Barrick Gold (NYSE:GOLD) Given New $26.00 Price Target at BMO Capital Markets

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price decreased by BMO Capital Markets from $27.00 to $26.00 in a research note released on Wednesday, Benzinga reports. BMO Capital Markets currently has an outperform rating on the gold and copper producer’s stock.

Several other research analysts also recently commented on the company. National Bank Financial restated a sector perform overweight rating on shares of Barrick Gold in a report on Monday, April 8th. Argus reiterated a hold rating on shares of Barrick Gold in a report on Monday, February 26th. CIBC dropped their target price on Barrick Gold from $27.00 to $23.00 and set an outperform rating on the stock in a research note on Wednesday, February 7th. Scotiabank dropped their target price on Barrick Gold from $24.00 to $23.00 and set a sector outperform rating on the stock in a research note on Tuesday, February 20th. Finally, Jefferies Financial Group started coverage on Barrick Gold in a research note on Thursday, February 29th. They set a buy rating and a $21.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $22.18.

Barrick Gold Price Performance

Shares of GOLD stock opened at $16.70 on Wednesday. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $20.75. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.40 and a current ratio of 3.16. The firm has a market capitalization of $29.32 billion, a P/E ratio of 23.19, a P/E/G ratio of 1.50 and a beta of 0.58. The stock has a 50 day moving average price of $15.82 and a 200 day moving average price of $16.20.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last released its quarterly earnings data on Wednesday, February 14th. The gold and copper producer reported $0.27 EPS for the quarter, topping the consensus estimate of $0.21 by $0.06. The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.13 billion. Barrick Gold had a return on equity of 4.64% and a net margin of 11.16%. During the same period last year, the business posted $0.13 EPS. As a group, sell-side analysts predict that Barrick Gold will post 0.91 earnings per share for the current year.

Barrick Gold Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were issued a $0.074 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $0.30 annualized dividend and a dividend yield of 1.77%. Barrick Gold’s dividend payout ratio (DPR) is presently 55.56%.

Hedge Funds Weigh In On Barrick Gold

Institutional investors and hedge funds have recently modified their holdings of the stock. Addenda Capital Inc. lifted its holdings in shares of Barrick Gold by 88.1% in the 4th quarter. Addenda Capital Inc. now owns 3,105,335 shares of the gold and copper producer’s stock valued at $56,176,000 after buying an additional 1,454,220 shares during the period. Cheyne Capital Management UK LLP acquired a new position in shares of Barrick Gold in the 3rd quarter valued at about $2,910,000. Klein Pavlis & Peasley Financial Inc. acquired a new position in shares of Barrick Gold in the 4th quarter valued at about $1,331,000. DAVENPORT & Co LLC raised its holdings in Barrick Gold by 17.9% in the 4th quarter. DAVENPORT & Co LLC now owns 73,627 shares of the gold and copper producer’s stock worth $1,332,000 after purchasing an additional 11,166 shares during the period. Finally, Gateway Investment Advisers LLC raised its holdings in Barrick Gold by 204.2% in the 4th quarter. Gateway Investment Advisers LLC now owns 249,017 shares of the gold and copper producer’s stock worth $4,505,000 after purchasing an additional 167,145 shares during the period. Institutional investors and hedge funds own 62.85% of the company’s stock.

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.