Barrick Gold (NYSE:GOLD) Upgraded to “Strong-Buy” at Stifel Canada

Barrick Gold (NYSE:GOLD) (TSE:ABX) was upgraded by Stifel Canada to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports. Stifel Canada also issued estimates for Barrick Gold’s FY2028 earnings at $1.44 EPS.

A number of other research analysts have also recently issued reports on GOLD. Bank of America cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $21.00 to $18.00 in a report on Monday, January 27th. UBS Group upgraded shares of Barrick Gold from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Wednesday, March 5th. Citigroup decreased their price objective on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating for the company in a report on Friday, December 20th. Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Finally, Berenberg Bank boosted their price objective on shares of Barrick Gold from $37.00 to $38.00 in a report on Tuesday, November 26th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Barrick Gold presently has an average rating of “Moderate Buy” and an average target price of $23.75.

Barrick Gold Trading Down 0.6 %

Shares of NYSE GOLD opened at $19.28 on Wednesday. Barrick Gold has a 1-year low of $0.25 and a 1-year high of $21.35. The company has a market cap of $33.26 billion, a PE ratio of 15.67, a P/E/G ratio of 0.44 and a beta of 0.58. The company has a current ratio of 2.89, a quick ratio of 2.15 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $17.44 and a two-hundred day moving average of $18.06.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. As a group, equities analysts expect that Barrick Gold will post 1.47 earnings per share for the current fiscal year.

Barrick Gold declared that its Board of Directors has initiated a share 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 reacquire up to 3.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. OneDigital Investment Advisors LLC increased its stake in Barrick Gold by 31.4% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 17,830 shares of the gold and copper producer’s stock valued at $355,000 after purchasing an additional 4,258 shares in the last quarter. Natixis Advisors LLC increased its stake in Barrick Gold by 128.7% during the 3rd quarter. Natixis Advisors LLC now owns 174,304 shares of the gold and copper producer’s stock valued at $3,467,000 after purchasing an additional 98,086 shares in the last quarter. Prospera Financial Services Inc increased its stake in Barrick Gold by 2.4% during the 3rd quarter. Prospera Financial Services Inc now owns 87,217 shares of the gold and copper producer’s stock valued at $1,735,000 after purchasing an additional 2,017 shares in the last quarter. Avior Wealth Management LLC grew its stake in shares of Barrick Gold by 24.1% in the 3rd quarter. Avior Wealth Management LLC now owns 3,399 shares of the gold and copper producer’s stock worth $68,000 after acquiring an additional 659 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in shares of Barrick Gold by 2.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 57,896 shares of the gold and copper producer’s stock worth $1,152,000 after acquiring an additional 1,159 shares in the last quarter. Institutional investors and hedge funds 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.