Barrick Gold (NYSE: GOLD) had its price objective lowered by analysts at BMO Capital Markets from $26.00 to $24.00, signaling a potential 63.71% upside from the stock’s current price. This reevaluation came as several other brokerages also adjusted their ratings on Barrick Gold. Raymond James and Citigroup both dropped their price targets for Barrick Gold, while Sanford C. Bernstein and StockNews.com changed their ratings for the company. National Bank Financial, however, offered a more positive outlook with a “sector perform overweight” rating in the company’s stock.
The stock opened at $14.66 on Thursday. Barrick Gold’s share price has fluctuated significantly over the past year, with a 12-month low of $13.76 and a high of $20.75.
Barrick Gold reported earnings of $0.27 per share for the quarter, surpassing analysts’ estimates of $0.21 per share. The company’s revenue was slightly lower than expected, leading to a cautious outlook on its future performance.
Institutional investors hold a significant portion of the company’s stock, with hedge funds such as Principal Securities Inc. and Fairfield Bush & CO. increasing their stakes in Barrick Gold.
Barrick Gold Corporation is a key player in the gold and copper production industry, trading on the New York Stock Exchange under the symbol GOLD and the Toronto Stock Exchange under the symbol ABX. With a recent merger and joint venture, Barrick Gold has positioned itself for growth and stability in the market.
Additionally, a consensus target price of $21.85 indicates a “Moderate Buy” rating on Barrick Gold, suggesting cautious optimism in the company’s performance.
Analysis of Barrick Gold is available for investors who want to stay informed about the stock’s performance and changes in ratings. For those interested in receiving regular updates on Barrick Gold and related companies, MarketBeat.com offers a free daily email newsletter. This newsletter provides a concise daily summary of the latest news and analysts’ ratings for Barrick Gold and its industry counterparts.
