Barrick Gold (NYSE:GOLD) Stock Rating Upgraded by Stifel Canada

Barrick Gold (NYSE:GOLD) (TSE:ABX) was upgraded by research analysts at Stifel Canada to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports. Stifel Canada also issued estimates for Barrick Gold’s FY2028 earnings at $1.44 EPS.

Other analysts have also recently issued reports about the stock. Raymond James lowered their price objective on shares of Barrick Gold from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Citigroup lowered their price objective on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating for the company in a research note on Friday, December 20th. CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday, November 25th. Scotiabank upped their price target on shares of Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 18th. Finally, UBS Group raised shares of Barrick Gold from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a research report on Wednesday, March 5th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $23.75.

Barrick Gold Trading Down 0.6 %

Shares of Barrick Gold stock opened at $19.28 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.15. Barrick Gold has a 1 year low of $0.25 and a 1 year high of $21.35. The company has a market capitalization of $33.26 billion, a P/E ratio of 15.67, a P/E/G ratio of 0.44 and a beta of 0.58. The business has a 50 day moving average price of $17.44 and a 200 day moving average price of $18.06.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last issued its quarterly earnings data on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. Sell-side analysts anticipate that Barrick Gold will post 1.47 EPS for the current fiscal year.

Barrick Gold announced that its board has initiated a stock repurchase program on Wednesday, February 12th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the gold and copper producer to purchase up to 3.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Barrick Gold

Several hedge funds and other institutional investors have recently bought and sold shares of GOLD. Principal Financial Group Inc. lifted its holdings in Barrick Gold by 19.9% during the 3rd quarter. Principal Financial Group Inc. now owns 483,613 shares of the gold and copper producer’s stock valued at $9,630,000 after purchasing an additional 80,366 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Barrick Gold by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,073,717 shares of the gold and copper producer’s stock valued at $78,637,000 after purchasing an additional 128,203 shares during the last quarter. Crocodile Capital Partners GmbH lifted its holdings in Barrick Gold by 97.3% during the 4th quarter. Crocodile Capital Partners GmbH now owns 1,460,000 shares of the gold and copper producer’s stock valued at $22,630,000 after purchasing an additional 720,000 shares during the last quarter. Chiron Investment Management LLC lifted its holdings in Barrick Gold by 36.5% during the 3rd quarter. Chiron Investment Management LLC now owns 604,199 shares of the gold and copper producer’s stock valued at $12,018,000 after purchasing an additional 161,688 shares during the last quarter. Finally, Legend Financial Advisors Inc. bought a new position in Barrick Gold during the 4th quarter valued at about $700,000. 62.85% of the stock is currently owned by institutional investors and hedge funds.

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.