Barrick Gold Corp (NYSE:B) Receives $24.05 Consensus Target Price from Brokerages

Barrick Gold Corp (NYSE:B) (TSE:ABX) has been given a consensus rating of “Moderate Buy” by the fifteen analysts that are presently covering the company, MarketBeat reports. Seven analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $24.05.

B has been the subject of a number of analyst reports. Stifel Canada raised shares of Barrick Gold to a “strong-buy” rating in a research note on Wednesday, March 19th. Wall Street Zen started coverage on shares of Barrick Gold in a research report on Monday, May 12th. They set a “sell” rating for the company. Scotiabank boosted their price target on shares of Barrick Gold from $20.00 to $22.00 and gave the stock a “sector perform” rating in a report on Monday, April 14th. UBS Group boosted their target price on shares of Barrick Gold from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, April 11th. Finally, National Bank Financial upgraded shares of Barrick Gold to a “hold” rating in a research note on Friday, March 21st.

Barrick Gold Stock Performance

Shares of Barrick Gold stock opened at $19.02 on Friday. Barrick Gold has a fifty-two week low of $17.41 and a fifty-two week high of $47.50. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.15. The firm has a market capitalization of $32.70 billion, a P/E ratio of 15.46, a P/E/G ratio of 0.44 and a beta of 0.25. The company’s 50 day moving average price is $19.01 and its two-hundred day moving average price is $17.75.

Barrick Gold (NYSE:B) (TSE:ABX) last issued its quarterly earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The company had revenue of $3 billion for the quarter, compared to analyst estimates of $3.15 billion. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. Barrick Gold’s revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 earnings per share. On average, equities analysts forecast that Barrick Gold will post 1.47 earnings per share for the current fiscal year.

Barrick Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Friday, May 30th. Barrick Gold’s dividend payout ratio (DPR) is presently 30.08%.

Barrick Gold declared that its Board of Directors has approved a share buyback program on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the gold and copper producer to buy up to 3.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors have recently made changes to their positions in B. Crowley Wealth Management Inc. purchased a new stake in shares of Barrick Gold in the 4th quarter valued at $26,000. Vega Investment Solutions purchased a new stake in shares of Barrick Gold in the 4th quarter valued at $31,000. Nexus Investment Management ULC purchased a new stake in shares of Barrick Gold in the 1st quarter valued at $32,000. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Barrick Gold in the 1st quarter valued at $32,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Barrick Gold in the 4th quarter valued at $37,000. Institutional investors own 90.82% of the company’s stock.

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.