Raymond James Lowers Barrick Gold (NYSE:GOLD) Price Target to $26.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target reduced by equities researchers at Raymond James from $26.50 to $26.00 in a research report issued to clients and investors on Thursday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the gold and copper producer’s stock. Raymond James’ price objective would suggest a potential upside of 28.52% from the stock’s previous close. Raymond James also issued estimates for Barrick Gold’s Q3 2024 earnings at $0.39 EPS, Q4 2024 earnings at $0.45 EPS, Q4 2024 earnings at $0.46 EPS, FY2024 earnings at $1.34 EPS, Q1 2025 earnings at $0.46 EPS, Q2 2025 earnings at $0.48 EPS, Q3 2025 earnings at $0.48 EPS, Q4 2025 earnings at $0.50 EPS and FY2025 earnings at $1.92 EPS.

Several other equities analysts have also weighed in on the stock. Jefferies Financial Group boosted their target price on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Thursday, August 29th. CIBC upped their price target on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Scotiabank boosted their price objective on shares of Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. Finally, Royal Bank of Canada boosted their price objective on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Barrick Gold has an average rating of “Moderate Buy” and a consensus target price of $23.60.

Barrick Gold Trading Down 3.7 %

GOLD opened at $20.23 on Thursday. The firm has a market capitalization of $35.46 billion, a price-to-earnings ratio of 24.93, a price-to-earnings-growth ratio of 0.49 and a beta of 0.55. The company’s 50 day simple moving average is $19.34 and its two-hundred day simple moving average is $17.76. Barrick Gold has a 1-year low of $13.76 and a 1-year high of $21.21. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the previous year, the company posted $0.19 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. Analysts expect that Barrick Gold will post 1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Barrick Gold

Institutional investors and hedge funds have recently made changes to their positions in the stock. DCF Advisers LLC grew its position in shares of Barrick Gold by 48.3% during the second quarter. DCF Advisers LLC now owns 107,500 shares of the gold and copper producer’s stock worth $1,793,000 after buying an additional 35,000 shares in the last quarter. 1832 Asset Management L.P. grew its position in shares of Barrick Gold by 19.2% during the fourth quarter. 1832 Asset Management L.P. now owns 1,051,755 shares of the gold and copper producer’s stock worth $19,026,000 after buying an additional 169,350 shares in the last quarter. Corient Private Wealth LLC grew its position in shares of Barrick Gold by 0.9% during the fourth quarter. Corient Private Wealth LLC now owns 123,651 shares of the gold and copper producer’s stock worth $2,237,000 after buying an additional 1,066 shares in the last quarter. First Hawaiian Bank acquired a new position in shares of Barrick Gold during the first quarter worth about $235,000. Finally, RFG Advisory LLC grew its position in shares of Barrick Gold by 87.0% during the first quarter. RFG Advisory LLC now owns 41,002 shares of the gold and copper producer’s stock worth $682,000 after buying an additional 19,077 shares in the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

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.