Barrick Gold (NYSE:GOLD) Price Target Raised to $27.00

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

Several other analysts have also recently issued reports on GOLD. BMO Capital Markets dropped their price objective on shares of Barrick Gold from $27.00 to $26.00 and set an outperform rating for the company in a research note on Wednesday, April 17th. National Bank Financial reaffirmed a sector perform overweight rating on shares of Barrick Gold in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $22.20.

Barrick Gold Trading Up 2.2 %

Shares of Barrick Gold stock opened at $18.52 on Wednesday. The firm has a 50-day simple moving average of $16.99 and a two-hundred day simple moving average of $16.46. The company has a market cap of $32.46 billion, a P/E ratio of 22.59, a price-to-earnings-growth ratio of 0.51 and a beta of 0.51. Barrick Gold has a fifty-two week low of $13.76 and a fifty-two week high of $18.95. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.49 and a current ratio of 3.32.

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, topping the consensus estimate of $0.15 by $0.04. Barrick Gold had a net margin of 12.58% and a return on equity of 4.88%. The firm had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter in the prior year, the firm earned $0.14 EPS. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, equities analysts predict that Barrick Gold will post 1.07 earnings per share for the current fiscal year.

Barrick Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, May 31st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.16%. This is a boost from Barrick Gold’s previous quarterly dividend of $0.07. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Hedge Funds Weigh In On Barrick Gold

A number of hedge funds have recently made changes to their positions in GOLD. Clean Yield Group purchased a new position in shares of Barrick Gold during the 1st quarter worth approximately $25,000. Principal Securities Inc. acquired a new stake in Barrick Gold during the 4th quarter worth approximately $26,000. EverSource Wealth Advisors LLC lifted its holdings in Barrick Gold by 175.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock worth $32,000 after buying an additional 1,143 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Barrick Gold during the 4th quarter worth approximately $35,000. Finally, LRI Investments LLC acquired a new stake in Barrick Gold during the 1st quarter worth approximately $37,000. Hedge funds and other 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.