TD Securities Lowers Barrick Gold (NYSE:GOLD) Price Target to $23.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price reduced by stock analysts at TD Securities from $24.00 to $23.00 in a report issued on Thursday,BayStreet.CA reports. The firm presently has a “buy” rating on the gold and copper producer’s stock. TD Securities’ price objective would suggest a potential upside of 24.43% from the company’s current price.

Several other research firms have also recently weighed in on GOLD. Scotiabank cut shares of Barrick Gold from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $23.00 to $19.00 in a report on Thursday, January 30th. Citigroup reduced their target price on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating for the company in a report on Friday, December 20th. Bank of America cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their target price for the company from $21.00 to $18.00 in a report on Monday, January 27th. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their target price for the company from $23.00 to $22.00 in a report on Wednesday, October 30th. Finally, CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday, November 25th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Barrick Gold presently has an average rating of “Moderate Buy” and an average price target of $23.67.

Barrick Gold Trading Up 1.7 %

NYSE:GOLD traded up $0.32 during trading hours on Thursday, reaching $18.49. The company’s stock had a trading volume of 18,576,755 shares, compared to its average volume of 20,983,686. The firm has a 50-day simple moving average of $16.20 and a 200-day simple moving average of $18.17. Barrick Gold has a 1 year low of $13.76 and a 1 year high of $21.35. The firm has a market capitalization of $31.93 billion, a price-to-earnings ratio of 19.81, a PEG ratio of 0.39 and a beta of 0.55. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. Barrick Gold had a net margin of 13.19% and a return on equity of 5.82%. Research analysts expect that Barrick Gold will post 1.23 EPS for the current fiscal year.

Barrick Gold announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in 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 an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Barrick Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Crowley Wealth Management Inc. acquired a new position in shares of Barrick Gold during the 4th quarter valued at about $26,000. Exchange Traded Concepts LLC increased its stake in Barrick Gold by 198.1% during the third quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after purchasing an additional 935 shares during the period. Eastern Bank purchased a new stake in Barrick Gold during the third quarter worth about $32,000. JFS Wealth Advisors LLC increased its stake in Barrick Gold by 451.7% during the third quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock worth $38,000 after purchasing an additional 1,563 shares during the period. Finally, First Horizon Advisors Inc. increased its stake in shares of Barrick Gold by 619.7% during the fourth quarter. First Horizon Advisors Inc. now owns 3,073 shares of the gold and copper producer’s stock worth $48,000 after buying an additional 2,646 shares during the period. 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.