Barrick Gold (NYSE:GOLD) shares gained nearly 2% in the early session today after the gold and copper miner announced its results for the fourth quarter. While revenue increased by 10.5% year-over-year to $3.06 billion, the figure lagged expectations by $20 million. EPS of $0.27, on the other hand, exceeded estimates by $0.07.
For the full year, Barrick produced 4.05 million ounces of gold and 420 million pounds of copper. In Q4, the company saw robust performance in its Nevada gold mines due to operational improvements and higher grades. Notably, Barrick estimates a 30% jump in its gold equivalent production by the end of this decade.
Further, Barrick’s full-year free cash flow improved to $646 million from $432 million a year ago. In comparison, the company’s net debt stood at $578 million at the end of December 2023. The company has announced a quarterly dividend of $0.10 per share. The GOLD dividend is payable on March 15 to investors of record on February 29.
Moreover, Barrick is undertaking a new share repurchase program worth $1 billion. For Fiscal Year 2024, total gold production is expected to be in the range of 3.9 to 4.3 million ounces. Meanwhile, total copper production is anticipated to be between 180 to 210 thousand tonnes.
Is Barrick Gold Stock a Good Buy?
Overall, the Street has a Strong Buy consensus rating on Barrick Gold, and the average GOLD price target of $21.31 implies a hefty 50.6% potential upside in the stock. That’s after a nearly 22% year-to-date decline in the company’s share price.
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