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

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective cut by Raymond James from $26.50 to $26.00 in a research report released 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.

Other equities research analysts have also recently issued research reports about the company. Royal Bank of Canada boosted their price objective on Barrick Gold from $21.00 to $22.00 and gave the company an outperform rating in a research note on Tuesday, September 10th. Jefferies Financial Group increased their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a buy rating in a research report on Friday, September 13th. Argus upgraded shares of Barrick Gold from a hold rating to a buy rating and set a $24.00 target price for the company in a report on Thursday, August 29th. Scotiabank raised their target price on shares of Barrick Gold from $23.00 to $25.00 and gave the company a sector outperform rating in a report on Monday, August 19th. Finally, CIBC raised their target price on shares of Barrick Gold from $23.00 to $27.00 and gave the company an outperformer rating in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Barrick Gold presently has a consensus rating of Moderate Buy and an average target price of $23.60.

Barrick Gold Stock Performance

Shares of Barrick Gold stock opened at $20.23 on Thursday. The business has a 50-day simple moving average of $19.38 and a 200-day simple moving average of $17.82. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.31 and a current ratio of 3.01. The company has a market cap of $35.46 billion, a PE ratio of 24.67, a P/E/G ratio of 0.49 and a beta of 0.55. Barrick Gold has a one year low of $13.76 and a one year high of $21.21.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 earnings per share. On average, equities research analysts forecast that Barrick Gold will post 1.25 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

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

Institutional Investors Weigh In On Barrick Gold

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Clean Yield Group acquired a new stake in shares of Barrick Gold in the first quarter worth approximately $25,000. Crewe Advisors LLC boosted its position in shares of Barrick Gold by 628.8% in the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after acquiring an additional 1,572 shares during the last quarter. Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Barrick Gold in the second quarter worth approximately $32,000. LRI Investments LLC acquired a new stake in shares of Barrick Gold in the first quarter worth approximately $37,000. Finally, City State Bank boosted its position in shares of Barrick Gold by 338.6% in the second quarter. City State Bank now owns 2,500 shares of the gold and copper producer’s stock worth $42,000 after acquiring an additional 1,930 shares during the last quarter. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

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.