BMO Capital Markets Lowers Barrick Gold (NYSE:GOLD) Price Target to $26.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price trimmed by BMO Capital Markets from $27.00 to $26.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an outperform rating on the gold and copper producer’s stock.

A number of other analysts have also weighed in on the stock. CIBC reduced their price target on shares of Barrick Gold from $27.00 to $23.00 and set an outperform rating for the company in a research note on Wednesday, February 7th. Scotiabank reduced their price target on shares of Barrick Gold from $24.00 to $23.00 and set a sector outperform rating for the company in a research note on Tuesday, February 20th. National Bank Financial reissued a sector perform overweight rating on shares of Barrick Gold in a research note on Monday, April 8th. Royal Bank of Canada reissued an outperform rating and set a $18.00 target price on shares of Barrick Gold in a research note on Monday, March 4th. Finally, StockNews.com raised shares of Barrick Gold from a hold rating to a buy rating in a research note on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Barrick Gold presently has a consensus rating of Moderate Buy and an average target price of $21.48.

Barrick Gold Trading Up 0.6 %

Shares of NYSE:GOLD opened at $17.09 on Wednesday. The company has a 50 day moving average of $15.91 and a 200-day moving average of $16.23. The firm has a market cap of $30.00 billion, a P/E ratio of 23.74, a P/E/G ratio of 1.54 and a beta of 0.58. Barrick Gold has a twelve month low of $13.76 and a twelve month high of $20.75. The company has a current ratio of 3.16, a quick ratio of 2.40 and a debt-to-equity ratio of 0.15.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings results on Wednesday, February 14th. The gold and copper producer reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.06. The company had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.13 billion. Barrick Gold had a net margin of 11.16% and a return on equity of 4.64%. During the same period in the prior year, the business posted $0.13 EPS. As a group, analysts anticipate that Barrick Gold will post 0.9 earnings per share for the current fiscal year.

Barrick Gold Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.074 per share. The ex-dividend date was Wednesday, February 28th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.73%. Barrick Gold’s dividend payout ratio is currently 55.56%.

Institutional Investors Weigh In On Barrick Gold

A number of large investors have recently made changes to their positions in the company. Addenda Capital Inc. increased its stake in Barrick Gold by 88.1% in the 4th quarter. Addenda Capital Inc. now owns 3,105,335 shares of the gold and copper producer’s stock valued at $56,176,000 after buying an additional 1,454,220 shares during the period. Cheyne Capital Management UK LLP acquired a new position in Barrick Gold in the 3rd quarter valued at approximately $2,910,000. Klein Pavlis & Peasley Financial Inc. acquired a new position in Barrick Gold in the 4th quarter valued at approximately $1,331,000. DAVENPORT & Co LLC increased its stake in Barrick Gold by 17.9% in the 4th quarter. DAVENPORT & Co LLC now owns 73,627 shares of the gold and copper producer’s stock valued at $1,332,000 after buying an additional 11,166 shares during the period. Finally, Gateway Investment Advisers LLC increased its stake in Barrick Gold by 204.2% in the 4th quarter. Gateway Investment Advisers LLC now owns 249,017 shares of the gold and copper producer’s stock valued at $4,505,000 after buying an additional 167,145 shares during the period. 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.