UBS Group Increases Barrick Gold (NYSE:GOLD) Price Target to $23.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective boosted by UBS Group from $22.00 to $23.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the gold and copper producer’s stock.

Several other research firms have also recently issued reports on GOLD. Jefferies Financial Group upped their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a buy rating in a research report on Friday, September 13th. CIBC upped their target price on Barrick Gold from $23.00 to $27.00 and gave the company an outperformer rating in a research report on Wednesday, July 10th. Argus raised Barrick Gold from a hold rating to a buy rating and set a $24.00 target price for the company in a research report on Thursday, August 29th. Royal Bank of Canada upped their target price on Barrick Gold from $21.00 to $22.00 and gave the company an outperform rating in a research report on Tuesday, September 10th. Finally, Scotiabank upped their target price on Barrick Gold from $23.00 to $25.00 and gave the company a sector outperform rating in a research report on Monday, August 19th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $23.60.

Barrick Gold Trading Up 1.2 %

NYSE:GOLD opened at $20.22 on Tuesday. The stock has a 50-day simple moving average of $19.85 and a 200-day simple moving average of $18.17. The stock has a market cap of $35.44 billion, a P/E ratio of 24.66, a P/E/G ratio of 0.47 and a beta of 0.55. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $21.21. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.31 and a current ratio of 3.01.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.05. The business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.19 EPS. As a group, analysts anticipate that Barrick Gold will post 1.27 earnings per share for the current fiscal year.

Barrick Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $0.10 per share. The ex-dividend date was Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a yield of 1.98%. Barrick Gold’s payout ratio is 48.78%.

Institutional Trading of Barrick Gold

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Barrick Gold by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock worth $1,077,624,000 after buying an additional 1,089,572 shares in the last quarter. First Eagle Investment Management LLC raised its stake in shares of Barrick Gold by 31.6% during the 1st quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock worth $978,766,000 after buying an additional 14,138,639 shares in the last quarter. EdgePoint Investment Group Inc. raised its stake in shares of Barrick Gold by 3.7% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock worth $314,254,000 after buying an additional 666,214 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Barrick Gold by 9.0% during the 1st quarter. National Bank of Canada FI now owns 14,887,656 shares of the gold and copper producer’s stock worth $251,929,000 after buying an additional 1,231,184 shares in the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of Barrick Gold by 3.3% during the 2nd quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock worth $242,491,000 after buying an additional 461,406 shares in the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

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.