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

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target cut by equities research analysts at Raymond James from $26.50 to $26.00 in a research note issued on Thursday, BayStreet.CA reports. The brokerage presently has an “outperform” rating on the gold and copper producer’s stock. Raymond James’ price target points to a potential upside of 22.99% from the stock’s current price. Raymond James also issued estimates for Barrick Gold’s Q3 2024 earnings at $0.39 EPS, Q4 2024 earnings at $0.45 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.

GOLD has been the topic of several other research reports. Jefferies Financial Group raised their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Thursday, August 29th. Royal Bank of Canada lifted their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. CIBC lifted their price objective on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Finally, Scotiabank lifted their price objective on Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Barrick Gold has an average rating of “Moderate Buy” and an average target price of $23.60.

Barrick Gold Trading Up 2.1 %

NYSE:GOLD traded up $0.44 during trading hours on Thursday, reaching $21.14. 15,781,364 shares of the stock were exchanged, compared to its average volume of 21,315,590. The company has a market capitalization of $37.05 billion, a price-to-earnings ratio of 25.84, a PEG ratio of 0.49 and a beta of 0.55. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $21.21. The business has a 50-day moving average of $19.30 and a two-hundred day moving average of $17.74.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating 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 analysts’ expectations of $3.13 billion. During the same period last year, the firm earned $0.19 earnings per share. Barrick Gold’s quarterly revenue was up 11.6% on a year-over-year basis. On average, equities analysts predict that Barrick Gold will post 1.25 EPS for the current year.

Institutional Trading of Barrick Gold

A number of hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in Barrick Gold by 58.4% in the fourth quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock worth $1,821,963,000 after purchasing an additional 37,128,653 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Barrick Gold by 1.7% during the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock valued at $1,077,624,000 after acquiring an additional 1,089,572 shares during the period. First Eagle Investment Management LLC boosted its holdings in shares of Barrick Gold by 31.6% during the first quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock valued at $978,766,000 after acquiring an additional 14,138,639 shares during the period. Capital World Investors boosted its holdings in shares of Barrick Gold by 16.4% during the fourth quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock valued at $821,790,000 after acquiring an additional 6,417,244 shares during the period. Finally, EdgePoint Investment Group Inc. boosted its holdings in shares of Barrick Gold by 3.7% during the second quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock valued at $314,254,000 after acquiring an additional 666,214 shares during the period. 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.