Raymond James Cuts Barrick Gold (NYSE:GOLD) Price Target to $26.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price lowered by investment analysts at Raymond James from $26.50 to $26.00 in a research note issued on Thursday, BayStreet.CA reports. The firm presently has an “outperform” rating on the gold and copper producer’s stock. Raymond James’ target price indicates a potential upside of 28.52% from the stock’s previous close. Raymond James also issued estimates for Barrick Gold’s Q3 2024 earnings at $0.39 EPS, Q4 2024 earnings at $0.45 EPS, Q4 2024 earnings at $0.46 EPS, FY2024 earnings at $1.34 EPS, Q1 2025 earnings at $0.46 EPS, Q2 2025 earnings at $0.48 EPS, Q3 2025 earnings at $0.48 EPS, Q4 2025 earnings at $0.50 EPS and FY2025 earnings at $1.92 EPS.

Other equities research analysts have also issued reports about the stock. Scotiabank boosted their target price on shares of Barrick Gold from $23.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Thursday, August 29th. Jefferies Financial Group lifted their price target on shares of Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Royal Bank of Canada upped their price target on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Finally, CIBC lifted their price objective on Barrick Gold from $23.00 to $27.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.60.

Barrick Gold Price Performance

Barrick Gold stock opened at $20.23 on Thursday. Barrick Gold has a 12 month low of $13.76 and a 12 month high of $21.21. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.01 and a quick ratio of 2.31. The business has a 50 day simple moving average of $19.34 and a 200-day simple moving average of $17.76. The stock has a market capitalization of $35.46 billion, a PE ratio of 24.93, a price-to-earnings-growth ratio of 0.49 and a beta of 0.55.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings data on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a return on equity of 5.53% and a net margin of 12.78%. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.19 EPS. Equities analysts predict that Barrick Gold will post 1.25 earnings per share for the current year.

Institutional Trading of Barrick Gold

A number of large investors have recently made changes to their positions in GOLD. Wellington Management Group LLP lifted its holdings in Barrick Gold by 58.4% in the 4th quarter. Wellington Management Group LLP now owns 100,680,644 shares of the gold and copper producer’s stock valued at $1,821,963,000 after purchasing an additional 37,128,653 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Barrick Gold by 1.7% during the first quarter. Vanguard Group Inc. now owns 64,761,067 shares of the gold and copper producer’s stock valued at $1,077,624,000 after buying an additional 1,089,572 shares during the period. First Eagle Investment Management LLC boosted its position in Barrick Gold by 31.6% during the first quarter. First Eagle Investment Management LLC now owns 58,820,050 shares of the gold and copper producer’s stock worth $978,766,000 after acquiring an additional 14,138,639 shares during the last quarter. Capital World Investors grew its stake in Barrick Gold by 16.4% in the 4th quarter. Capital World Investors now owns 45,479,229 shares of the gold and copper producer’s stock worth $821,790,000 after acquiring an additional 6,417,244 shares during the period. Finally, EdgePoint Investment Group Inc. raised its holdings in Barrick Gold by 3.7% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock valued at $314,254,000 after acquiring an additional 666,214 shares during the last quarter. Institutional investors and hedge funds 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.