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

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

B has been the subject of several other reports. Royal Bank of Canada boosted their price target on Barrick Gold from $23.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 4th. Citigroup reduced their price target on Barrick Gold from $21.00 to $17.00 and set a “neutral” rating for the company in a research report on Monday, March 31st. Raymond James boosted their price target on Barrick Gold from $23.00 to $23.50 and gave the stock an “outperform” rating in a research report on Monday, March 31st. CIBC boosted their target price on Barrick Gold from $22.00 to $24.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 11th. Finally, UBS Group boosted their target price on Barrick Gold from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, April 11th. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Barrick Gold has an average rating of “Moderate Buy” and a consensus target price of $24.05.

Barrick Gold Price Performance

B opened at $21.59 on Friday. The business has a fifty day moving average of $19.31 and a 200 day moving average of $17.98. Barrick Gold has a 52-week low of $17.41 and a 52-week 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 P/E ratio of 17.56, a PEG ratio of 0.44 and a beta of 0.27.

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

Hedge Funds Weigh In On Barrick Gold

A number of hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Barrick Gold by 15.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,012,319 shares of the gold and copper producer’s stock valued at $16,036,000 after purchasing an additional 135,760 shares during the last quarter. Bogart Wealth LLC increased its holdings in shares of Barrick Gold by 31.8% in the fourth quarter. Bogart Wealth LLC now owns 8,378 shares of the gold and copper producer’s stock valued at $130,000 after purchasing an additional 2,023 shares during the last quarter. Principal Securities Inc. increased its holdings in shares of Barrick Gold by 119.4% in the fourth quarter. Principal Securities Inc. now owns 4,848 shares of the gold and copper producer’s stock valued at $75,000 after purchasing an additional 2,638 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Barrick Gold by 1,864.2% in the fourth quarter. Allworth Financial LP now owns 21,174 shares of the gold and copper producer’s stock valued at $334,000 after purchasing an additional 20,096 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC acquired a new stake in shares of Barrick Gold in the fourth quarter valued at approximately $165,000. Institutional investors and hedge funds own 90.82% 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.