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

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price reduced by Raymond James from $26.50 to $26.00 in a research note issued to investors 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 equities research analysts have also recently weighed in on GOLD. Royal Bank of Canada boosted their price objective on Barrick Gold from $21.00 to $22.00 and gave the stock an outperform rating in a research note on Tuesday, September 10th. Jefferies Financial Group boosted their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a buy rating in a research note on Friday, September 13th. CIBC increased their price target on Barrick Gold from $23.00 to $27.00 and gave the stock an outperformer rating in a report on Wednesday, July 10th. Scotiabank increased their price target on Barrick Gold from $23.00 to $25.00 and gave the stock a sector outperform rating in a report on Monday, August 19th. Finally, Argus upgraded 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 research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $23.60.

Barrick Gold Trading Down 3.7 %

Shares of GOLD stock opened at $20.23 on Thursday. Barrick Gold has a 12-month low of $13.76 and a 12-month high of $21.21. The company has a current ratio of 3.01, a quick ratio of 2.31 and a debt-to-equity ratio of 0.15. The stock’s 50-day moving average price is $19.38 and its 200-day moving average price is $17.82. The stock has a market capitalization of $35.46 billion, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 0.49 and a beta of 0.55.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the previous year, the firm posted $0.19 earnings per share. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. Equities research analysts predict that Barrick Gold will post 1.25 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $0.10 per share. The ex-dividend date was Friday, August 30th. This represents a $0.40 annualized dividend and a yield of 1.98%. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Institutional Trading of Barrick Gold

Hedge funds and other institutional investors have recently made changes to their positions in the business. Heritage Wealth Management Inc. purchased a new position in Barrick Gold in the 2nd quarter worth $236,000. Sanctuary Advisors LLC acquired a new stake in Barrick Gold in the 2nd quarter worth about $934,000. New Wave Wealth Advisors LLC purchased a new position in Barrick Gold during the second quarter worth approximately $219,000. Granite Bay Wealth Management LLC acquired a new position in shares of Barrick Gold during the 2nd quarter valued at about $348,000. Finally, Truist Financial Corp grew its stake in shares of Barrick Gold by 27.8% in the 2nd quarter. Truist Financial Corp now owns 95,794 shares of the gold and copper producer’s stock valued at $1,598,000 after buying an additional 20,842 shares during the period. Hedge funds and other institutional investors 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.