Barrick Gold (NYSE:GOLD) Given New $17.00 Price Target at Citigroup

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target cut by Citigroup from $21.00 to $17.00 in a research note released on Monday,BayStreet.CA reports. They currently have a neutral rating on the gold and copper producer’s stock.

Other equities research analysts have also issued research reports about the company. Bank of America lowered Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $21.00 to $18.00 in a report on Monday, January 27th. Raymond James lifted their target price on shares of Barrick Gold from $23.00 to $23.50 and gave the stock an “outperform” rating in a research note on Monday. UBS Group upgraded shares of Barrick Gold from a “neutral” rating to a “buy” rating and set a $22.00 price target on the stock in a research note on Wednesday, March 5th. TD Securities reduced their price objective on shares of Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Finally, Stifel Canada upgraded Barrick Gold to a “strong-buy” rating in a research report on Wednesday, March 19th. 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 company’s stock. According to MarketBeat.com, Barrick Gold currently has a consensus rating of “Moderate Buy” and an average target price of $23.71.

Barrick Gold Stock Up 1.4 %

GOLD opened at $19.41 on Monday. Barrick Gold has a twelve month low of $15.11 and a twelve month high of $21.35. The company’s 50-day moving average price is $17.92 and its two-hundred day moving average price is $18.02. The stock has a market cap of $33.49 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 0.44 and a beta of 0.58. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14.

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

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders 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 dividend yield of 2.06%. Barrick Gold’s dividend payout ratio (DPR) is presently 32.52%.

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

Institutional Investors Weigh In On Barrick Gold

Several hedge funds have recently bought and sold shares of GOLD. Cerity Partners LLC raised its position in Barrick Gold by 120.3% during the third quarter. Cerity Partners LLC now owns 93,622 shares of the gold and copper producer’s stock valued at $1,862,000 after purchasing an additional 51,117 shares in the last quarter. Glenmede Trust Co. NA grew its holdings in shares of Barrick Gold by 16.3% during the 3rd quarter. Glenmede Trust Co. NA now owns 18,793 shares of the gold and copper producer’s stock valued at $374,000 after purchasing an additional 2,638 shares during the last quarter. Erste Asset Management GmbH bought a new position in shares of Barrick Gold during the 3rd quarter valued at $517,000. Janus Henderson Group PLC raised its position in Barrick Gold by 29.6% in the 3rd quarter. Janus Henderson Group PLC now owns 849,730 shares of the gold and copper producer’s stock worth $16,890,000 after purchasing an additional 194,130 shares during the period. Finally, IHT Wealth Management LLC bought a new stake in Barrick Gold in the third quarter worth $463,000. 62.85% of the stock is currently 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.