Barrick Gold (NYSE:GOLD) Issues Earnings Results

Posted by Defense World Staff on Aug 10th, 2023

Barrick Gold (NYSE:GOLD – Get Free Report) (TSE:ABX) released its quarterly earnings data on Tuesday. The gold and copper producer reported $0.19 EPS for the quarter, beating the consensus estimate of $0.17 by $0.02, MarketWatch Earnings reports. Barrick Gold had a return on equity of 3.46% and a net margin of 1.06%. The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter in the previous year, the company posted $0.24 earnings per share.

Barrick Gold Price Performance

Barrick Gold stock opened at $16.46 on Thursday. The company has a current ratio of 2.71, a quick ratio of 2.14 and a debt-to-equity ratio of 0.15. The business’s 50 day simple moving average is $16.89 and its 200 day simple moving average is $13.52. Barrick Gold has a 12 month low of $13.01 and a 12 month high of $20.75. The company has a market cap of $28.90 billion, a price-to-earnings ratio of 274.33, a PEG ratio of 9.80 and a beta of 0.36.

Barrick Gold Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Wednesday, August 30th. This is a boost from Barrick Gold’s previous quarterly dividend of $0.07. Barrick Gold’s payout ratio is 666.67%.

Institutional Trading of Barrick Gold

Several hedge funds have recently made changes to their positions in GOLD. Fairfield Bush & CO. bought a new stake in shares of Barrick Gold during the 1st quarter valued at $42,000. Acadian Asset Management LLC purchased a new position in Barrick Gold during the first quarter valued at approximately $647,000. Blair William & Co. IL increased its holdings in Barrick Gold by 288.8% during the 1st quarter. Blair William & Co. IL now owns 90,896 shares of the gold and copper producer’s stock worth $2,230,000 after acquiring an additional 67,516 shares during the period. Sei Investments Co. boosted its holdings in Barrick Gold by 97.2% in the 1st quarter. Sei Investments Co. now owns 230,278 shares of the gold and copper producer’s stock valued at $5,651,000 after purchasing an additional 113,486 shares during the period. Finally, Allianz Asset Management GmbH increased its position in shares of Barrick Gold by 17.7% in the first quarter. Allianz Asset Management GmbH now owns 1,007,571 shares of the gold and copper producer’s stock worth $24,620,000 after purchasing an additional 151,763 shares during the last quarter. 55.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GOLD has been the topic of several research reports. Barclays upped their price objective on shares of Barrick Gold from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Friday, April 21st. Stifel Nicolaus boosted their price objective on Barrick Gold from C$29.00 to C$30.00 in a report on Thursday, April 20th. Laurentian dropped their target price on Barrick Gold from C$5.00 to C$4.70 in a report on Thursday, May 4th. The Goldman Sachs Group upped their price target on Barrick Gold from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, April 21st. Finally, Cormark raised shares of Barrick Gold from a “market perform” rating to a “buy” rating in a report on Wednesday. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.97.

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Barrick Gold Company Profile

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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.