Barrick Gold (TSE:ABX) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Key Points

• Canaccord Genuity raised Barrick Gold’s price target to C$73 from C$68 and maintained a “buy” rating, implying 8.83% upside. Analysts overall hold a consensus “Buy” rating with an average target of C$67.67.
• Barrick Gold shares traded at C$67.08, near the upper end of their C$35.97–C$74.00 12-month range. The company reported C$1.17 in quarterly EPS, C$6.06 billion in revenue, and a 31.60% net margin.
• Insider activity was mixed: one director sold 9,453 shares, while another purchased 10,000 shares. Insiders sold 134,422 shares worth about C$7.7 million over the past three months.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX had its price objective increased by analysts at Canaccord Genuity Group from C$68.00 to C$73.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage presently has a "buy" rating on the basic materials company's stock. Canaccord Genuity Group's price objective points to a potential upside of 8.83% from the stock's current price.

Other equities research analysts have also recently issued reports about the company. Barclays upped their target price on Barrick Gold from C$55.00 to C$58.00 in a research note on Thursday, August 13th. Royal Bank Of Canada dropped their price objective on Barrick Gold from C$51.00 to C$49.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. National Bank Financial lifted their target price on Barrick Gold from C$67.50 to C$70.00 and gave the company an "outperform" rating in a research report on Tuesday, August 11th. ATB Cormark Capital Markets lowered their target price on Barrick Gold from C$60.00 to C$57.00 and set a "sector perform" rating for the company in a research note on Tuesday, August 11th. Finally, Citigroup reduced their price target on shares of Barrick Gold from C$48.00 to C$41.00 and set a "neutral" rating on the stock in a research note on Monday, July 27th. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of C$67.67.

Barrick Gold Price Performance

Barrick Gold stock traded up C$0.45 during trading hours on Tuesday, reaching C$67.08. 1,260,795 shares of the stock were exchanged, compared to its average volume of 5,523,793. The company has a market cap of C$112.39 billion, a P/E ratio of 17.33, a price-to-earnings-growth ratio of 2.34 and a beta of 1.60. The company has a current ratio of 3.01, a quick ratio of 2.62 and a debt-to-equity ratio of 17.15. Barrick Gold has a twelve month low of C$35.97 and a twelve month high of C$74.00. The stock has a 50 day moving average of C$54.77 and a two-hundred day moving average of C$57.54.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX last issued its earnings results on Monday, August 10th. The basic materials company reported C$1.17 EPS for the quarter. The company had revenue of C$6.06 billion during the quarter. Barrick Gold had a net margin of 31.60% and a return on equity of 24.57%. Equities analysts expect that Barrick Gold will post 2.2422764 EPS for the current fiscal year.

Insider Activity

In other Barrick Gold news, Director Mark Francis Hill sold 9,453 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of C$56.85, for a total transaction of C$537,403.05. Following the completion of the transaction, the director owned 334,176 shares in the company, valued at approximately C$18,997,905.60. This trade represents a 2.75% decrease in their position. Also, Director Robert Ananda Paul Samek purchased 10,000 shares of the company's stock in a transaction dated Friday, June 5th. The stock was purchased at an average price of C$55.06 per share, for a total transaction of C$550,600.00. Following the transaction, the director directly owned 18,900 shares in the company, valued at approximately C$1,040,634. This trade represents a 112.36% increase in their position. In the last three months, insiders sold 134,422 shares of company stock valued at $7,695,879. Insiders own 0.60% of the company's stock.

Barrick Gold Company Profile

Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry - including six of the world's Tier One gold mines -Barrick's operations and projects span 18 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth.

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