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

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) have been assigned an average recommendation of “Moderate Buy” from the twelve research firms that are currently covering the stock, MarketBeat reports. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $23.67.

Several analysts recently commented on GOLD shares. Berenberg Bank increased their price objective on shares of Barrick Gold from $37.00 to $38.00 in a research report on Tuesday, November 26th. Cibc World Mkts downgraded shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Raymond James dropped their price objective on shares of Barrick Gold from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Bank of America cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $21.00 to $18.00 in a research note on Monday, January 27th. Finally, TD Securities decreased their target price on shares of Barrick Gold from $24.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday.

Barrick Gold Stock Down 2.6 %

Shares of Barrick Gold stock opened at $17.96 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. The company has a 50-day moving average of $16.25 and a 200 day moving average of $18.17. The firm has a market cap of $31.01 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 0.39 and a beta of 0.55. Barrick Gold has a 1 year low of $14.25 and a 1 year high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings data on Wednesday, February 12th. The gold and copper producer reported $0.46 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%. As a group, sell-side analysts anticipate that Barrick Gold will post 1.23 earnings per share for the current fiscal year.

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

Barrick Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be paid a dividend of $0.10 per share. 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%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. CWM LLC grew its holdings in shares of Barrick Gold by 6.9% in the third quarter. CWM LLC now owns 15,826 shares of the gold and copper producer’s stock worth $315,000 after purchasing an additional 1,021 shares during the last quarter. Ritholtz Wealth Management lifted its position in shares of Barrick Gold by 2.8% during the third quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock valued at $361,000 after buying an additional 502 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in shares of 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 valued at $28,000 after buying an additional 935 shares during the last quarter. Creative Planning lifted its position in shares of Barrick Gold by 6.4% during the third quarter. Creative Planning now owns 115,395 shares of the gold and copper producer’s stock valued at $2,295,000 after buying an additional 6,902 shares during the last quarter. Finally, Vontobel Holding Ltd. lifted its position in shares of Barrick Gold by 95.7% during the third quarter. Vontobel Holding Ltd. now owns 321,166 shares of the gold and copper producer’s stock valued at $6,387,000 after buying an additional 157,050 shares during the last quarter. 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.