Barrick Gold (NYSE:GOLD) Price Target Increased to $23.00 by Analysts at Jefferies Financial Group

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price lifted by equities researchers at Jefferies Financial Group from $22.00 to $23.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the gold and copper producer’s stock. Jefferies Financial Group’s price objective would indicate a potential upside of 26.03% from the company’s previous close.

A number of other brokerages have also commented on GOLD. CIBC upped their target price on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a research note on Wednesday. BMO Capital Markets cut their target price on Barrick Gold from $27.00 to $26.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. Finally, National Bank Financial restated a “sector perform overweight” rating on shares of Barrick Gold in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Barrick Gold has an average rating of “Moderate Buy” and a consensus price target of $22.20.

Barrick Gold Stock Performance

NYSE GOLD traded up $0.12 during trading on Friday, hitting $18.25. The company’s stock had a trading volume of 3,050,772 shares, compared to its average volume of 21,584,412. The company has a quick ratio of 2.49, a current ratio of 3.32 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average price of $16.95 and a 200 day moving average price of $16.47. The firm has a market cap of $31.99 billion, a P/E ratio of 22.26, a price-to-earnings-growth ratio of 0.50 and a beta of 0.51. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $18.95.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Wednesday, May 1st. The gold and copper producer reported $0.19 EPS for the quarter, topping the consensus estimate of $0.15 by $0.04. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.74 billion. Barrick Gold had a return on equity of 4.88% and a net margin of 12.58%. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.14 EPS. Equities research analysts forecast that Barrick Gold will post 1.07 earnings per share for the current fiscal year.

Institutional Trading of Barrick Gold

Large investors have recently made changes to their positions in the business. Clean Yield Group bought a new stake in shares of Barrick Gold during the first quarter worth $25,000. Principal Securities Inc. bought a new stake in shares of Barrick Gold during the fourth quarter worth $26,000. EverSource Wealth Advisors LLC grew its holdings in shares of Barrick Gold by 175.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the gold and copper producer’s stock worth $32,000 after purchasing an additional 1,143 shares during the last quarter. Bruce G. Allen Investments LLC bought a new stake in shares of Barrick Gold during the fourth quarter worth $35,000. Finally, LRI Investments LLC bought a new position in Barrick Gold in the first quarter valued at about $37,000. 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.