Royal Bank of Canada Forecasts Strong Price Appreciation for Barrick Gold (TSE:ABX) Stock

Barrick Gold (TSE:ABX) (NYSE:ABX) had its price target increased by equities researchers at Royal Bank of Canada to C$21.00 in a research report issued on Friday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. Royal Bank of Canada’s price target indicates a potential downside of 5.49% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. UBS Group cut Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 30th. Stifel Nicolaus decreased their price objective on shares of Barrick Gold from C$33.50 to C$32.00 in a research note on Monday, December 2nd. Sanford C. Bernstein dropped their price objective on Barrick Gold from C$37.00 to C$36.00 in a research note on Tuesday, November 5th. TD Securities reiterated a “buy” rating and set a C$34.00 target price on shares of Barrick Gold in a report on Wednesday, October 16th. Finally, Argus raised Barrick Gold from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 29th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Barrick Gold presently has an average rating of “Moderate Buy” and a consensus target price of C$30.17.

Barrick Gold Price Performance

ABX opened at C$22.22 on Friday. Barrick Gold has a 52-week low of C$18.65 and a 52-week high of C$29.50. The stock has a market cap of C$38.89 billion, a P/E ratio of 18.67, a PEG ratio of 2.34 and a beta of 0.48. The business has a fifty day moving average of C$25.43 and a 200 day moving average of C$25.25. The company has a quick ratio of 2.62, a current ratio of 3.01 and a debt-to-equity ratio of 14.54.

Insider Buying and Selling at Barrick Gold

In other news, Senior Officer Poupak Bahamin sold 2,500 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of C$24.49, for a total transaction of C$61,215.00. Also, Director Christopher Lewis Coleman sold 121,334 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of C$28.10, for a total value of C$3,409,485.40. Corporate insiders own 0.60% of the company’s stock.

About Barrick Gold

Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties in Canada and internationally. The company also explores and sells silver and energy materials. It has ownership interests in producing gold mines located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania, and the United States.