CIBC Forecasts Strong Price Appreciation for Barrick Gold (NYSE:B) Stock

Barrick Gold (NYSE:B - Get Free Report) TSE: ABX had its target price raised by stock analysts at CIBC from $22.00 to $24.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the gold and copper producer's stock. CIBC's target price points to a potential upside of 11.14% from the stock's current price.

B has been the subject of several other research reports. Raymond James boosted their price objective on Barrick Gold from $23.00 to $23.50 and gave the company an "outperform" rating in a report on Monday, March 31st. TD Securities dropped their price target on Barrick Gold from $24.00 to $23.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. Royal Bank of Canada increased their price objective on Barrick Gold from $23.00 to $26.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Scotiabank increased their price objective on Barrick Gold from $20.00 to $22.00 and gave the stock a "sector perform" rating in a research report on Monday, April 14th. Finally, UBS Group upped their price target on Barrick Gold from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. Seven analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $24.05.

Barrick Gold Trading Up 3.2%

Shares of Barrick Gold stock traded up $0.66 on Wednesday, reaching $21.59. The company had a trading volume of 30,553,567 shares, compared to its average volume of 2,866,115. The firm's 50-day moving average price is $19.31 and its two-hundred day moving average price is $17.97. Barrick Gold has a 1 year low of $17.41 and a 1 year high of $47.50. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.15. The firm has a market cap of $37.02 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 0.44 and a beta of 0.27.

Barrick Gold (NYSE:B - Get Free Report) TSE: ABX last issued its earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Barrick Gold had a return on equity of 6.76% and a net margin of 16.59%. The business had revenue of $3 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same period in the previous year, the company posted $0.19 EPS. Barrick Gold's revenue was up 13.9% on a year-over-year basis. As a group, research analysts predict that Barrick Gold will post 1.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Barrick Gold

A number of institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp increased its stake in Barrick Gold by 2.1% in the fourth quarter. Van ECK Associates Corp now owns 76,299,834 shares of the gold and copper producer's stock valued at $1,182,641,000 after acquiring an additional 1,563,361 shares during the period. Vanguard Group Inc. lifted its holdings in Barrick Gold by 0.7% in the first quarter. Vanguard Group Inc. now owns 68,861,295 shares of the gold and copper producer's stock valued at $1,337,012,000 after buying an additional 502,762 shares during the period. Wellington Management Group LLP raised its holdings in Barrick Gold by 17.5% in the fourth quarter. Wellington Management Group LLP now owns 64,310,800 shares of the gold and copper producer's stock worth $996,802,000 after purchasing an additional 9,598,292 shares during the period. Capital International Investors raised its holdings in Barrick Gold by 136.1% in the fourth quarter. Capital International Investors now owns 33,293,792 shares of the gold and copper producer's stock worth $516,055,000 after purchasing an additional 19,189,830 shares during the period. Finally, TD Asset Management Inc increased its position in shares of Barrick Gold by 1.6% during the first quarter. TD Asset Management Inc now owns 17,950,892 shares of the gold and copper producer's stock worth $348,479,000 after acquiring an additional 275,015 shares in the last quarter. Institutional investors and hedge funds own 90.82% of the company's stock.

Barrick Gold Company Profile

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.