Barrick Gold (NYSE:GOLD) Given New $24.00 Price Target at Scotiabank

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective trimmed by Scotiabank from $25.00 to $24.00 in a research note published on Friday,Benzinga reports. The firm currently has a sector outperform rating on the gold and copper producer’s stock.

Several other research analysts have also weighed in on GOLD. UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $23.00 to $22.00 in a research report on Wednesday, October 30th. Royal Bank of Canada boosted their target price on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Raymond James lowered their target price on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Jefferies Financial Group increased their price objective on Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Thursday, August 29th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Barrick Gold has a consensus rating of “Moderate Buy” and a consensus target price of $23.90.

Barrick Gold Stock Down 0.4 %

Shares of GOLD stock traded down $0.08 on Friday, hitting $18.40. 27,997,677 shares of the stock were exchanged, compared to its average volume of 21,239,021. The business has a 50-day moving average of $19.95 and a 200 day moving average of $18.46. Barrick Gold has a fifty-two week low of $13.76 and a fifty-two week high of $21.35. The company has a current ratio of 3.01, a quick ratio of 2.31 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $32.16 billion, a P/E ratio of 19.78, a price-to-earnings-growth ratio of 0.45 and a beta of 0.56.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share for the quarter, topping 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 quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.19 earnings per share. Equities analysts anticipate that Barrick Gold will post 1.29 EPS for the current year.

Barrick Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $0.10 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.17%. Barrick Gold’s payout ratio is currently 43.01%.

Institutional Trading of Barrick Gold

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in 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 worth $1,077,624,000 after purchasing an additional 1,089,572 shares during the period. First Eagle Investment Management LLC grew its holdings in Barrick Gold by 31.6% during the 1st 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 in the last quarter. EdgePoint Investment Group Inc. lifted its position in shares of Barrick Gold by 3.7% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock worth $314,254,000 after buying an additional 666,214 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Barrick Gold by 9.0% during the 1st quarter. National Bank of Canada FI now owns 14,887,656 shares of the gold and copper producer’s stock worth $251,929,000 after buying an additional 1,231,184 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in Barrick Gold by 3.3% in the 2nd quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock valued at $242,491,000 after purchasing an additional 461,406 shares during the last quarter. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.