Barrick Gold (NYSE:B) Downgraded to “Buy” Rating by Wall Street Zen

Barrick Gold (NYSE:B) (TSE:ABX) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.

Several other analysts have also recently issued reports on the company. UBS Group upped their price objective on Barrick Gold from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, April 11th. National Bank Financial upgraded Barrick Gold to a “hold” rating in a research note on Friday, March 21st. Citigroup reduced their price objective on Barrick Gold from $21.00 to $17.00 and set a “neutral” rating for the company in a research note on Monday, March 31st. BMO Capital Markets began coverage on Barrick Gold in a research report on Wednesday, April 16th. They set a “market perform” rating for the company. Finally, CIBC raised their price objective on Barrick Gold from $22.00 to $24.00 and gave the company a “neutral” rating in a report on Wednesday. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.05.

Barrick Gold Trading Up 3.2%

Shares of B opened at $21.59 on Friday. Barrick Gold has a twelve month low of $17.41 and a twelve month high of $47.50. The company has a quick ratio of 2.15, a current ratio of 2.89 and a debt-to-equity ratio of 0.14. The stock has a market cap of $37.02 billion, a PE ratio of 17.56, a P/E/G ratio of 0.44 and a beta of 0.27. The business’s 50-day moving average price is $19.31 and its 200-day moving average price is $17.97.

Barrick Gold (NYSE:B) (TSE:ABX) last announced its earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. The company had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the prior year, the company earned $0.19 earnings per share. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. On average, equities analysts forecast that Barrick Gold will post 1.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Barrick Gold

Several large investors have recently modified their holdings of the business. Maryland State Retirement & Pension System raised its holdings in Barrick Gold by 15.0% during the 1st quarter. Maryland State Retirement & Pension System now owns 535,002 shares of the gold and copper producer’s stock valued at $10,385,000 after buying an additional 69,876 shares during the last quarter. Headlands Technologies LLC bought a new position in Barrick Gold during the 1st quarter valued at about $342,000. Charles Schwab Investment Management Inc. lifted its stake in Barrick Gold by 1.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,144,340 shares of the gold and copper producer’s stock valued at $99,867,000 after acquiring an additional 70,623 shares during the period. Nicholas Hoffman & Company LLC. lifted its stake in shares of Barrick Gold by 1.5% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 47,544 shares of the gold and copper producer’s stock worth $924,000 after purchasing an additional 716 shares during the period. Finally, Lester Murray Antman dba SimplyRich bought a new stake in Barrick Gold during the 1st quarter worth approximately $230,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Barrick Gold Company Profile

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.