Barrick Gold Corp (NYSE:GOLD) Receives $23.67 Average Price Target from Brokerages

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) has received an average rating of “Moderate Buy” from the ten brokerages that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $23.60.

GOLD has been the topic of a number of research reports. 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 note on Thursday, August 29th. Jefferies Financial Group lifted their price objective on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Royal Bank of Canada increased their target price on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. UBS Group lifted their price target on Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Raymond James decreased their price objective on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a report on Thursday, September 26th.

Barrick Gold Stock Up 1.2 %

NYSE GOLD opened at $20.22 on Friday. The business’s 50-day moving average is $19.85 and its 200 day moving average is $18.17. The stock has a market capitalization of $35.44 billion, a PE ratio of 24.66, 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 3.01 and a quick ratio of 2.31. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $21.21.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The business’s revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.19 earnings per share. Sell-side analysts forecast that Barrick Gold will post 1.27 earnings per share for the current year.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 annualized dividend and a yield of 1.98%. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Institutional Investors Weigh In On Barrick Gold

Institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP lifted its position in Barrick Gold by 58.4% in the 4th quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock valued at $1,821,963,000 after acquiring an additional 37,128,653 shares in the last quarter. Vanguard Group Inc. lifted 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 purchasing an additional 1,089,572 shares in the last quarter. First Eagle Investment Management LLC boosted its position 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 buying an additional 14,138,639 shares during the last quarter. EdgePoint Investment Group Inc. increased its holdings in Barrick Gold by 3.7% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock worth $314,254,000 after buying an additional 666,214 shares in the last quarter. Finally, National Bank of Canada FI raised its position in Barrick Gold by 9.0% in the 1st quarter. National Bank of Canada FI now owns 14,887,656 shares of the gold and copper producer’s stock worth $251,929,000 after buying an additional 1,231,184 shares during the last quarter. Hedge funds and other institutional investors 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.