Barrick Gold (NYSE:GOLD) Price Target Raised to $23.50

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price boosted by Raymond James from $23.00 to $23.50 in a research report report published on Monday morning,Benzinga reports. They currently have an outperform rating on the gold and copper producer’s stock.

A number of other equities analysts also recently commented on GOLD. National Bank Financial upgraded shares of Barrick Gold to a “hold” rating in a research note on Friday, March 21st. TD Securities reduced their price objective on Barrick Gold from $24.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Scotiabank lifted their target price on Barrick Gold from $19.00 to $20.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 18th. Bank of America downgraded Barrick Gold from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $21.00 to $18.00 in a research report on Monday, January 27th. Finally, Citigroup decreased their price objective on Barrick Gold from $23.00 to $17.00 and set a “neutral” rating for the company in a report on Friday, December 20th. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.71.

Barrick Gold Price Performance

Barrick Gold stock opened at $19.41 on Monday. The firm has a market capitalization of $33.49 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 0.44 and a beta of 0.58. Barrick Gold has a 12-month low of $15.11 and a 12-month high of $21.35. The firm has a 50-day moving average price of $18.07 and a 200-day moving average price of $18.02. The company has a current ratio of 2.89, a quick ratio of 2.15 and a debt-to-equity ratio of 0.14.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. As a group, equities research analysts forecast that Barrick Gold will post 1.47 EPS for the current year.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.40 dividend on an annualized basis and a yield of 2.06%. Barrick Gold’s payout ratio is 32.52%.

Barrick Gold declared that its board has initiated a stock buyback program on Wednesday, February 12th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the gold and copper producer to repurchase up to 3.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Barrick Gold

Hedge funds and other institutional investors have recently made changes to their positions in the business. Crowley Wealth Management Inc. acquired a new stake in Barrick Gold in the 4th quarter worth approximately $26,000. Vega Investment Solutions purchased a new stake in shares of Barrick Gold during the fourth quarter valued at $31,000. MassMutual Private Wealth & Trust FSB increased its position in shares of Barrick Gold by 55.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 2,193 shares of the gold and copper producer’s stock valued at $43,000 after acquiring an additional 785 shares during the period. Strategic Investment Solutions Inc. IL purchased a new position in Barrick Gold in the 4th quarter worth $37,000. Finally, Ameriflex Group Inc. acquired a new stake in Barrick Gold during the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Company Profile

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.