#2 - Barrick Gold (NYSE:GOLD)
If the rally in gold is really underway, then Barrick Gold (NYSE:GOLD) merits consideration. The Canadian multinational miner is engaged in the production and sales of gold and copper. It has active gold and copper mining-related activities in the United States and Canada.
GOLD stock is down for the year as the initial optimism about gold in the early part of the year evaporated. However, despite a series of analysts lowering their price targets for GOLD stock, it still presents investors with a potential 56% gain from its current level.
In a similar dynamic that occurs with oil stocks, gold mining stocks become more attractive as the spot price of gold climbs. You can see that GOLD stock has had a correlation with the spot price. And both have been moving higher in the last month.
Barrick Gold reported earnings in mid-November and reported free cash flow of $481 million in addition to being able to save shareholders approximately $1.4 billion. And the company sustained its quarterly dividend at nine cents per share.
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.
Read More - Current Price
- $17.92
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 10 Buy Ratings, 3 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $21.60 (20.5% Upside)
