Equities Analysts Issue Forecasts for Barrick Gold Corp's Q1 2024 Earnings (NYSE:GOLD)

Barrick Gold Corp (NYSE:GOLD - Free Report) TSE: ABX - Analysts at Cormark reduced their Q1 2024 earnings estimates for shares of Barrick Gold in a research report issued to clients and investors on Wednesday, April 17th. Cormark analyst R. Gray now expects that the gold and copper producer will post earnings per share of $0.15 for the quarter, down from their prior estimate of $0.17. The consensus estimate for Barrick Gold's current full-year earnings is $0.91 per share. Cormark also issued estimates for Barrick Gold's FY2024 earnings at $0.66 EPS.

A number of other research analysts have also recently weighed in on the stock. Argus reiterated a "hold" rating on shares of Barrick Gold in a research report on Monday, February 26th. StockNews.com raised shares of Barrick Gold from a "hold" rating to a "buy" rating in a research note on Wednesday, February 21st. National Bank Financial reissued a "sector perform overweight" rating on shares of Barrick Gold in a research note on Monday, April 8th. Raymond James lowered their target price on shares of Barrick Gold from $24.00 to $23.00 and set an "outperform" rating for the company in a research note on Thursday, February 15th. Finally, BMO Capital Markets lowered their target price on shares of Barrick Gold from $27.00 to $26.00 and set an "outperform" rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $22.18.

Barrick Gold Trading Up 1.7 %

GOLD stock traded up $0.28 during mid-day trading on Thursday, reaching $16.98. 18,600,471 shares of the stock traded hands, compared to its average volume of 22,680,254. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.40 and a current ratio of 3.16. Barrick Gold has a one year low of $13.76 and a one year high of $20.75. The stock has a market capitalization of $29.81 billion, a PE ratio of 23.58, a PEG ratio of 1.50 and a beta of 0.58. The business has a 50-day moving average price of $15.86 and a two-hundred day moving average price of $16.21.

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX last announced its quarterly earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.06. Barrick Gold had a net margin of 11.16% and a return on equity of 4.64%. The company had revenue of $3.06 billion for the quarter, compared to analysts' expectations of $3.13 billion. During the same quarter in the previous year, the business posted $0.13 earnings per share.

Hedge Funds Weigh In On Barrick Gold

Hedge funds have recently modified their holdings of the stock. Addenda Capital Inc. increased its holdings in shares of Barrick Gold by 88.1% during the fourth quarter. Addenda Capital Inc. now owns 3,105,335 shares of the gold and copper producer's stock valued at $56,176,000 after acquiring an additional 1,454,220 shares in the last quarter. Cheyne Capital Management UK LLP acquired a new position in Barrick Gold in the 3rd quarter worth approximately $2,910,000. Klein Pavlis & Peasley Financial Inc. acquired a new position in Barrick Gold in the 4th quarter worth approximately $1,331,000. DAVENPORT & Co LLC increased its holdings in Barrick Gold by 17.9% in the 4th quarter. DAVENPORT & Co LLC now owns 73,627 shares of the gold and copper producer's stock worth $1,332,000 after buying an additional 11,166 shares during the period. Finally, Gateway Investment Advisers LLC increased its holdings in Barrick Gold by 204.2% in the 4th quarter. Gateway Investment Advisers LLC now owns 249,017 shares of the gold and copper producer's stock worth $4,505,000 after buying an additional 167,145 shares during the period. Institutional investors and hedge funds own 62.85% of the company's stock.

Barrick Gold Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were given a dividend of $0.074 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.74%. The ex-dividend date was Wednesday, February 28th. Barrick Gold's payout ratio is 55.56%.

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.