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

Barrick Gold (NYSE:GOLD) (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.

Other equities research analysts have also issued reports about the company. 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. Jefferies Financial Group lifted their price target on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. CIBC lifted their price target on Barrick Gold from $23.00 to $27.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Thursday, August 29th. Finally, Raymond James reduced their price target on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Barrick Gold presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.60.

Barrick Gold Trading Up 2.1 %

Shares of NYSE GOLD opened at $20.35 on Tuesday. Barrick Gold has a one year low of $13.76 and a one year high of $21.21. The firm has a market capitalization of $35.67 billion, a PE ratio of 24.82, a PEG ratio of 0.47 and a beta of 0.55. 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 business has a 50-day moving average price of $19.98 and a two-hundred day moving average price of $18.19.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last announced its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.05. The business had revenue of $3.16 billion during 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 was up 11.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.19 EPS. As a group, analysts predict that Barrick Gold will post 1.27 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend was Friday, August 30th. Barrick Gold’s dividend payout ratio is currently 48.78%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Clean Yield Group bought a new position in Barrick Gold in the 1st quarter worth approximately $25,000. 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. Crewe Advisors LLC increased its position in Barrick Gold by 628.8% in the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after buying an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. bought a new position in Barrick Gold in the 2nd quarter worth approximately $32,000. Finally, LRI Investments LLC bought a new position in Barrick Gold in the 1st quarter worth approximately $37,000. 62.85% of the stock is owned by institutional investors.

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.