 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 $21.21.

Barrick Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders 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 yield of 1.98%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s payout ratio is 48.78%.

Institutional Trading of Barrick Gold

Institutional investors have recently modified their holdings of the business. Edge Wealth Management LLC boosted its holdings in Barrick Gold by 6.3% in 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 acquiring an additional 725 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Barrick Gold by 1.9% in the 2nd 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 last quarter. Greenleaf Trust increased its position 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 worth $418,000 after buying an additional 838 shares during the period. DORCHESTER WEALTH MANAGEMENT Co raised its stake in Barrick Gold by 2.4% during the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 36,519 shares of the gold and copper producer’s stock worth $608,000 after buying an additional 850 shares during the last quarter. Finally, Bangor Savings Bank lifted its holdings in Barrick Gold by 4.4% in the second quarter. Bangor Savings Bank now owns 21,445 shares of the gold and copper producer’s stock valued at $358,000 after buying an additional 904 shares during the period. Institutional investors own 62.85% of the company’s stock.

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.