Raymond James Projects Positive Outlook for Barrick Gold Stock

Barrick Gold (NYSE:GOLD) has received an upgraded price target from the investment firm Raymond James. In a report published on Monday, analysts at Raymond James revised their target price for Barrick Gold shares from $23.00 to $23.50. This adjustment reflects a more optimistic outlook for the company, maintaining an "outperform" rating for its stock.

This new target price suggests there is a potential upside of approximately 20.98% from Barrick Gold's closing price before the report was issued.

Several other financial institutions have also recently evaluated Barrick Gold's stock performance. For instance, Citigroup reduced their price target significantly from $23.00 to $17.00, while assigning a "neutral" rating on December 20th. On the contrary, Stifel Canada recently promoted Barrick Gold to a "strong-buy" status on March 19th. Furthermore, UBS Group elevated its recommendation from "neutral" to "buy" with a price objective of $22.00 on March 5th. In a separate report, TD Securities lowered their target from $24.00 to $23.00 but maintained a "buy" rating. Meanwhile, Bank of America adjusted its position on Barrick Gold, moving from a "buy" to a "neutral" and pulling its target price down from $21.00 to $18.00 on January 27th.

Following these assessments, MarketBeat indicates that six analysts have given Barrick Gold a hold rating, seven analysts have provided a buy rating, and one has tagged it with a strong buy. Currently, the consensus rating on Barrick Gold is listed as "Moderate Buy," with a price target averaging around $23.71.

Stock Performance Update

In terms of market performance, shares of NYSE:GOLD increased by 1.5% during trading, reaching a price of $19.42. The trading volume stood at approximately 12,553,666 shares, which is below the average of 21,789,118 shares. The company's current market capitalization is about $33.52 billion, with a price-to-earnings (PE) ratio of 15.81 and a price-to-earnings growth (PEG) ratio of 0.44. Barrick Gold's stock has fluctuated between a low of $15.11 and a high of $21.35 over the past year.

Financial Outlook and Buyback Program

Barrick Gold recently reported its quarterly earnings on February 12th, achieving an earnings per share (EPS) of $0.46, consistent with analysts' expectations. The company boasts a net margin of 16.59% and a return on equity of 6.76%. Analysts predict an EPS of 1.47 for the ongoing fiscal year.

In an additional announcement, Barrick Gold's Board of Directors initiated a stock buyback program allowing the company to repurchase up to $1.00 billion worth of shares. This program, which aims to reacquire about 3.2% of its total shares through open market purchases, often signals that the board considers the shares to be undervalued.

Recent Institutional Investments

Recent activity among institutional investors indicates a growing interest in Barrick Gold. For example, Crowley Wealth Management acquired a position valued at $26,000 in the fourth quarter. Meanwhile, Vega Investment Solutions purchased about $31,000 worth, and Strategic Investment Solutions bought into Barrick Gold for approximately $37,000. Ameriflex Group also joined in, acquiring shares worth around $39,000. Furthermore, First Horizon Advisors significantly increased their stake by 619.7%, now holding 3,073 shares worth $48,000 after adding 2,646 shares last quarter. Overall, institutional investors currently own about 62.85% of Barrick Gold's stock.

Company Overview

Barrick Gold Corporation is recognized as a leading producer of gold and copper. The company's shares are traded on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange as ABX. Barrick Gold merged with Randgold Resources in January 2019, and later formed a joint venture with Newmont Corporation, creating the Nevada Gold Mines operation, which is majority-owned and managed by Barrick.

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