Cormark Weighs in on Barrick Gold Corp’s Q3 2018 Earnings (ABX)

Barrick Gold Corp (NYSE:ABX) (TSE:ABX) – Investment analysts at Cormark boosted their Q3 2018 earnings estimates for shares of Barrick Gold in a report issued on Tuesday, September 25th. Cormark analyst R. Gray now forecasts that the basic materials company will earn $0.22 per share for the quarter, up from their prior estimate of $0.15. Cormark also issued estimates for Barrick Gold’s Q4 2018 earnings at $0.21 EPS and FY2018 earnings at $0.65 EPS.

Barrick Gold (NYSE:ABX) (TSE:ABX) last issued its earnings results on Wednesday, July 25th. The basic materials company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.05). The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.74 billion. Barrick Gold had a negative net margin of 3.38% and a positive return on equity of 6.13%. The firm’s revenue for the quarter was down 20.7% compared to the same quarter last year. During the same period last year, the business posted $0.22 EPS.

ABX has been the topic of several other research reports. Jefferies Financial Group lowered shares of Barrick Gold from a “buy” rating to a “hold” rating and reduced their target price for the company from $17.00 to $11.00 in a research note on Monday, August 6th. Zacks Investment Research raised shares of Barrick Gold from a “sell” rating to a “hold” rating in a research note on Wednesday, July 25th. Morgan Stanley lowered shares of Barrick Gold from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $14.00 to $12.00 in a research note on Tuesday, June 12th. Scotiabank reaffirmed a “hold” rating and issued a $16.00 target price on shares of Barrick Gold in a research note on Friday, July 27th. Finally, TD Securities raised shares of Barrick Gold from a “hold” rating to a “buy” rating and raised their target price for the company from $13.50 to $14.00 in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $15.21.

Shares of NYSE ABX opened at $11.13 on Thursday. The stock has a market capitalization of $13.05 billion, a PE ratio of 14.91, a price-to-earnings-growth ratio of 9.30 and a beta of -0.37. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.22 and a current ratio of 2.12. Barrick Gold has a 1 year low of $9.53 and a 1 year high of $16.83.

A number of institutional investors have recently added to or reduced their stakes in ABX. Ashler Capital LLC boosted its stake in Barrick Gold by 78.2% during the 2nd quarter. Ashler Capital LLC now owns 18,297,749 shares of the basic materials company’s stock worth $240,249,000 after acquiring an additional 8,030,578 shares during the last quarter. Flossbach Von Storch AG raised its holdings in Barrick Gold by 13.8% during the 2nd quarter. Flossbach Von Storch AG now owns 48,397,134 shares of the basic materials company’s stock worth $635,457,000 after buying an additional 5,873,410 shares during the period. Toronto Dominion Bank raised its holdings in Barrick Gold by 144.4% during the 2nd quarter. Toronto Dominion Bank now owns 7,729,036 shares of the basic materials company’s stock worth $103,335,000 after buying an additional 4,567,102 shares during the period. Dimensional Fund Advisors LP raised its holdings in Barrick Gold by 138.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,285,904 shares of the basic materials company’s stock worth $82,534,000 after buying an additional 3,644,976 shares during the period. Finally, CIBC Asset Management Inc raised its holdings in Barrick Gold by 65.6% during the 2nd quarter. CIBC Asset Management Inc now owns 4,837,174 shares of the basic materials company’s stock worth $63,555,000 after buying an additional 1,915,898 shares during the period. 52.65% of the stock is currently owned by institutional investors and hedge funds.

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 17th. Investors of record on Friday, August 31st were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 1.08%. The ex-dividend date of this dividend was Thursday, August 30th. Barrick Gold’s payout ratio is 16.00%.

Barrick Gold Company Profile

Barrick Gold Corporation engages in the exploration and development of mineral properties. It primarily explores for gold and copper deposits. The company holds a 50% interest in the Veladero mine located in the San Juan Province of Argentina; 50% interest in the KCGM, a gold mine located in Australia; 95% interest in Porgera, a gold mine located in Papua New Guinea; 50% interest in the Zaldívar, a copper mine located in Chile; and 50% interest in the Jabal Sayid, a copper mine located in Saudi Arabia.

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Earnings History and Estimates for Barrick Gold (NYSE:ABX)

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