Scotiabank Boosts Barrick Gold (NYSE:GOLD) Price Target to $25.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective raised by research analysts at Scotiabank from $23.00 to $25.00 in a report released on Monday, Benzinga reports. The firm currently has a “sector outperform” rating on the gold and copper producer’s stock. Scotiabank’s target price would indicate a potential upside of 23.58% from the stock’s current price.

GOLD has been the topic of a number of other research reports. CIBC boosted their price objective on shares of Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Jefferies Financial Group lifted their target price on Barrick Gold from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, July 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Barrick Gold currently has an average rating of “Moderate Buy” and an average price target of $22.67.

Barrick Gold Price Performance

Shares of Barrick Gold stock traded up $0.52 on Monday, hitting $20.23. 12,126,846 shares of the company traded hands, compared to its average volume of 21,801,479. The stock has a market capitalization of $35.46 billion, a P/E ratio of 24.67, a price-to-earnings-growth ratio of 0.48 and a beta of 0.51. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.49 and a current ratio of 3.32. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $20.27. The business has a 50-day simple moving average of $17.58 and a 200 day simple moving average of $16.73.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a net margin of 12.58% and a return on equity of 4.88%. The firm had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same period last year, the firm posted $0.19 earnings per share. Barrick Gold’s revenue for the quarter was up 11.6% compared to the same quarter last year. Research analysts expect that Barrick Gold will post 1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC lifted its stake in Barrick Gold by 15.3% during the first quarter. Global Retirement Partners LLC now owns 5,434 shares of the gold and copper producer’s stock worth $90,000 after purchasing an additional 721 shares in the last quarter. Edge Wealth Management LLC lifted its stake in Barrick Gold by 6.3% during the first quarter. Edge Wealth Management LLC now owns 12,255 shares of the gold and copper producer’s stock worth $204,000 after purchasing an additional 725 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Barrick Gold by 1.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 38,999 shares of the gold and copper producer’s stock worth $650,000 after purchasing an additional 731 shares in the last quarter. Greenleaf Trust lifted its stake in Barrick Gold by 3.5% during the first quarter. Greenleaf Trust now owns 25,119 shares of the gold and copper producer’s stock worth $418,000 after purchasing an additional 838 shares in the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co raised its stake in shares of Barrick Gold by 2.4% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 36,519 shares of the gold and copper producer’s stock valued at $608,000 after acquiring an additional 850 shares in the last quarter. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

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.