Raymond James Forecasts Reduced Earnings for Barrick Gold

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) – Investment analysts at Raymond James dropped their FY2024 earnings estimates for shares of Barrick Gold in a report released on Thursday, January 9th. Raymond James analyst B. Macarthur now expects that the gold and copper producer will post earnings of $1.20 per share for the year, down from their previous forecast of $1.22. Raymond James has a “Outperform” rating and a $25.00 price objective on the stock. The consensus estimate for Barrick Gold’s current full-year earnings is $1.28 per share. Raymond James also issued estimates for Barrick Gold’s Q4 2024 earnings at $0.39 EPS, Q1 2025 earnings at $0.33 EPS, Q2 2025 earnings at $0.30 EPS, Q3 2025 earnings at $0.35 EPS, Q4 2025 earnings at $0.37 EPS and FY2025 earnings at $1.39 EPS.

Other equities research analysts also recently issued research reports about the company. Scotiabank reduced their price target on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 25th. TD Securities reduced their target price on Barrick Gold from $26.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. CIBC cut Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Citigroup cut their price objective on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, December 20th. Finally, Cibc World Mkts lowered shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $24.82.

Barrick Gold Stock Up 0.7 %

Shares of GOLD opened at $15.56 on Monday. 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 firm’s 50 day moving average is $16.68 and its 200-day moving average is $18.39. The stock has a market capitalization of $27.09 billion, a PE ratio of 16.73, a P/E/G ratio of 0.47 and a beta of 0.54.

Hedge Funds Weigh In On Barrick Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC increased its holdings in shares of Barrick Gold by 198.1% during the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after buying an additional 935 shares in the last quarter. Eastern Bank acquired a new position in Barrick Gold in the 3rd quarter worth about $32,000. JFS Wealth Advisors LLC increased its holdings in Barrick Gold by 451.7% in the 3rd quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock worth $38,000 after purchasing an additional 1,563 shares in the last quarter. AlphaMark Advisors LLC bought a new position in Barrick Gold in the third quarter valued at about $60,000. Finally, BNP Paribas boosted its stake in shares of Barrick Gold by 221.7% during the third quarter. BNP Paribas now owns 3,066 shares of the gold and copper producer’s stock valued at $62,000 after purchasing an additional 2,113 shares in the last quarter. Institutional investors own 62.85% of the company’s stock.

Barrick Gold Announces Dividend

The business 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. This represents a $0.40 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend was Friday, November 29th. Barrick Gold’s dividend payout ratio is 43.01%.

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.