Barrick Gold (TSE:ABX) Sets New 1-Year High After Analyst Upgrade

Barrick Gold Co. (TSE:ABX) (NYSE:ABX) shares reached a new 52-week high on Wednesday after Cormark upgraded the stock from a hold rating to a buy rating. The company traded as high as C$52.60 and last traded at C$52.32, with a volume of 798089 shares. The stock had previously closed at C$50.18.

A number of other analysts have also issued reports on the company. Scotiabank upgraded Barrick Gold from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 23rd. BMO Capital Markets upped their target price on Barrick Gold from C$37.00 to C$41.00 in a report on Monday, September 22nd. Stifel Nicolaus raised their price target on shares of Barrick Gold from C$46.00 to C$65.00 in a report on Monday, October 20th. National Bankshares upped their price objective on shares of Barrick Gold from C$60.00 to C$65.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Finally, Canaccord Genuity Group lifted their target price on shares of Barrick Gold from C$39.00 to C$57.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Five research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of C$46.38.

Insider Buying and Selling

In other news, insider Joel James Holliday sold 13,588 shares of the business’s stock in a transaction on Thursday, September 18th. The shares were sold at an average price of C$40.38, for a total value of C$548,735.07. Following the completion of the sale, the insider directly owned 84,087 shares in the company, valued at approximately C$3,395,752.59. The trade was a 13.91% decrease in their ownership of the stock. Also, insider Rousseau Jooste sold 3,000 shares of Barrick Gold stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of C$40.70, for a total transaction of C$122,112.00. Following the completion of the transaction, the insider owned 58,237 shares in the company, valued at C$2,370,478.85. This trade represents a 4.90% decrease in their position. In the last 90 days, insiders have sold 62,990 shares of company stock worth $2,580,075. Insiders own 0.60% of the company’s stock.

Barrick Gold Trading Up 4.5%

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 capitalization of C$89.43 billion, a price-to-earnings ratio of 32.97, a P/E/G ratio of 2.34 and a beta of 1.18. The business has a 50-day moving average of C$45.01 and a two-hundred day moving average of C$34.78.

Barrick Gold (TSE:ABX) (NYSE:ABX) last announced its quarterly earnings data on Monday, November 10th. The basic materials company reported C$0.76 EPS for the quarter. The company had revenue of C$5.78 billion during the quarter. Barrick Gold had a return on equity of 6.90% and a net margin of 13.19%. Research analysts predict that Barrick Gold Co. will post 2.2422764 EPS for the current fiscal year.

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.