BMO Capital Markets Begins Coverage on Barrick Gold (NYSE:GOLD)

Investment analysts at BMO Capital Markets started coverage on shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) in a research note issued on Wednesday, Marketbeat Ratings reports. The firm set a “market perform” rating on the gold and copper producer’s stock.

A number of other research analysts have also recently commented on GOLD. Stifel Canada upgraded shares of Barrick Gold to a “strong-buy” rating in a report on Wednesday, March 19th. Citigroup dropped their target price on shares of Barrick Gold from $21.00 to $17.00 and set a “neutral” rating on the stock in a research note on Monday, March 31st. National Bank Financial raised shares of Barrick Gold to a “hold” rating in a research note on Friday, March 21st. Raymond James increased their price objective on Barrick Gold from $23.00 to $23.50 and gave the stock an “outperform” rating in a research note on Monday, March 31st. Finally, TD Securities decreased their target price on Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.05.

Barrick Gold Stock Performance

Barrick Gold stock opened at $20.19 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.15. The firm has a market capitalization of $34.71 billion, a P/E ratio of 16.41, a price-to-earnings-growth ratio of 0.44 and a beta of 0.55. Barrick Gold has a 1-year low of $15.11 and a 1-year high of $21.35. The company’s 50-day moving average is $18.74 and its 200 day moving average is $17.94.

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

Barrick Gold announced that its board has approved a share buyback plan on Wednesday, February 12th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the gold and copper producer to reacquire up to 3.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Barrick Gold

Several institutional investors and hedge funds have recently bought and sold shares of the company. Crowley Wealth Management Inc. acquired a new position in Barrick Gold during the 4th quarter valued at about $26,000. Nexus Investment Management ULC purchased a new stake in Barrick Gold during the 1st quarter worth approximately $32,000. Vega Investment Solutions purchased a new position in shares of Barrick Gold in the fourth quarter worth $31,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Barrick Gold by 55.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,193 shares of the gold and copper producer’s stock worth $43,000 after buying an additional 785 shares during the period. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Barrick Gold in the 4th quarter valued at $37,000. 62.85% of the stock is owned by hedge funds and other institutional investors.

About Barrick Gold

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.