Barrick Gold beats Q4 expectations

Canadian mining company Barrick Gold Corporation (NYSE: GOLD) reported Q4 2023 financial results before the US market opened on Wednesday.

The world’s second-largest gold miner achieved revenue of $3.126 billion for Q4 2023, up from $2.943 billion in Q3 2023 vs. $3.128 billion expected.

Earnings per share reported at $0.276, exceeding analyst estimate of $0.205.

The company announced a $0.10 per share dividend for all shareholders as of 29/2/24.

Company overview

• Founded: 1983
• Headquarters: Toronto, Ontario, Canada
• Number of employees: 18,421
• Industry: Metals and mining
• Key people: John L. Thornton (Executive Chairman), Mark Bristow (President and Chief Executive Officer)

CEO commentary

CEO of Barrick Gold, Mark Bristow, had this to say in a letter to shareholders: ”In true Barrick fashion, we kept our focus, dealt with the challenges, progressed our long-term strategic plans and delivered on some of our key objectives. Most significantly, we have sustained our industry-leading organic growth outlook and are still projecting a 30% increase in gold equivalent3 production by the end of this decade.”

Stock reaction

The stock was down by 0.42% during the day on Wednesday after the latest results were announced, trading at $14.09 a share – lowest since 3/11/22.

Stock performance

• 5 day: -5.73%
• 1 month: -9.54%
• 3 months: -9.83%
• Year-to-date: -22.19%
• 1 year: -18.03%

Barrick Gold stock price targets

• Raymond James: $24
• CIBC: $23
• BMP Capital Markets: $27
• Citigroup: $18
• TD Securities: $22
• Scotiabank: $25
• UBS Group: $23
• Jefferies Financial Group: $15
• CSFB: $20
• Barclays: $28
• The Goldman Sachs Group: $22
• Fundamental Research: $19.02

Barrick Gold Corporation is the 743rd largest company in the world with a market cap of $24.77 billion, according to CompaniesMarketCap.

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Sources: Barrick Gold Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap