Barrick Gold (TSE:ABX) Hits New 12-Month High Following Analyst Upgrade

Key Points

• Barrick Gold's shares reached a new 52-week high of C$41.32 after Cormark upgraded their price target from C$35.00 to C$45.00.
• Several brokerages have upgraded Barrick Gold's rating, including Cibc World Mkts, which raised it from "hold" to "strong-buy."
• The stock has a current consensus rating of "Moderate Buy" with a target price averaging C$34.89, supported by a solid market capitalization of C$70.83 billion.

Barrick Gold Co. (TSE:ABX - Get Free Report) NYSE: ABX's share price reached a new 52-week high on Thursday after National Bankshares upgraded the stock from a sector perform rating to an outperform rating. National Bankshares now has a C$51.00 price target on the stock, up from their previous price target of C$36.00. Barrick Gold traded as high as C$41.32 and last traded at C$41.32, with a volume of 1561924 shares. The stock had previously closed at C$40.63.

A number of other equities analysts have also commented on the stock. Cibc World Mkts raised shares of Barrick Gold from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Cormark increased their price target on shares of Barrick Gold from C$35.00 to C$45.00 in a report on Thursday. Finally, BMO Capital Markets upped their price objective on shares of Barrick Gold from C$37.00 to C$41.00 in a research note on Monday. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of C$37.33.

Insider Buying and Selling at Barrick Gold

In other Barrick Gold news, insider Joel James Holliday sold 13,588 shares of the stock in a transaction on Thursday, September 18th. The shares were sold at an average price of C$40.38, for a total transaction of C$548,735.07. Following the completion of the sale, the insider owned 84,087 shares of the company's stock, valued at C$3,395,752.59. This represents a 13.91% decrease in their position. Also, insider Poupak Bahamin sold 8,402 shares of the stock in a transaction on Thursday, September 18th. The shares were sold at an average price of C$41.21, for a total transaction of C$346,269.11. Following the sale, the insider directly owned 29,400 shares of the company's stock, valued at C$1,211,653.38. The trade was a 22.23% decrease in their position. Insiders sold a total of 62,990 shares of company stock worth $2,580,075 over the last 90 days. Company insiders own 0.60% of the company's stock.

Barrick Gold Stock Up 7.4%

The firm has a market cap of C$83.49 billion, a PE ratio of 30.78, a PEG 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. The company's 50-day simple moving average is C$34.21 and its two-hundred day simple moving average is C$29.68.

Barrick Gold Company Profile

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.