Barrick Gold (NYSE:GOLD) Price Target Increased to $27.00 by Analysts at CIBC

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target increased by CIBC from $23.00 to $27.00 in a research report sent to investors on Wednesday, Benzinga reports. CIBC currently has an outperformer rating on the gold and copper producer’s stock.

GOLD has been the subject of several other research reports. BMO Capital Markets cut their price target on Barrick Gold from $27.00 to $26.00 and set an outperform rating for the company in a report on Wednesday, April 17th. National Bank Financial restated a sector perform overweight rating on shares of Barrick Gold in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Barrick Gold currently has a consensus rating of Moderate Buy and a consensus target price of $22.00.

Barrick Gold Stock Up 2.0 %

Shares of GOLD opened at $17.79 on Wednesday. The business’s 50 day moving average is $16.91 and its 200 day moving average is $16.45. The company has a market capitalization of $31.23 billion, a PE ratio of 21.70, a price-to-earnings-growth ratio of 0.49 and a beta of 0.51. Barrick Gold has a 12-month low of $13.76 and a 12-month high of $18.95. The company has a current ratio of 3.32, a quick ratio of 2.49 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results on Wednesday, May 1st. The gold and copper producer reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.04. The business had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.74 billion. Barrick Gold had a return on equity of 4.88% and a net margin of 12.58%. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.14 EPS. Research analysts expect that Barrick Gold will post 1.07 earnings per share for the current fiscal year.

Barrick Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Friday, May 31st were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Friday, May 31st. This is an increase from Barrick Gold’s previous quarterly dividend of $0.07. Barrick Gold’s dividend payout ratio is 48.78%.

Hedge Funds Weigh In On Barrick Gold

Several hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP grew its position in Barrick Gold by 58.4% in the 4th quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock valued at $1,821,963,000 after acquiring an additional 37,128,653 shares during the last quarter. Van ECK Associates Corp grew its position in Barrick Gold by 9.7% in the 4th quarter. Van ECK Associates Corp now owns 80,933,517 shares of the gold and copper producer’s stock valued at $1,464,070,000 after acquiring an additional 7,150,142 shares during the last quarter. Vanguard Group Inc. grew its position in Barrick Gold by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock valued at $1,077,624,000 after acquiring an additional 1,089,572 shares during the last quarter. First Eagle Investment Management LLC grew its position in Barrick Gold by 31.6% in the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock valued at $978,766,000 after acquiring an additional 14,138,639 shares during the last quarter. Finally, Capital World Investors grew its position in Barrick Gold by 16.4% in the 4th quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock valued at $821,790,000 after acquiring an additional 6,417,244 shares during the last quarter. Institutional investors own 62.85% of the company’s stock.

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.