CIBC Raises Barrick Gold (NYSE:B) Price Target to $24.00

Barrick Gold (NYSE:B) (TSE:ABX) had its target price lifted by CIBC from $22.00 to $24.00 in a report released on Wednesday morning,Benzinga reports. CIBC currently has a neutral rating on the gold and copper producer’s stock.

Several other equities research analysts have also weighed in on B. Royal Bank of Canada boosted their target price on Barrick Gold from $23.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, June 4th. BMO Capital Markets initiated coverage on Barrick Gold in a research note on Wednesday, April 16th. They issued a “market perform” rating for the company. Stifel Canada upgraded Barrick Gold to a “strong-buy” rating in a research note on Wednesday, March 19th. TD Securities cut their target price on Barrick Gold from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Finally, Scotiabank upped their target price on Barrick Gold from $20.00 to $22.00 and gave the company a “sector perform” rating in a research note on Monday, April 14th. Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Barrick Gold currently has an average rating of “Moderate Buy” and a consensus target price of $24.05.

Barrick Gold Stock Up 3.2%

Shares of Barrick Gold stock opened at $21.59 on Wednesday. The stock has a 50-day simple moving average of $19.31 and a 200-day simple moving average of $17.97. Barrick Gold has a 52-week low of $17.41 and a 52-week high of $47.50. 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 cap of $37.02 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 0.44 and a beta of 0.27.

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

Barrick Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend is Friday, May 30th. Barrick Gold’s payout ratio is presently 30.08%.

Institutional Trading of Barrick Gold

Institutional investors have recently modified their holdings of the stock. Capital International Investors lifted its position in shares of Barrick Gold by 136.1% during the 4th quarter. Capital International Investors now owns 33,293,792 shares of the gold and copper producer’s stock worth $516,055,000 after buying an additional 19,189,830 shares during the last quarter. Causeway Capital Management LLC bought a new stake in shares of Barrick Gold during the 4th quarter valued at about $172,225,000. Wellington Management Group LLP boosted its position in shares of Barrick Gold by 17.5% during the 4th quarter. Wellington Management Group LLP now owns 64,310,800 shares of the gold and copper producer’s stock valued at $996,802,000 after purchasing an additional 9,598,292 shares in the last quarter. FIL Ltd boosted its position in shares of Barrick Gold by 236.7% during the 4th quarter. FIL Ltd now owns 6,815,946 shares of the gold and copper producer’s stock valued at $105,692,000 after purchasing an additional 4,791,663 shares in the last quarter. Finally, Capital International Inc. CA bought a new stake in shares of Barrick Gold during the 4th quarter valued at about $57,991,000. 90.82% of the stock is currently owned by institutional investors.

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.