Barclays Forecasts Strong Price Appreciation for Barrick Gold (TSE:ABX) Stock

Key Points

• Barclays raised its price target for Barrick Gold from C$55 to C$58, implying 1.93% upside from the previous close.
• Analyst sentiment remains positive overall, with a consensus “Buy” rating and an average target price of C$68; ratings include three Strong Buys, seven Buys, and three Holds.
• Barrick shares fell 1.0% to C$56.90 in Thursday trading. The company recently reported C$1.17 in quarterly EPS and C$6.06 billion in revenue, while insiders sold more shares than they bought over the past three months.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX had its price objective lifted by research analysts at Barclays from C$55.00 to C$58.00 in a report released on Thursday,BayStreet.CA reports. Barclays's price target indicates a potential upside of 1.93% from the stock's previous close.

A number of other equities analysts have also weighed in on the stock. National Bank Financial lifted their price target on shares of Barrick Gold from C$67.50 to C$70.00 and gave the company an "outperform" rating in a report on Tuesday. Royal Bank Of Canada cut their target price on Barrick Gold from C$51.00 to C$49.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. Raymond James Financial cut their target price on Barrick Gold from C$58.00 to C$56.00 and set an "outperform" rating on the stock in a research report on Tuesday. Citigroup reduced their target price on Barrick Gold from C$48.00 to C$41.00 and set a "neutral" rating on the stock in a report on Monday, July 27th. Finally, ATB Cormark Capital Markets lowered their price target on Barrick Gold from C$60.00 to C$57.00 and set a "sector perform" rating for the company in a research report on Tuesday. Three investment 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 stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of C$68.00.

Barrick Gold Trading Down 1.0%

Shares of ABX stock traded down C$0.57 during trading hours on Thursday, hitting C$56.90. 1,801,049 shares of the company were exchanged, compared to its average volume of 5,593,757. The firm has a fifty day moving average of C$53.86 and a 200 day moving average of C$57.91. The company has a quick ratio of 2.62, a current ratio of 3.06 and a debt-to-equity ratio of 17.29. Barrick Gold has a 1 year low of C$32.34 and a 1 year high of C$74.00. The firm has a market cap of C$95.34 billion, a PE ratio of 15.72, a PEG ratio of 2.34 and a beta of 1.60.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX last released its earnings results on Monday, August 10th. The basic materials company reported C$1.17 earnings per share (EPS) for the quarter. Barrick Gold had a net margin of 32.14% and a return on equity of 23.58%. The firm had revenue of C$6.06 billion during the quarter. Analysts expect that Barrick Gold will post 2.2422764 earnings per share for the current year.

Insider Buying and Selling at Barrick Gold

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