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

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price lowered by BMO Capital Markets from $27.00 to $26.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the gold and copper producer’s stock.

Several other research analysts have also weighed in on GOLD. StockNews.com upgraded shares of Barrick Gold from a hold rating to a buy rating in a research report on Wednesday, February 21st. Argus restated a hold rating on shares of Barrick Gold in a research report on Monday, February 26th. Jefferies Financial Group started coverage on shares of Barrick Gold in a research report on Thursday, February 29th. They set a buy rating and a $21.00 target price on the stock. 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. Finally, Scotiabank lowered their price target on shares of Barrick Gold from $24.00 to $23.00 and set a sector outperform rating on the stock in a research report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Barrick Gold has an average rating of Moderate Buy and an average target price of $21.48.

Barrick Gold Trading Up 0.6 %

NYSE GOLD opened at $17.09 on Wednesday. The stock has a market capitalization of $30.00 billion, a P/E ratio of 23.74, a P/E/G ratio of 1.54 and a beta of 0.58. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $20.75. The firm has a 50-day moving average price of $15.91 and a 200 day moving average price of $16.23. The company has a quick ratio of 2.40, a current ratio of 3.16 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.06. Barrick Gold had a net margin of 11.16% and a return on equity of 4.64%. The firm had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the prior year, the company posted $0.13 earnings per share. Equities research analysts expect that Barrick Gold will post 0.9 EPS for the current year.

Barrick Gold Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were given a dividend of $0.074 per share. The ex-dividend date was Wednesday, February 28th. This represents a $0.30 dividend on an annualized basis and a yield of 1.73%. Barrick Gold’s dividend payout ratio (DPR) is currently 55.56%.

Hedge Funds Weigh In On Barrick Gold

A number of large investors have recently bought and sold shares of GOLD. Principal Securities Inc. purchased a new position in Barrick Gold during the fourth quarter worth approximately $26,000. Fairfield Bush & CO. purchased a new position in Barrick Gold during the second quarter worth approximately $29,000. EverSource Wealth Advisors LLC raised its stake in Barrick Gold by 175.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock worth $32,000 after purchasing an additional 1,143 shares during the period. Bruce G. Allen Investments LLC purchased a new position in Barrick Gold during the fourth quarter worth approximately $35,000. Finally, Resurgent Financial Advisors LLC purchased a new position in Barrick Gold during the fourth quarter worth approximately $36,000. Hedge funds and other 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.