Barrick Gold (TSE:ABX) Sets New 52-Week High on Analyst Upgrade

Key Points

• Barrick Gold's stock achieved a new 52-week high of C$50.69 following an upgrade from National Bankshares, which raised its price target from C$60.00 to C$65.00.
• Multiple research firms have increased their ratings and price targets for Barrick Gold, with Canaccord Genuity setting a new target of C$57.00 and BMO Capital Markets raising theirs to C$41.00.
• Insider trading has been notable, with insiders selling a combined total of 62,990 shares valued at approximately $2.58 million in the last three months.

Barrick Gold Co. (TSE:ABX - Get Free Report) NYSE: ABX's stock price reached a new 52-week high on Thursday after National Bankshares raised their price target on the stock from C$60.00 to C$65.00. National Bankshares currently has an outperform rating on the stock. Barrick Gold traded as high as C$50.69 and last traded at C$50.07, with a volume of 782294 shares trading hands. The stock had previously closed at C$48.70.

A number of other research firms have also commented on ABX. Canaccord Genuity Group lifted their price objective on Barrick Gold from C$39.00 to C$57.00 and gave the stock a "buy" rating in a research note on Thursday, October 9th. Cibc World Mkts raised Barrick Gold from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 12th. BMO Capital Markets lifted their price objective on Barrick Gold from C$37.00 to C$41.00 in a research note on Monday, September 22nd. Cormark lifted their price objective on Barrick Gold from C$35.00 to C$45.00 in a research note on Thursday, September 18th. Finally, National Bank Financial raised Barrick Gold from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 19th. Four research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Barrick Gold presently has an average rating of "Buy" and a consensus target price of C$42.88.

Insiders Place Their Bets

In other Barrick Gold news, insider Joel James Holliday sold 13,588 shares of Barrick Gold stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of C$40.38, for a total value of C$548,735.07. Following the completion of the sale, the insider directly owned 84,087 shares in the company, valued at approximately C$3,395,752.59. The trade was a 13.91% decrease in their ownership of the stock. Also, insider Rousseau Jooste sold 3,000 shares of the business's stock in a transaction that occurred on 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 of the company's stock, valued at approximately C$2,370,478.85. This represents a 4.90% decrease in their position. In the last three months, insiders have sold 62,990 shares of company stock valued at $2,580,075. Company insiders own 0.60% of the company's stock.

Barrick Gold Price Performance

The company has a fifty day moving average of C$40.56 and a 200-day moving average of C$32.12. 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 firm has a market cap of C$85.91 billion, a P/E ratio of 31.67, a P/E/G ratio of 2.34 and a beta of 1.06.

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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