Barrick Gold (NYSE:B) Stock Price Expected to Rise, CIBC Analyst Says

Barrick Gold (NYSE:B) (TSE:ABX) had its target price upped by CIBC from $22.00 to $24.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the gold and copper producer’s stock. CIBC’s price target would suggest a potential upside of 14.67% from the company’s previous close.

B has been the topic of several other research reports. National Bank Financial upgraded Barrick Gold to a “hold” rating in a research report on Friday, March 21st. Royal Bank of Canada increased their price target on Barrick Gold from $23.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, June 4th. Citigroup cut their price target on Barrick Gold from $21.00 to $17.00 and set a “neutral” rating for the company in a report on Monday, March 31st. Wall Street Zen raised Barrick Gold from a “buy” rating to a “strong-buy” rating in a report on Friday, June 6th. Finally, National Bankshares reaffirmed an “outperform” rating on shares of Barrick Gold in a report on Wednesday, April 2nd. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Barrick Gold presently has an average rating of “Moderate Buy” and a consensus price target of $24.05.

Barrick Gold Stock Performance

NYSE B opened at $20.93 on Wednesday. The company has a market cap of $35.88 billion, a PE ratio of 17.02, a price-to-earnings-growth ratio of 0.44 and a beta of 0.27. The stock’s 50 day simple moving average is $19.23 and its 200-day simple moving average is $17.94. Barrick Gold has a 1-year low of $17.41 and a 1-year high of $47.50. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.15.

Barrick Gold (NYSE:B) (TSE:ABX) last released its earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The business had revenue of $3 billion for the quarter, compared to the consensus estimate of $3.15 billion. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.19 earnings per share. As a group, equities research analysts anticipate that Barrick Gold will post 1.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Barrick Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in B. Crowley Wealth Management Inc. acquired a new stake in Barrick Gold during the fourth quarter worth $26,000. Vega Investment Solutions acquired a new stake in Barrick Gold during the fourth quarter worth $31,000. Nexus Investment Management ULC acquired a new stake in shares of Barrick Gold in the first quarter valued at $32,000. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Barrick Gold in the 1st quarter valued at $32,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Barrick Gold in the 4th quarter valued at $37,000. Institutional investors and hedge funds own 90.82% 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.