TD Securities Has Lowered Expectations for Barrick Gold (NYSE:GOLD) Stock Price

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target reduced by equities researchers at TD Securities from $24.00 to $23.00 in a report issued on Thursday,BayStreet.CA reports. The firm currently has a “buy” rating on the gold and copper producer’s stock. TD Securities’ price target suggests a potential upside of 28.10% from the company’s current price.

GOLD has been the topic of several other reports. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price target for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Bank of America cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and cut their price target for the company from $21.00 to $18.00 in a report on Monday, January 27th. CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday, November 25th. Scotiabank lowered shares of Barrick Gold from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $23.00 to $19.00 in a research note on Thursday, January 30th. Finally, Cibc World Mkts lowered shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.67.

Barrick Gold Trading Down 2.6 %

NYSE GOLD opened at $17.96 on Thursday. The company’s fifty day simple moving average is $16.23 and its 200-day simple moving average is $18.17. Barrick Gold has a 52 week low of $14.25 and a 52 week high of $21.35. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14. The stock 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.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a net margin of 13.19% and a return on equity of 5.82%. Equities research analysts predict that Barrick Gold will post 1.23 EPS for the current fiscal year.

Barrick Gold announced that its board has authorized a share buyback program on Wednesday, February 12th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the gold and copper producer to buy up to 3.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Barrick Gold

Large investors have recently bought and sold shares of the stock. Exchange Traded Concepts LLC increased its stake in Barrick Gold by 198.1% during 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 buying an additional 935 shares during the period. Eastern Bank bought a new position in shares of Barrick Gold during the 3rd quarter valued at about $32,000. Crowley Wealth Management Inc. bought a new position in shares of Barrick Gold during the 4th quarter valued at about $26,000. JFS Wealth Advisors LLC boosted its position in shares of Barrick Gold by 451.7% during the 3rd quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock valued at $38,000 after purchasing an additional 1,563 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Barrick Gold in the fourth quarter worth about $37,000. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.