#4 - Barrick Gold (NYSE:GOLD)
Year-to-Date Gain: 53%
Barrick Gold (NYSE: GOLD) is known as a mining stock that has a price which closely correlated with the spot price of physical gold. This is because it has high-quality gold and copper assets (known as tier one assets). In 2019, Barrick’s gold (six million ounces) and copper (400 million pounds) production were at the upper end or above the company’s guidance.
With that said, there was some concern that the company’s production would suffer when mining operations were suspended due to the novel coronavirus. However, in its most recent earnings report, Barrick’s revenue was largely unchanged which should help alleviate those concerns. However, the company should provide further guidance when it reports earnings on August 10. Investors will be keenly interested in that as GOLD stock is at a seven-year high.
Barrick has operations in five countries on three continents. Since the selloff in March, Barrick stock is up over 90%.
About Barrick Gold
Barrick Gold Corporation is a sector-leading gold and copper producer. Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.
Read More - Current Price
- $17.08
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 10 Buy Ratings, 3 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $21.60 (26.5% Upside)
