Barrick Gold (NYSE:GOLD) Coverage Initiated at BMO Capital Markets

BMO Capital Markets started coverage on shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) in a report released on Wednesday. The brokerage set a “market perform” rating on the gold and copper producer’s stock.

Several other equities research analysts have also recently weighed in on GOLD. StockNews.com raised shares of Barrick Gold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 5th. Bank of America cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and decreased their target price for the company from $21.00 to $18.00 in a research report on Monday, January 27th. Citigroup reduced their price target on Barrick Gold from $21.00 to $17.00 and set a “neutral” rating on the stock in a research report on Monday, March 31st. TD Securities lowered their target price on shares of Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Finally, UBS Group lifted their price objective on Barrick Gold from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, April 11th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong 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 $24.21.

Barrick Gold Stock Performance

Barrick Gold stock opened at $20.33 on Wednesday. The firm has a market capitalization of $34.95 billion, a P/E ratio of 16.52, a price-to-earnings-growth ratio of 0.44 and a beta of 0.55. The company’s 50-day moving average is $18.62 and its 200 day moving average is $17.92. Barrick Gold has a 1-year low of $15.11 and a 1-year high of $21.35. 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 (NYSE:GOLD) (TSE:ABX) last released its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. Research analysts forecast that Barrick Gold will post 1.47 EPS for the current year.

Barrick Gold announced that its board has approved a share buyback program on Wednesday, February 12th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the gold and copper producer to reacquire up to 3.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors have recently modified their holdings of GOLD. Crowley Wealth Management Inc. acquired a new stake in shares of Barrick Gold in the 4th quarter worth $26,000. Nexus Investment Management ULC purchased a new position in shares of Barrick Gold during the 1st quarter worth approximately $32,000. Vega Investment Solutions acquired a new stake in shares of Barrick Gold in the 4th quarter valued at approximately $31,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Barrick Gold by 55.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,193 shares of the gold and copper producer’s stock valued at $43,000 after buying an additional 785 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Barrick Gold during the fourth quarter worth $37,000. 62.85% of the stock is owned by institutional investors and hedge funds.

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.