Canaccord Genuity Group Forecasts Strong Price Appreciation for Barrick Gold (TSE:ABX) Stock

Key Points

• Canaccord Genuity Group raised its target price for Barrick Gold (TSE:ABX) stock from C$39.00 to C$57.00, indicating a potential upside of 23.83% from its previous close.
• Other analysts have also upgraded Barrick Gold's ratings, with a consensus price target of C$40.33 and an average rating of "Buy."
• Despite positive outlooks, Barrick Gold shares traded down 2.7%, reaching C$46.03 in midday trading, with significant insider sales reported recently.

Barrick Gold (TSE:ABX - Get Free Report) NYSE: ABX had its target price boosted by investment analysts at Canaccord Genuity Group from C$39.00 to C$57.00 in a research report issued on Thursday,BayStreet.CA reports. The brokerage presently has a "buy" rating on the basic materials company's stock. Canaccord Genuity Group's target price suggests a potential upside of 23.83% from the company's previous close.

Other equities analysts have also issued research reports about the company. National Bankshares upgraded Barrick Gold from a "sector perform" rating to an "outperform" rating and raised their price target for the company from C$36.00 to C$51.00 in a research note on Monday, September 22nd. National Bank Financial upgraded Barrick Gold from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 19th. Cormark raised their price objective on Barrick Gold from C$35.00 to C$45.00 in a research report on Thursday, September 18th. BMO Capital Markets raised their price objective on Barrick Gold from C$37.00 to C$41.00 in a research report on Monday, September 22nd. Finally, Cibc World Mkts raised Barrick Gold from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 12th. Four investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Barrick Gold presently has an average rating of "Buy" and a consensus price target of C$40.33.

Barrick Gold Trading Down 2.7%

ABX stock traded down C$1.29 during midday trading on Thursday, reaching C$46.03. The company's stock had a trading volume of 2,953,052 shares, compared to its average volume of 4,206,450. 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 stock has a fifty day simple moving average of C$38.90 and a two-hundred day simple moving average of C$31.46. Barrick Gold has a 1 year low of C$21.73 and a 1 year high of C$49.92. The firm has a market capitalization of C$78.53 billion, a price-to-earnings ratio of 28.95, a PEG ratio of 2.34 and a beta of 1.06.

Insider Transactions at Barrick Gold

In other news, insider Poupak Bahamin sold 8,402 shares of the business's stock in a transaction on Thursday, September 18th. The stock was sold at an average price of C$41.21, for a total value of C$346,269.11. Following the completion of the transaction, 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 ownership of the stock. Also, insider Grant Bill Beringer sold 38,000 shares of the company's stock in a transaction on Thursday, September 18th. The shares were sold at an average price of C$41.13, for a total value of C$1,562,959.00. Following the completion of the transaction, the insider owned 107,047 shares of the company's stock, valued at C$4,402,896.63. The trade was a 26.20% decrease in their ownership of the stock. In the last ninety days, insiders sold 62,990 shares of company stock valued at $2,580,075. Company 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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