UBS Group Increases Barrick Gold (NYSE:GOLD) Price Target to $23.00

by · The Markets Daily

Barrick Gold (NYSE:GOLD – Free Report) (TSE:ABX) had its target price lifted by UBS Group from $22.00 to $23.00 in a report released on Tuesday morning, Benzinga reports. UBS Group currently has a buy rating on the gold and copper producer’s stock.

GOLD has been the topic of a number of other research reports. Jefferies Financial Group boosted their target price on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Royal Bank of Canada lifted their price target on Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Thursday, August 29th. Scotiabank lifted their target price on shares of Barrick Gold from $23.00 to $25.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. Finally, Raymond James dropped their price target on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Barrick Gold has a consensus rating of “Moderate Buy” and a consensus price target of $23.60.

Read Our Latest Analysis on GOLD

Barrick Gold Price Performance

NYSE GOLD opened at $20.92 on Tuesday. 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 firm has a market capitalization of $36.67 billion, a price-to-earnings ratio of 25.51, a price-to-earnings-growth ratio of 0.47 and a beta of 0.55. The company has a 50 day simple moving average of $20.05 and a 200-day simple moving average of $18.22. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $21.21.

Barrick Gold (NYSE:GOLD – Get Free Report) (TSE:ABX) last released its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a net margin of 12.78% and a return on equity of 5.53%. The company had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the prior year, the firm earned $0.19 EPS. The company’s revenue was up 11.6% compared to the same quarter last year. Equities research analysts predict that Barrick Gold will post 1.27 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 annualized dividend and a yield of 1.91%. Barrick Gold’s dividend payout ratio (DPR) is presently 48.78%.

Institutional Trading of Barrick Gold

Hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC increased its position in Barrick Gold by 198.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after buying an additional 935 shares during the period. Clean Yield Group acquired a new stake in shares of Barrick Gold in the first quarter worth $25,000. Crewe Advisors LLC grew its stake in shares of Barrick Gold by 628.8% in the second quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after acquiring an additional 1,572 shares during the last quarter. Jackson Grant Investment Advisers Inc. bought a new position in Barrick Gold during the second quarter worth $32,000. Finally, LRI Investments LLC acquired a new position in Barrick Gold during the 1st quarter valued at $37,000. Institutional investors own 62.85% of the company’s stock.

About Barrick Gold

(Get Free Report)

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.

Featured Articles