Barrick Gold (NYSE:GOLD) Price Target Raised to $20.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price boosted by Scotiabank from $19.00 to $20.00 in a report published on Tuesday morning,Benzinga reports. They currently have a sector perform rating on the gold and copper producer’s stock.

Several other research analysts have also issued reports on the company. Cibc World Mkts lowered Barrick Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 25th. Raymond James reduced their target price on Barrick Gold from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Berenberg Bank upped their target price on Barrick Gold from $37.00 to $38.00 in a research report on Tuesday, November 26th. TD Securities reduced their target price on Barrick Gold from $24.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Finally, Citigroup reduced their target price on Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, December 20th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.75.

Barrick Gold Trading Up 0.2 %

GOLD opened at $18.82 on Tuesday. The firm has a market cap of $32.50 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 0.43 and a beta of 0.55. The company has a current ratio of 2.89, a quick ratio of 2.15 and a debt-to-equity ratio of 0.14. Barrick Gold has a 12 month low of $14.27 and a 12 month high of $21.35. The stock has a fifty day moving average price of $16.32 and a 200-day moving average price of $18.17.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released 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 return on equity of 6.76% and a net margin of 16.59%. As a group, equities research analysts anticipate that Barrick Gold will post 1.47 earnings per share for the current fiscal year.

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, February 28th. This represents a $0.40 dividend on an annualized basis and a yield of 2.13%. Barrick Gold’s dividend payout ratio is currently 32.52%.

Barrick Gold declared that its Board of Directors has initiated a share repurchase program on Wednesday, February 12th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the gold and copper producer to reacquire up to 3.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Barrick Gold

Hedge funds have recently bought and sold shares of the business. Exchange Traded Concepts LLC boosted its position in Barrick Gold by 198.1% during the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after purchasing an additional 935 shares in the last quarter. Eastern Bank acquired a new position in shares of Barrick Gold during the third quarter valued at approximately $32,000. Crowley Wealth Management Inc. acquired a new position in shares of Barrick Gold during the fourth quarter valued at approximately $26,000. JFS Wealth Advisors LLC raised its holdings in shares of Barrick Gold by 451.7% during the third quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock valued at $38,000 after acquiring an additional 1,563 shares during the last quarter. Finally, Vega Investment Solutions acquired a new position in shares of Barrick Gold during the fourth quarter valued at approximately $31,000. 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.