Barrick Gold (TSE:ABX) Reaches New 12-Month High – Here’s Why

Barrick Gold Co. (TSE:ABX) (NYSE:ABX)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as C$54.79 and last traded at C$54.17, with a volume of 1203716 shares traded. The stock had previously closed at C$51.53.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ABX. Canaccord Genuity Group upped their price objective 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. Cibc World Mkts upgraded Barrick Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 12th. National Bank Financial raised Barrick Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 19th. Stifel Nicolaus lifted their price objective on Barrick Gold from C$46.00 to C$65.00 in a research note on Monday, October 20th. Finally, Cormark upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating in a research note on Tuesday, November 11th. Five analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of C$46.38.

Barrick Gold Trading Up 7.5%

The company has a current ratio of 2.65, a quick ratio of 2.62 and a debt-to-equity ratio of 19.83. The firm has a market cap of C$93.52 billion, a PE ratio of 26.64, a P/E/G ratio of 2.34 and a beta of 1.18. The business has a fifty day moving average price of C$46.99 and a 200 day moving average price of C$36.23.

Barrick Gold (TSE:ABX) (NYSE:ABX) last announced its quarterly earnings results on Monday, November 10th. The basic materials company reported C$0.58 earnings per share (EPS) for the quarter. The firm had revenue of C$3.41 billion during the quarter. Barrick Gold had a return on equity of 6.90% and a net margin of 13.19%. Analysts forecast that Barrick Gold Co. will post 2.2422764 EPS for the current year.

Insider Activity at Barrick Gold

In related news, insider Rousseau Jooste sold 3,000 shares of Barrick Gold stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of C$40.70, for a total transaction of C$122,112.00. Following the sale, the insider directly owned 58,237 shares in the company, valued at C$2,370,478.85. This trade represents a 4.90% decrease in their position. Also, insider Joel James Holliday sold 13,588 shares of the company’s stock in a transaction on Thursday, September 18th. The shares were sold at an average price of C$40.38, for a total transaction of C$548,735.07. Following the completion of the transaction, the insider owned 84,087 shares of the company’s stock, valued at C$3,395,752.59. This represents a 13.91% decrease in their position. Insiders have sold 62,990 shares of company stock valued at $2,580,075 over the last quarter. 0.60% of the stock is owned by insiders.

About Barrick Gold

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.