Barrick Gold (NYSE:GOLD) PT Raised to $22.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price lifted by investment analysts at Royal Bank of Canada from $21.00 to $22.00 in a research report issued on Tuesday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the gold and copper producer’s stock. Royal Bank of Canada’s price target points to a potential upside of 11.34% from the company’s current price.

Several other brokerages also recently commented on GOLD. Jefferies Financial Group raised their target price on shares of Barrick Gold from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Scotiabank raised their target price on shares of Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. CIBC raised their target price on shares of Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Finally, Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.20.

Barrick Gold Stock Performance

Shares of NYSE:GOLD opened at $19.76 on Tuesday. The company has a market capitalization of $34.63 billion, a price-to-earnings ratio of 24.10, a P/E/G ratio of 0.47 and a beta of 0.55. The firm’s 50 day simple moving average is $18.82 and its 200 day simple moving average is $17.36. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.32 and a quick ratio of 2.49. Barrick Gold has a fifty-two week low of $13.76 and a fifty-two week high of $20.89.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.55%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the company posted $0.19 EPS. As a group, sell-side analysts forecast that Barrick Gold will post 1.22 earnings per share for the current year.

Hedge Funds Weigh In On Barrick Gold

Hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Securities Inc. bought a new position in Barrick Gold during the fourth quarter worth $26,000. Clean Yield Group bought a new position in Barrick Gold during the first quarter worth $25,000. EverSource Wealth Advisors LLC boosted its position in Barrick Gold by 175.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock worth $32,000 after purchasing an additional 1,143 shares during the period. Crewe Advisors LLC boosted its position in Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares during the period. Finally, Jackson Grant Investment Advisers Inc. bought a new position in Barrick Gold during the second quarter worth $32,000. 62.85% of the stock is owned by institutional investors.

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.