Barrick Gold (NYSE:B) Price Target Raised to $26.00

Barrick Gold (NYSE:B) (TSE:ABX) had its target price upped by Royal Bank of Canada from $23.00 to $26.00 in a research report sent to investors on Wednesday,BayStreet.CA reports. The brokerage currently has an outperform rating on the gold and copper producer’s stock.

B has been the subject of a number of other reports. BMO Capital Markets assumed coverage on Barrick Gold in a report on Wednesday, April 16th. They set a “market perform” rating for the company. Wall Street Zen assumed coverage on shares of Barrick Gold in a research report on Monday, May 12th. They issued a “sell” rating for the company. National Bank Financial raised shares of Barrick Gold to a “hold” rating in a research report on Friday, March 21st. Stifel Canada raised shares of Barrick Gold to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, Citigroup reduced their price target on shares of Barrick Gold from $21.00 to $17.00 and set a “neutral” rating on the stock in a research report on Monday, March 31st. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.32.

Barrick Gold Price Performance

B stock opened at $19.83 on Wednesday. Barrick Gold has a 1 year low of $17.41 and a 1 year high of $47.50. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.15 and a current ratio of 2.89. The stock’s 50 day moving average price is $19.08 and its 200 day moving average price is $17.88. The firm has a market cap of $34.10 billion, a P/E ratio of 16.12, a PEG ratio of 0.44 and a beta of 0.27.

Barrick Gold (NYSE:B) (TSE:ABX) last issued its quarterly earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The company had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.15 billion. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. Barrick Gold’s revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 EPS. On average, sell-side analysts expect that Barrick Gold will post 1.47 earnings per share for the current fiscal year.

Barrick Gold announced that its Board of Directors has approved a stock repurchase plan on Wednesday, February 12th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the gold and copper producer to reacquire up to 3.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Barrick Gold Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be paid a $0.10 dividend. The ex-dividend date is Friday, May 30th. This represents a $0.40 annualized dividend and a dividend yield of 2.02%. Barrick Gold’s payout ratio is currently 30.08%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its stake in shares of Barrick Gold by 2.6% during the fourth 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 acquiring an additional 128,203 shares during the period. New York State Common Retirement Fund bought a new stake in Barrick Gold during the fourth quarter worth approximately $2,614,000. Atria Wealth Solutions Inc. boosted its holdings in Barrick Gold by 48.1% during the fourth quarter. Atria Wealth Solutions Inc. now owns 33,366 shares of the gold and copper producer’s stock worth $517,000 after buying an additional 10,840 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in Barrick Gold by 66.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 60,620 shares of the gold and copper producer’s stock worth $940,000 after buying an additional 24,176 shares in the last quarter. Finally, Ingalls & Snyder LLC boosted its holdings in Barrick Gold by 193.3% during the fourth quarter. Ingalls & Snyder LLC now owns 76,553 shares of the gold and copper producer’s stock worth $1,187,000 after buying an additional 50,453 shares in the last quarter. Institutional investors and hedge funds own 90.82% 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.