BMO Capital Markets Lowers Barrick Gold (NYSE:GOLD) Price Target to $26.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target reduced by investment analysts at BMO Capital Markets from $27.00 to $26.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the gold and copper producer’s stock. BMO Capital Markets’ target price would suggest a potential upside of 53.12% from the stock’s current price.

Several other equities analysts have also recently weighed in on GOLD. Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 price target on shares of Barrick Gold in a research report on Monday, March 4th. National Bank Financial reiterated a “sector perform overweight” rating on shares of Barrick Gold in a research report on Monday, April 8th. Scotiabank reduced their price target on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research report on Tuesday, February 20th. Jefferies Financial Group started coverage on Barrick Gold in a research report on Thursday, February 29th. They issued a “buy” rating and a $21.00 price target for the company. Finally, Sanford C. Bernstein cut Barrick Gold from an “outperform” rating to a “market perform” rating in a research report on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.48.

Barrick Gold Stock Up 1.7 %

GOLD stock opened at $16.98 on Wednesday. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $20.75. The company has a quick ratio of 2.40, a current ratio of 3.16 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average is $15.86 and its 200-day moving average is $16.21. The firm has a market capitalization of $29.81 billion, a PE ratio of 23.58, a P/E/G ratio of 1.50 and a beta of 0.58.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.06. The business had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a return on equity of 4.64% and a net margin of 11.16%. During the same period last year, the company posted $0.13 earnings per share. Sell-side analysts expect that Barrick Gold will post 0.91 EPS for the current fiscal year.

Institutional Trading of Barrick Gold

A number of hedge funds have recently bought and sold shares of the stock. Creative Financial Designs Inc. ADV increased its position in shares of Barrick Gold by 7.1% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 9,100 shares of the gold and copper producer’s stock worth $165,000 after purchasing an additional 600 shares in the last quarter. Stratos Wealth Partners LTD. increased its position in shares of Barrick Gold by 5.3% during the third quarter. Stratos Wealth Partners LTD. now owns 13,714 shares of the gold and copper producer’s stock worth $200,000 after purchasing an additional 689 shares in the last quarter. Legacy Wealth Asset Management LLC increased its position in shares of Barrick Gold by 2.9% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 24,555 shares of the gold and copper producer’s stock valued at $357,000 after acquiring an additional 694 shares during the period. A. D. Beadell Investment Counsel Inc. increased its position in shares of Barrick Gold by 1.2% in the 4th quarter. A. D. Beadell Investment Counsel Inc. now owns 59,825 shares of the gold and copper producer’s stock valued at $1,082,000 after acquiring an additional 700 shares during the period. Finally, Fifth Third Bancorp increased its position in shares of Barrick Gold by 13.1% in the 3rd quarter. Fifth Third Bancorp now owns 6,067 shares of the gold and copper producer’s stock valued at $88,000 after acquiring an additional 702 shares during the period. Hedge funds and other institutional investors 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.