Barrick Gold beats Q2 estimates – sends the stock price higher

Barrick Gold Corporation (GOLD) reported its latest financial results before the market open in the US on Monday.

One of the world’s largest gold producers reported revenue of $2.874 billion vs. $1.178 billion expected.

The Canadian company reported earnings per share of $0.24 per share for Q2, also beating analyst estimate of $0.23 per share.

”A stronger Q2 performance across the portfolio has kept Barrick on course to achieve its annual gold and copper production guidance while continuing to progress its key growth projects.”

”Gold production for the quarter was higher than Q1 at 1.04 million ounces — driven mainly by Carlin and Turquoise Ridge in Nevada, Veladero in Argentina, and Bulyanhulu and North Mara in Tanzania — and is expected to grow further in the second half of the year. Copper production came to 120 million pounds.”

”A dividend of $0.20 per share was declared for the quarter on the back of the strong operating performance and net cash of $636 million. During the quarter, Barrick repurchased $182 million in shares under the $1 billion share buyback scheme introduced earlier this year,” the company wrote in a press release.

Barrick Gold Corporation (GOLD) chart

The stock price rose on Monday, up by around 5% at $16.27 per share.

Here is how the stock has performed in the past year:

• 1 month -4.18%
• 3 months -24.29%
• Year-to-date -14.37%
• 1 year -20.87%

Barrick Gold price targets

• Barclays $25
• Jefferies $24
• UBS $34
• Deutsche Bank $35
• Credit Suisse $22

Barrick Gold Corporation is the 608^th largest company in the world with a market cap of $29.08 billion.

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