Barrick Gold (TSE:ABX) Hits New 1-Year High - Time to Buy?

Key Points

• Barrick Gold shares reached a new 52-week high, trading at C$49.92, with a market capitalization of C$81.55 billion.
• Several analysts have upgraded their ratings on Barrick Gold, with a consensus price target of C$37.33, reflecting positive market sentiment.
• Insider selling activity was observed, with key insiders reducing their holdings by approximately 26.20% and 4.90% respectively, indicating potential caution among insiders.

Barrick Gold Co. (TSE:ABX - Get Free Report) NYSE: ABX shares reached a new 52-week high during trading on Wednesday . The company traded as high as C$49.92 and last traded at C$47.80, with a volume of 7710733 shares changing hands. The stock had previously closed at C$48.94.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Cormark increased their price objective on Barrick Gold from C$35.00 to C$45.00 in a research note on Thursday, September 18th. BMO Capital Markets lifted their price target on shares of Barrick Gold from C$37.00 to C$41.00 in a report on Monday. National Bankshares upgraded shares of Barrick Gold from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from C$36.00 to C$51.00 in a report on Monday. National Bank Financial upgraded shares of Barrick Gold from a "hold" rating to a "strong-buy" rating in a report on Friday, September 19th. Finally, Cibc World Mkts upgraded shares of Barrick Gold from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Four equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of C$37.33.

Barrick Gold Trading Down 2.3%

The business has a fifty day moving average price of C$34.99 and a 200 day moving average price of C$29.96. The company has a market capitalization of C$81.55 billion, a PE ratio of 30.06, a P/E/G ratio of 2.34 and a beta of 0.72. The company has a debt-to-equity ratio of 19.83, a quick ratio of 2.62 and a current ratio of 2.65.

Insider Buying and Selling

In related news, insider Grant Bill Beringer sold 38,000 shares of the firm's stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of C$41.13, for a total transaction of C$1,562,959.00. Following the sale, the insider directly owned 107,047 shares in the company, valued at approximately C$4,402,896.63. This trade represents a 26.20% decrease in their position. Also, insider Rousseau Jooste sold 3,000 shares of the firm's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of C$40.70, for a total value of C$122,112.00. Following the sale, the insider owned 58,237 shares in the company, valued at approximately C$2,370,478.85. The trade was a 4.90% decrease in their ownership of the stock. In the last 90 days, insiders have sold 62,990 shares of company stock valued at $2,580,075. Corporate insiders own 0.60% of the company's stock.

About Barrick Gold

Barrick Gold Corp is one of the world's largest gold producers, operating mines in North America, South America, Australia, and Africa. The company segments consist of nine gold mines namely Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, North Mara, and Bulyanhulu. It generates maximum revenue from the Carlin mine segment.

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