Barrick Gold (NYSE:GOLD) PT Raised to $22.00 at Royal Bank of Canada

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective raised by equities research analysts at Royal Bank of Canada from $21.00 to $22.00 in a research note issued to investors on Tuesday, BayStreet.CA reports. The firm currently has an “outperform” rating on the gold and copper producer’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 13.40% from the stock’s previous close.

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

Barrick Gold Trading Up 0.6 %

Barrick Gold stock traded up $0.12 during trading on Tuesday, reaching $19.40. 7,240,344 shares of the company were exchanged, compared to its average volume of 21,409,930. The stock’s 50 day simple moving average is $18.71 and its two-hundred day simple moving average is $17.31. The company has a market capitalization of $34.00 billion, a P/E ratio of 23.63, a PEG ratio of 0.47 and a beta of 0.55. 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 52-week low of $13.76 and a 52-week high of $20.89.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.55%. Barrick Gold’s revenue was up 11.6% compared to the same quarter last year. During the same period last year, the business earned $0.19 earnings per share. On average, equities research analysts expect that Barrick Gold will post 1.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors and hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC lifted its position in shares of Barrick Gold by 15.3% during the 1st quarter. Global Retirement Partners LLC now owns 5,434 shares of the gold and copper producer’s stock worth $90,000 after buying an additional 721 shares during the last quarter. Edge Wealth Management LLC grew its stake in Barrick Gold by 6.3% during the 1st quarter. Edge Wealth Management LLC now owns 12,255 shares of the gold and copper producer’s stock worth $204,000 after buying an additional 725 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Barrick Gold by 1.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 38,999 shares of the gold and copper producer’s stock valued at $650,000 after buying an additional 731 shares during the last quarter. Greenleaf Trust boosted its holdings in shares of Barrick Gold by 3.5% in the first quarter. Greenleaf Trust now owns 25,119 shares of the gold and copper producer’s stock valued at $418,000 after acquiring an additional 838 shares during the period. Finally, DORCHESTER WEALTH MANAGEMENT Co increased its holdings in shares of Barrick Gold by 2.4% in the 1st quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 36,519 shares of the gold and copper producer’s stock valued at $608,000 after acquiring an additional 850 shares during the period. Institutional investors and hedge funds own 62.85% of the company’s stock.

About Barrick Gold

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.