Barrick Gold Corp (NYSE:GOLD) Receives $23.83 Average Target Price from Brokerages

Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) has been given an average rating of “Moderate Buy” by the twelve ratings firms that are currently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $23.67.

A number of research firms recently issued reports on GOLD. Cibc World Mkts downgraded shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Citigroup lowered 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. CIBC downgraded Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday, November 25th. TD Securities cut their price objective on 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, Bank of America downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their price target for the company from $21.00 to $18.00 in a report on Monday, January 27th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Crowley Wealth Management Inc. bought a new position in Barrick Gold during the fourth quarter valued at $26,000. Exchange Traded Concepts LLC lifted its holdings in shares of Barrick Gold by 198.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after acquiring an additional 935 shares during the last quarter. Eastern Bank bought a new position in shares of Barrick Gold in the 3rd quarter valued at about $32,000. Strategic Investment Solutions Inc. IL purchased a new position in Barrick Gold in the fourth quarter worth about $37,000. Finally, JFS Wealth Advisors LLC increased its stake in 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 worth $38,000 after acquiring an additional 1,563 shares during the last quarter. 62.85% of the stock is owned by hedge funds and other institutional investors.

Barrick Gold Trading Down 2.6 %

Shares of NYSE:GOLD opened at $17.96 on Thursday. Barrick Gold has a 1 year low of $14.25 and a 1 year high of $21.35. The stock’s fifty day moving average price is $16.25 and its 200-day moving average price is $18.17. The company has a market cap of $31.01 billion, a P/E ratio of 19.31, a PEG ratio of 0.39 and a beta of 0.55. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. Barrick Gold had a net margin of 13.19% and a return on equity of 5.82%. Sell-side analysts expect that Barrick Gold will post 1.23 earnings per share for the current year.

Barrick Gold declared that its board has approved a share repurchase plan on Wednesday, February 12th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the gold and copper producer to purchase up to 3.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Barrick Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Friday, February 28th. Barrick Gold’s payout ratio is 43.01%.

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.