Barrick Gold (GOLD) today released its earnings report for the past quarter. According to the report, earnings came in at $0.35 per share, which was above analysts’ expectations of $0.31 per share.
However, the company has more good news for investors. The dividend will be raised to $0.10 per share for the fourth quarter of 2021, which is an 11% increase from the last dividend payment. In addition, investors will now also participate in the company’s strong liquidity with a performance dividend. This will be dependent on the net cash on Barrick’s consolidated balance sheet.
The company also announced today that it will conduct a share buyback program. The Director Board has approved share buybacks of up to $1 billion of the Company’s outstanding common shares.
The repurchase program is to run over the next 12 months and shares are to be bought at the market price under the applicable laws.
Barrick’s stock rallied over the last 5 days, gaining 4.43% to $20.68. The rise came after gold prices jumped back above the $1,850 mark.