Barrick Gold (NYSE:GOLD) PT Raised to $22.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target lifted by Royal Bank of Canada from $21.00 to $22.00 in a report released on Tuesday, BayStreet.CA reports. Royal Bank of Canada currently has an outperform rating on the gold and copper producer’s stock.

Several other analysts also recently weighed in on the stock. Jefferies Financial Group lifted their target price on shares of Barrick Gold from $22.00 to $23.00 and gave the company a buy rating in a report on Friday, July 12th. CIBC boosted their price objective on shares of Barrick Gold from $23.00 to $27.00 and gave the stock an outperformer rating in a report on Wednesday, July 10th. Scotiabank boosted their price objective on shares of Barrick Gold from $23.00 to $25.00 and gave the stock a sector outperform rating in a report on Monday, August 19th. Finally, Argus raised shares of Barrick Gold from a hold rating to a buy rating and set a $24.00 price objective on the stock in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Barrick Gold has a consensus rating of Moderate Buy and an average target price of $23.20.

Barrick Gold Stock Up 1.7 %

Shares of NYSE:GOLD opened at $19.61 on Tuesday. The company has a market cap of $34.37 billion, a price-to-earnings ratio of 23.91, a PEG ratio of 0.47 and a beta of 0.55. The firm’s 50-day simple moving average is $18.77 and its 200-day simple moving average is $17.35. The company has a quick ratio of 2.49, a current ratio of 3.32 and a debt-to-equity ratio of 0.15. Barrick Gold has a fifty-two week low of $13.76 and a fifty-two week high of $20.89.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. The business had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. Barrick Gold had a net margin of 12.78% and a return on equity of 5.55%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.19 earnings per share. As a group, equities research analysts predict that Barrick Gold will post 1.22 earnings per share for the current year.

Barrick Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend is Friday, August 30th. Barrick Gold’s payout ratio is currently 48.78%.

Hedge Funds Weigh In On Barrick Gold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC raised its position in Barrick Gold by 15.3% during the first quarter. Global Retirement Partners LLC now owns 5,434 shares of the gold and copper producer’s stock worth $90,000 after acquiring an additional 721 shares during the last quarter. Edge Wealth Management LLC raised its position in shares of Barrick Gold by 6.3% in the first quarter. Edge Wealth Management LLC now owns 12,255 shares of the gold and copper producer’s stock valued at $204,000 after buying an additional 725 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Barrick Gold by 1.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 38,999 shares of the gold and copper producer’s stock valued at $650,000 after buying an additional 731 shares during the last quarter. Greenleaf Trust raised its position in shares of Barrick Gold by 3.5% in the first quarter. Greenleaf Trust now owns 25,119 shares of the gold and copper producer’s stock valued at $418,000 after buying an additional 838 shares during the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co raised its position in shares of Barrick Gold by 2.4% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 36,519 shares of the gold and copper producer’s stock valued at $608,000 after buying an additional 850 shares during the last quarter. Institutional investors and hedge funds 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.