Barrick Gold Corp (NYSE:GOLD) Receives $23.71 Consensus Price Target from Brokerages

Shares of Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) have been assigned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $23.79.

GOLD has been the subject of several recent analyst reports. Scotiabank upped their target price on shares of Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 18th. Royal Bank of Canada increased their target price on Barrick Gold from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday. StockNews.com raised Barrick Gold from a “buy” rating to a “strong-buy” rating in a report on Saturday. UBS Group raised shares of Barrick Gold from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Wednesday, March 5th. Finally, National Bank Financial raised shares of Barrick Gold to a “hold” rating in a report on Friday, March 21st.

Barrick Gold Stock Down 9.0 %

GOLD stock opened at $17.64 on Friday. The business’s 50-day moving average price is $18.17 and its 200-day moving average price is $17.98. The stock has a market cap of $30.44 billion, a P/E ratio of 14.34, a PEG ratio of 0.44 and a beta of 0.55. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14. Barrick Gold has a twelve month low of $15.11 and a twelve month high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. On average, equities research analysts forecast that Barrick Gold will post 1.47 EPS for the current year.

Barrick Gold declared that its board has approved a stock buyback program on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the gold and copper producer to buy up to 3.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Barrick Gold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Friday, February 28th. Barrick Gold’s dividend payout ratio is 32.52%.

Institutional Investors Weigh In On Barrick Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Crowley Wealth Management Inc. purchased a new stake in shares of Barrick Gold in the fourth quarter valued at $26,000. Vega Investment Solutions bought a new position in Barrick Gold during the 4th quarter valued at about $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in Barrick Gold in the 4th quarter worth about $37,000. Ameriflex Group Inc. bought a new stake in Barrick Gold in the fourth quarter worth about $39,000. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Barrick Gold by 55.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,193 shares of the gold and copper producer’s stock valued at $43,000 after buying an additional 785 shares during the period. 62.85% of the stock is currently owned by hedge funds and other institutional investors.

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.