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

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 to clients and investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the gold and copper producer’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 55.69% from the company’s current price.

A number of other research analysts have also issued reports on GOLD. TD Securities decreased their target price on shares of Barrick Gold from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. Sanford C. Bernstein cut Barrick Gold from an “outperform” rating to a “market perform” rating in a report on Monday, January 8th. CIBC reduced their target price on Barrick Gold from $27.00 to $23.00 and set an “outperform” rating on the stock in a report on Wednesday, February 7th. Argus reaffirmed a “hold” rating on shares of Barrick Gold in a research note on Monday, February 26th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $18.00 target price on shares of Barrick Gold in a research note on Monday, March 4th. One 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.18.

Barrick Gold Stock Performance

NYSE GOLD opened at $16.70 on Wednesday. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $20.75. The stock has a market cap of $29.32 billion, a PE ratio of 23.19, a P/E/G ratio of 1.58 and a beta of 0.58. The firm has a 50-day moving average of $15.82 and a 200-day moving average of $16.20. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.40 and a current ratio of 3.16.

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

Institutional Trading of Barrick Gold

Several hedge funds have recently added to or reduced their stakes in GOLD. Creative Financial Designs Inc. ADV lifted its stake in Barrick Gold by 7.1% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 9,100 shares of the gold and copper producer’s stock valued at $165,000 after purchasing an additional 600 shares during the last quarter. Stratos Wealth Partners LTD. increased its stake in shares of Barrick Gold by 5.3% in 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 lifted its stake in shares of Barrick Gold by 2.9% during 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 buying an additional 694 shares in the last quarter. A. D. Beadell Investment Counsel Inc. boosted its holdings in 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 worth $1,082,000 after buying an additional 700 shares during the period. Finally, Fifth Third Bancorp grew its stake in 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 buying an additional 702 shares in the last quarter. 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.