#2 - Barrick Gold (NYSE:GOLD)
Barrick Gold Corp. (NYSE: GOLD) is one of the largest gold miners in the world. The company operates the Cortez Gold Mine in Nevada, one of the world's largest gold mines.
Barrick Gold's revenue and earnings have been remarkably consistent in the last five years despite fluctuations in the spot price of gold. And if you held on to GOLD stocks through some wild fluctuations, you would be sitting on a 19% gain over the last five years.
The case for owning GOLD stock under $20 is a bet on the future price of gold. On March 28, 2024, gold was trading at $2,223 per ounce, a gain of approximately 21% since October 2023. And central banks are buying up gold even as mining output has remained constant. That's setting up a supply shortfall that will be bullish for miners like Barrick Gold.
Barrick Gold's earnings are expected to increase 22% in the next 12 months, and the analysts give GOLD stock a consensus price target of $22, a 34% upside.
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
- $15.46
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 7 Buy Ratings, 5 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $24.82 (60.5% Upside)
