Barrick Gold (NYSE:GOLD) Stock Rating Upgraded by UBS Group

UBS Group upgraded shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a neutral rating to a buy rating in a report issued on Wednesday morning, Marketbeat reports. UBS Group currently has $22.00 price objective on the gold and copper producer’s stock.

Several other equities analysts have also commented on the stock. Scotiabank upped their price target on shares of Barrick Gold from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 18th. TD Securities lowered their price target on shares of Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Berenberg Bank upped their price target on shares of Barrick Gold from $37.00 to $38.00 in a research report on Tuesday, November 26th. Citigroup lowered their price target on shares of Barrick Gold from $23.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, December 20th. Finally, Cibc World Mkts downgraded shares of Barrick Gold from a “strong-buy” rating to a “hold” rating in a report on Monday, November 25th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Barrick Gold has an average rating of “Moderate Buy” and an average price target of $23.75.

Barrick Gold Stock Performance

Barrick Gold stock opened at $18.45 on Wednesday. The company has a market cap of $31.86 billion, a PE ratio of 15.00, a P/E/G ratio of 0.44 and a beta of 0.55. The company has a fifty day moving average price of $16.75 and a two-hundred day moving average price of $18.16. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.15. Barrick Gold has a 12 month low of $15.11 and a 12 month high of $21.35.

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

Barrick Gold announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 12th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the gold and copper producer to repurchase up to 3.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Friday, February 28th. Barrick Gold’s payout ratio is 32.52%.

Institutional Investors Weigh In On Barrick Gold

A number of institutional investors and hedge funds have recently bought and sold shares of GOLD. Crowley Wealth Management Inc. purchased a new stake in Barrick Gold during the fourth quarter valued at about $26,000. Vega Investment Solutions purchased a new stake in Barrick Gold during the fourth quarter valued at about $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in Barrick Gold during the fourth quarter valued at about $37,000. Ameriflex Group Inc. purchased a new stake in Barrick Gold during the fourth quarter valued at about $39,000. Finally, First Horizon Advisors Inc. lifted its stake in Barrick Gold by 619.7% during the fourth quarter. First Horizon Advisors Inc. now owns 3,073 shares of the gold and copper producer’s stock valued at $48,000 after buying an additional 2,646 shares in the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

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.