Scotiabank Boosts Barrick Gold (NYSE:GOLD) Price Target to $25.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price boosted by Scotiabank from $23.00 to $25.00 in a research note issued to investors on Monday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the gold and copper producer’s stock.

Other analysts also recently issued reports about the company. Jefferies Financial Group upped their price objective on Barrick Gold from $22.00 to $23.00 and gave the company a buy rating in a research note on Friday, July 12th. CIBC upped their price target on Barrick Gold from $23.00 to $27.00 and gave the stock an outperformer rating in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $22.67.

Barrick Gold Stock Performance

NYSE GOLD opened at $20.61 on Monday. The company has a fifty day moving average of $17.82 and a two-hundred day moving average of $16.82. The company has a market capitalization of $36.12 billion, a PE ratio of 25.13, a P/E/G ratio of 0.48 and a beta of 0.51. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $20.89. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.32 and a quick ratio of 2.49.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. Barrick Gold had a net margin of 12.58% and a return on equity of 4.88%. The firm had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the prior year, the firm earned $0.19 EPS. Barrick Gold’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, analysts expect that Barrick Gold will post 1.16 earnings per share for the current year.

Barrick Gold Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.94%. 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 institutional investors have recently made changes to their positions in the stock. Clean Yield Group acquired a new stake in shares of Barrick Gold during the first quarter valued at $25,000. Principal Securities Inc. acquired a new stake in shares of Barrick Gold during the 4th quarter worth about $26,000. Crewe Advisors LLC grew its holdings in shares of Barrick Gold by 628.8% during the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after buying an additional 1,572 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Barrick Gold by 175.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock valued at $32,000 after buying an additional 1,143 shares during the last quarter. Finally, Jackson Grant Investment Advisers Inc. purchased a new position in shares of Barrick Gold during the second quarter valued at approximately $32,000. 62.85% of the stock is owned by institutional investors and hedge funds.

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.