#1 - Barrick Gold (NYSE:GOLD)
Barrick Gold (NYSE:GOLD) is owned by approximately 53 hedge funds as of March and has nearly 60% institutional ownership. One of the most reliable metrics for looking at best stocks in a sector like precious metals is to look at institutional ownership. It’s often called the “smart money” but how I like to look at is a hedge against volatility. After all, once hedge funds and investment banks buy a stock, they are more likely to hold unto it.
Analysts are also in love with GOLD stock. 14 out of the 15 analysts that issue ratings on the company give the stock a buy or strong buy rating. The analysts also have a price target that suggests an upside of nearly 50% from the stock’s level as of this writing ($21.04).
There is no question that Barrick Gold has a high correlation with the price of the physical metal. Since reaching a high of around $30 in September (right when gold hit the $2,000/ounce mark), the stock is down nearly 30%. However, Barrick is widely considered one of the best-in-class among gold mining stocks and a logical addition to any portfolio. And for what it’s worth, the stock has moved modestly higher since the company said the window had closed for any deal with Freeport-McMoRan (NYSE:FCX).
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
- $17.90
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 7 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $23.90 (33.5% Upside)
