Barrick Gold (NYSE:GOLD) Upgraded by Stifel Canada to “Strong-Buy” Rating

Stifel Canada upgraded shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) to a strong-buy rating in a research report sent to investors on Wednesday morning,Zacks.com reports. Stifel Canada also issued estimates for Barrick Gold’s FY2028 earnings at $1.44 EPS.

Other analysts also recently issued reports about the company. TD Securities decreased their price target on Barrick Gold from $24.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Raymond James decreased their price target on Barrick Gold from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Scotiabank lifted their price target on Barrick Gold from $19.00 to $20.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 18th. CIBC downgraded Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research report on Monday, November 25th. Finally, Citigroup decreased their target price on Barrick Gold from $23.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, December 20th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.75.

Barrick Gold Trading Up 0.4 %

Shares of GOLD stock opened at $19.41 on Wednesday. The company has a current ratio of 2.89, a quick ratio of 2.15 and a debt-to-equity ratio of 0.14. Barrick Gold has a twelve month low of $0.25 and a twelve month high of $21.35. The company has a market capitalization of $33.49 billion, a P/E ratio of 15.78, a price-to-earnings-growth ratio of 0.44 and a beta of 0.58. The business’s 50 day moving average is $17.37 and its two-hundred day moving average is $18.05.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. Equities analysts forecast that Barrick Gold will post 1.47 EPS for the current year.

Barrick Gold Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.06%. Barrick Gold’s dividend payout ratio (DPR) is 32.52%.

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

Hedge Funds Weigh In On Barrick Gold

Several institutional investors have recently added to or reduced their stakes in the business. Moors & Cabot Inc. grew its position in Barrick Gold by 0.9% during the third quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock valued at $1,275,000 after acquiring an additional 579 shares during the period. Chelsea Counsel Co. grew its position in Barrick Gold by 1.4% during the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock valued at $855,000 after acquiring an additional 590 shares during the period. Avior Wealth Management LLC grew its position in Barrick Gold by 24.1% during the third quarter. Avior Wealth Management LLC now owns 3,399 shares of the gold and copper producer’s stock valued at $68,000 after acquiring an additional 659 shares during the period. Keystone Financial Group grew its position in Barrick Gold by 1.4% during the fourth quarter. Keystone Financial Group now owns 56,394 shares of the gold and copper producer’s stock valued at $874,000 after acquiring an additional 753 shares during the period. Finally, VisionPoint Advisory Group LLC grew its position in Barrick Gold by 6.7% during the fourth quarter. VisionPoint Advisory Group LLC now owns 14,051 shares of the gold and copper producer’s stock valued at $224,000 after acquiring an additional 880 shares during the period. 62.85% of the stock is currently 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.