Barrick Gold (TSE:ABX) Reaches New 52-Week High - Should You Buy?

Key Points

• Barrick Gold has reached a new 52-week high, trading at C$39.82 during mid-day, reflecting a trading volume of over 550,000 shares.
• Analysts have upgraded Barrick Gold from a "hold" to a "strong-buy" rating, with three analysts rating it a Strong Buy and a consensus price target of C$33.14.
• The company's market capitalization stands at C$68.41 billion, with a P/E ratio of 25.22, indicating strong market confidence in its profitability.

Barrick Gold Co. (TSE:ABX - Get Free Report) NYSE: ABX shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as C$39.82 and last traded at C$39.64, with a volume of 550209 shares trading hands. The stock had previously closed at C$39.37.

Wall Street Analysts Forecast Growth

ABX has been the subject of a number of research analyst reports. Cibc World Mkts raised Barrick Gold from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. BMO Capital Markets upped their price target on Barrick Gold from C$31.00 to C$37.00 in a report on Friday. Three investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Barrick Gold presently has an average rating of "Moderate Buy" and an average price target of C$33.63.

Barrick Gold Stock Performance

The company has a debt-to-equity ratio of 19.83, a current ratio of 2.65 and a quick ratio of 2.62. The stock has a 50 day simple moving average of C$32.95 and a two-hundred day simple moving average of C$29.10. The company has a market cap of C$68.62 billion, a PE ratio of 25.30, a PEG ratio of 2.34 and a beta of 0.72.

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.