Barrick Gold (NYSE:GOLD) Shares Gap Up Following Analyst Upgrade

Shares of Barrick Gold Corp (NYSE:GOLD - Get Free Report) TSE: ABX gapped up prior to trading on Friday after Scotiabank raised their price target on the stock from $20.00 to $22.00. The stock had previously closed at $19.24, but opened at $20.11. Scotiabank currently has a sector perform rating on the stock. Barrick Gold shares last traded at $20.42, with a volume of 8,564,017 shares changing hands.

A number of other equities research analysts have also recently issued reports on GOLD. National Bankshares restated an "outperform" rating on shares of Barrick Gold in a report on Wednesday, April 2nd. StockNews.com raised Barrick Gold from a "buy" rating to a "strong-buy" rating in a report on Saturday, April 5th. Raymond James lifted their target price on Barrick Gold from $23.00 to $23.50 and gave the stock an "outperform" rating in a report on Monday, March 31st. Stifel Canada upgraded shares of Barrick Gold to a "strong-buy" rating in a research note on Wednesday, March 19th. Finally, Citigroup dropped their price objective on shares of Barrick Gold from $21.00 to $17.00 and set a "neutral" rating for the company in a research note on Monday, March 31st. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $24.21.

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Institutional Investors Weigh In On Barrick Gold

Several hedge funds have recently added to or reduced their stakes in GOLD. Crowley Wealth Management Inc. acquired a new stake in Barrick Gold in the fourth quarter valued at $26,000. Nexus Investment Management ULC acquired a new stake in shares of Barrick Gold in the first quarter valued at about $32,000. Vega Investment Solutions bought a new position in shares of Barrick Gold during the fourth quarter worth about $31,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Barrick Gold by 55.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,193 shares of the gold and copper producer's stock worth $43,000 after acquiring an additional 785 shares during the period. Finally, Strategic Investment Solutions Inc. IL bought a new stake in Barrick Gold in the fourth quarter valued at approximately $37,000. 62.85% of the stock is currently owned by institutional investors and hedge funds.

Barrick Gold Stock Performance

The company's 50-day moving average price is $18.55 and its two-hundred day moving average price is $17.90. The company has a market capitalization of $34.95 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 0.44 and a beta of 0.55. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.15.

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX last announced its quarterly earnings data on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. On average, equities research analysts anticipate that Barrick Gold Corp will post 1.47 EPS for the current fiscal year.

Barrick Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were paid a $0.10 dividend. The ex-dividend date was Friday, February 28th. This represents a $0.40 dividend on an annualized basis and a yield of 1.97%. Barrick Gold's dividend payout ratio (DPR) is presently 32.52%.

Barrick Gold declared that its Board of Directors has authorized a share repurchase program on Wednesday, February 12th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the gold and copper producer to purchase up to 3.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

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.