Barrick Gold (NYSE:GOLD) Raised to Strong-Buy at StockNews.com

Barrick Gold (NYSE:GOLD) (TSE:ABX) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Saturday.

GOLD has been the subject of several other reports. TD Securities decreased their target price on shares of Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Bank of America lowered Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $21.00 to $18.00 in a report on Monday, January 27th. Royal Bank of Canada boosted their target price on Barrick Gold from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday. Stifel Canada upgraded Barrick Gold to a “strong-buy” rating in a research note on Wednesday, March 19th. Finally, Scotiabank boosted their price target on Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 18th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $23.79.

Barrick Gold Trading Down 9.0 %

GOLD stock traded down $1.74 during midday trading on Friday, reaching $17.64. The company’s stock had a trading volume of 37,310,992 shares, compared to its average volume of 21,839,598. The stock has a fifty day simple moving average of $18.17 and a two-hundred day simple moving average of $18.01. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.15 and a current ratio of 2.89. The firm has a market capitalization of $30.44 billion, a price-to-earnings ratio of 14.34, a PEG ratio of 0.44 and a beta of 0.58. Barrick Gold has a 1 year low of $15.11 and a 1 year high of $21.35.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. On average, equities research analysts predict that Barrick Gold will post 1.47 EPS for the current year.

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

Institutional Investors Weigh In On Barrick Gold

Large investors have recently modified their holdings of the business. Crowley Wealth Management Inc. purchased a new stake in Barrick Gold in the 4th quarter valued at $26,000. Vega Investment Solutions purchased a new stake in shares of Barrick Gold in the fourth quarter valued at about $31,000. MassMutual Private Wealth & Trust FSB increased its position in Barrick Gold by 55.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,193 shares of the gold and copper producer’s stock worth $43,000 after purchasing an additional 785 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Barrick Gold during the fourth quarter worth about $37,000. Finally, Ameriflex Group Inc. acquired a new position in Barrick Gold in the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 62.85% 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.