Barrick Gold (NYSE:GOLD) Price Target Cut to $23.00 by Analysts at TD Securities

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective lowered by TD Securities from $24.00 to $23.00 in a report published on Thursday morning,BayStreet.CA reports. The brokerage currently has a buy rating on the gold and copper producer’s stock.

Several other research firms have also commented on GOLD. Bank of America lowered shares of Barrick Gold from a “buy” rating to a “neutral” rating and decreased their price target for the company from $21.00 to $18.00 in a research report on Monday, January 27th. Cibc World Mkts cut shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 25th. Scotiabank cut shares of Barrick Gold from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $23.00 to $19.00 in a research note on Thursday, January 30th. Raymond James lowered their target price 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. Finally, CIBC cut shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday, November 25th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.67.

Barrick Gold Stock Performance

GOLD stock opened at $18.47 on Thursday. The firm has a market cap of $31.89 billion, a price-to-earnings ratio of 19.85, a PEG ratio of 0.39 and a beta of 0.55. The firm has a 50-day simple moving average of $16.20 and a two-hundred day simple moving average of $18.17. Barrick Gold has a one year low of $13.76 and a one year high of $21.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a net margin of 13.19% and a return on equity of 5.82%. On average, equities analysts forecast that Barrick Gold will post 1.23 EPS for the current fiscal year.

Barrick Gold declared that its board has initiated a share repurchase program on Wednesday, February 12th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the gold and copper producer to purchase up to 3.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Friday, February 28th. Barrick Gold’s dividend payout ratio is presently 32.52%.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC increased its holdings in shares of Barrick Gold by 198.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock valued at $28,000 after purchasing an additional 935 shares in the last quarter. Eastern Bank purchased a new position in shares of Barrick Gold during the 3rd quarter valued at approximately $32,000. Crowley Wealth Management Inc. purchased a new position in shares of Barrick Gold during the 4th quarter valued at approximately $26,000. JFS Wealth Advisors LLC increased its holdings in shares of Barrick Gold by 451.7% during the 3rd quarter. JFS Wealth Advisors LLC now owns 1,909 shares of the gold and copper producer’s stock valued at $38,000 after purchasing an additional 1,563 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Barrick Gold during the 4th quarter valued at approximately $37,000. 62.85% of the stock is owned by hedge funds and other 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.