Stifel Canada Upgrades Barrick Gold (NYSE:GOLD) to “Strong-Buy”

Barrick Gold (NYSE:GOLD) (TSE:ABX) was upgraded by research analysts at Stifel Canada to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports. Stifel Canada also issued estimates for Barrick Gold’s FY2028 earnings at $1.44 EPS.

GOLD has been the subject of a number of other reports. Scotiabank upped their price target on Barrick Gold from $19.00 to $20.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 18th. Bank of America lowered Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $21.00 to $18.00 in a report on Monday, January 27th. Raymond James dropped their price objective on shares of Barrick Gold from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, February 7th. TD Securities reduced their target price on shares of Barrick Gold from $24.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Finally, Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.75.

Barrick Gold Stock Performance

NYSE GOLD opened at $19.41 on Wednesday. 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 stock’s 50 day simple moving average is $17.37 and its 200-day simple moving average is $18.05. The company has a market cap of $33.49 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 0.44 and a beta of 0.58. Barrick Gold has a 1-year low of $0.25 and a 1-year high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. 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 has initiated a share buyback program on Wednesday, February 12th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the gold and copper producer to purchase up to 3.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Barrick Gold

Several institutional investors have recently modified their holdings of GOLD. Chancellor Financial Group WB LP purchased a new position in Barrick Gold in the fourth quarter valued at $298,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Barrick Gold by 14.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 73,636 shares of the gold and copper producer’s stock valued at $1,141,000 after buying an additional 9,149 shares during the period. PKO Investment Management Joint Stock Co acquired a new position in shares of Barrick Gold during the fourth quarter worth about $12,181,000. Aegis Wealth Management LLC purchased a new stake in shares of Barrick Gold during the fourth quarter worth approximately $186,000. Finally, Comprehensive Money Management Services LLC purchased a new stake in shares of Barrick Gold during the fourth quarter worth approximately $673,000. Institutional investors and hedge funds 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.