Barrick Gold (NYSE:GOLD) Coverage Initiated by Analysts at BMO Capital Markets

Stock analysts at BMO Capital Markets began coverage on shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) in a report issued on Wednesday. The firm set a “market perform” rating on the gold and copper producer’s stock.

Several other research analysts have also commented on the stock. Citigroup cut their price target on shares of Barrick Gold from $21.00 to $17.00 and set a “neutral” rating on the stock in a report on Monday, March 31st. StockNews.com upgraded shares of Barrick Gold from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 5th. Raymond James lifted their price target on shares of Barrick Gold from $23.00 to $23.50 and gave the stock an “outperform” rating in a research report on Monday, March 31st. National Bank Financial raised Barrick Gold to a “hold” rating in a research note on Friday, March 21st. Finally, Royal Bank of Canada lifted their target price on shares of Barrick Gold from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, April 4th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.21.

Barrick Gold Stock Down 0.4 %

GOLD opened at $20.33 on Wednesday. The firm has a market cap of $34.95 billion, a P/E ratio of 16.52, a PEG ratio of 0.44 and a beta of 0.55. The business’s fifty day simple moving average is $18.62 and its 200 day simple moving average is $17.92. Barrick Gold has a 52 week low of $15.11 and a 52 week high of $21.35. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings data on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. As a group, equities research analysts anticipate that Barrick Gold will post 1.47 EPS for the current fiscal year.

Barrick Gold announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 12th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the gold and copper producer to purchase up to 3.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors have recently made changes to their positions in GOLD. Crowley Wealth Management Inc. bought a new position in Barrick Gold in the 4th quarter worth approximately $26,000. Nexus Investment Management ULC acquired a new stake in shares of Barrick Gold during the 1st quarter worth approximately $32,000. Vega Investment Solutions acquired a new position in Barrick Gold in the fourth quarter worth about $31,000. MassMutual Private Wealth & Trust FSB grew its position in Barrick Gold by 55.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,193 shares of the gold and copper producer’s stock valued at $43,000 after acquiring an additional 785 shares during the period. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Barrick Gold in the fourth quarter valued at approximately $37,000. 62.85% of the stock is currently owned by institutional investors.

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.