Barrick Gold (TSE:ABX) Raised to Strong-Buy at Scotiabank

Barrick Gold (TSE:ABX) (NYSE:ABX) was upgraded by investment analysts at Scotiabank from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other research firms have also issued reports on ABX. Stifel Nicolaus boosted their target price on Barrick Gold from C$46.00 to C$65.00 in a research report on Monday. BMO Capital Markets boosted their target price on Barrick Gold from C$37.00 to C$41.00 in a research report on Monday, September 22nd. Cormark boosted their target price on Barrick Gold from C$35.00 to C$45.00 in a research report on Thursday, September 18th. Cibc World Mkts upgraded Barrick Gold from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 12th. Finally, Canaccord Genuity Group boosted their target price on Barrick Gold from C$39.00 to C$57.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. Five analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of C$46.38.

Barrick Gold Price Performance

Shares of ABX stock opened at C$44.67 on Thursday. The stock has a 50-day moving average price of C$42.26 and a 200 day moving average price of C$32.92. The company has a quick ratio of 2.62, a current ratio of 2.65 and a debt-to-equity ratio of 19.83. The firm has a market cap of C$76.21 billion, a price-to-earnings ratio of 28.09, a PEG ratio of 2.34 and a beta of 1.06. Barrick Gold has a 12 month low of C$21.73 and a 12 month high of C$51.09.

Insiders Place Their Bets

In other news, insider Joel James Holliday sold 13,588 shares of Barrick Gold stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of C$40.38, for a total transaction of C$548,735.07. Following the transaction, the insider owned 84,087 shares in the company, valued at C$3,395,752.59. The trade was a 13.91% decrease in their position. Also, insider Grant Bill Beringer sold 38,000 shares of Barrick Gold stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of C$41.13, for a total value of C$1,562,959.00. Following the transaction, the insider owned 107,047 shares in the company, valued at C$4,402,896.63. This trade represents a 26.20% decrease in their position. Over the last quarter, insiders have sold 62,990 shares of company stock worth $2,580,075. Company insiders own 0.60% of the company’s stock.

Barrick Gold Company Profile

Barrick Gold Corp is one of the world’s largest gold producers, operating mines in North America, South America, Australia, and Africa. The company segments consist of nine gold mines namely Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, North Mara, and Bulyanhulu. It generates maximum revenue from the Carlin mine segment.