Barrick Gold (NYSE:GOLD) Price Target Raised to $23.50 at Raymond James

Barrick Gold (NYSE:GOLD - Free Report) TSE: ABX had its price objective lifted by Raymond James from $23.00 to $23.50 in a research report report published on Monday morning,Benzinga reports. Raymond James currently has an outperform rating on the gold and copper producer's stock.

Other equities research analysts have also issued research reports about the company. Citigroup lowered their price objective on Barrick Gold from $23.00 to $17.00 and set a "neutral" rating on the stock in a report on Friday, December 20th. National Bank Financial upgraded Barrick Gold to a "hold" rating in a research report on Friday, March 21st. UBS Group upgraded shares of Barrick Gold from a "neutral" rating to a "buy" rating and set a $22.00 price objective on the stock in a research report on Wednesday, March 5th. Bank of America downgraded shares of Barrick Gold from a "buy" rating to a "neutral" rating and dropped their target price for the company from $21.00 to $18.00 in a report on Monday, January 27th. Finally, TD Securities reduced their target price on Barrick Gold from $24.00 to $23.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.71.

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Barrick Gold Stock Performance

NYSE:GOLD traded down $0.25 during trading hours on Monday, reaching $19.41. 19,059,011 shares of the company's stock were exchanged, compared to its average volume of 21,770,133. 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 firm has a market capitalization of $33.49 billion, a price-to-earnings ratio of 15.78, a P/E/G ratio of 0.44 and a beta of 0.58. Barrick Gold has a 1-year low of $15.11 and a 1-year high of $21.35. The company has a 50-day moving average of $17.99 and a 200 day moving average of $18.01.

Barrick Gold (NYSE:GOLD - Get Free Report) TSE: ABX last released its earnings results on Wednesday, February 12th. The gold and copper producer reported $0.46 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.46. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. Research analysts anticipate that Barrick Gold will post 1.47 EPS for the current year.

Barrick Gold declared that its board has initiated a share repurchase plan on Wednesday, February 12th that permits the company to buyback $1.00 billion in 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 plans are generally a sign that the company's leadership believes its stock is undervalued.

Barrick Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.40 dividend on an annualized basis and a yield of 2.06%. Barrick Gold's payout ratio is currently 32.52%.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Chelsea Counsel Co. increased its holdings in shares of Barrick Gold by 1.4% during the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer's stock valued at $855,000 after purchasing an additional 590 shares during the period. Keystone Financial Group lifted its holdings in Barrick Gold by 1.4% in the 4th quarter. Keystone Financial Group now owns 56,394 shares of the gold and copper producer's stock valued at $874,000 after acquiring an additional 753 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of Barrick Gold by 55.8% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 2,193 shares of the gold and copper producer's stock valued at $43,000 after purchasing an additional 785 shares in the last quarter. VisionPoint Advisory Group LLC grew its stake in shares of Barrick Gold by 6.7% in the 4th quarter. VisionPoint Advisory Group LLC now owns 14,051 shares of the gold and copper producer's stock worth $224,000 after purchasing an additional 880 shares during the last quarter. Finally, Townsquare Capital LLC raised its holdings in shares of Barrick Gold by 0.3% in the 4th quarter. Townsquare Capital LLC now owns 285,355 shares of the gold and copper producer's stock worth $4,423,000 after purchasing an additional 952 shares in the last quarter. 62.85% of the stock is owned by institutional investors.

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.