Barrick Gold (NYSE:GOLD) Price Target Cut to C$31.00 by Analysts at Canaccord Genuity

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective dropped by equities researchers at Canaccord Genuity from C$32.00 to C$31.00 in a research note issued to investors on Wednesday, The Fly reports. The brokerage currently has a “buy” rating on the gold and copper producer’s stock.

Other equities analysts also recently issued research reports about the company. KeyCorp began coverage on Barrick Gold in a research note on Friday, September 24th. They issued a “sector weight” rating on the stock. UBS Group reiterated a “buy” rating and set a $25.00 price target on shares of Barrick Gold in a research note on Tuesday, August 3rd. Barclays lowered their price objective on Barrick Gold from $28.00 to $27.00 and set an “overweight” rating on the stock in a research note on Monday, October 18th. Raymond James set a $27.50 target price on shares of Barrick Gold and gave the stock an “outperform” rating in a research note on Friday, November 5th. Finally, National Bankshares dropped their price target on shares of Barrick Gold from C$37.00 to C$36.00 and set an “outperform” rating on the stock in a research note on Friday, September 10th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $31.71.

GOLD stock traded up $0.34 during midday trading on Wednesday, hitting $20.94. The company’s stock had a trading volume of 876,700 shares, compared to its average volume of 17,469,963. The stock has a market cap of $37.24 billion, a price-to-earnings ratio of 18.69, a PEG ratio of 9.02 and a beta of 0.32. The company has a quick ratio of 3.46, a current ratio of 4.05 and a debt-to-equity ratio of 0.16. The stock’s 50-day moving average price is $19.03 and its 200 day moving average price is $20.79. Barrick Gold has a 1 year low of $17.56 and a 1 year high of $25.90.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its earnings results on Wednesday, November 3rd. The gold and copper producer reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.01. The company had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.87 billion. Barrick Gold had a return on equity of 6.42% and a net margin of 16.57%. The business’s revenue for the quarter was down 20.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.41 EPS. As a group, equities analysts forecast that Barrick Gold will post 1.14 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in GOLD. Kistler Tiffany Companies LLC boosted its stake in shares of Barrick Gold by 820.3% in the 3rd quarter. Kistler Tiffany Companies LLC now owns 1,408 shares of the gold and copper producer’s stock valued at $25,000 after purchasing an additional 1,255 shares in the last quarter. Herold Advisors Inc. bought a new stake in Barrick Gold in the third quarter worth $26,000. Rockbridge Investment Management LCC bought a new stake in Barrick Gold in the first quarter worth $33,000. Total Clarity Wealth Management Inc. purchased a new stake in Barrick Gold during the third quarter valued at about $34,000. Finally, Koshinski Asset Management Inc. bought a new position in shares of Barrick Gold during the third quarter valued at about $35,000. 54.61% of the stock is currently owned by 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.

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Analyst Recommendations for Barrick Gold (NYSE:GOLD)

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