Barrick Gold Receives Upgrade from UBS Group to Strong-Buy Rating

Barrick Gold (TSE:ABX – Get Free Report) (NYSE:ABX) has recently been elevated by analysts at UBS Group, moving from a "hold" rating to a "strong-buy" rating. This change, highlighted in a research note to investors, signals increased confidence in the company's performance moving forward.

In addition to UBS Group's upgrade, other financial institutions have also provided their assessments on Barrick Gold. TD Cowen has reiterated a "buy" rating and set a price target of C$36.00 on the stock, providing investors with a positive forecast. Meanwhile, Stifel Nicolaus lowered their price target for Barrick Gold shares from C$33.50 to C$32.00, reflecting some caution in their outlook.

Moreover, CIBC World Markets adjusted their rating from "strong-buy" to "hold" for Barrick Gold, which may suggest a more conservative approach to investing in the company. National Bankshares has also cut their target price from C$26.00 to C$24.00, while giving a "sector perform" rating, which indicates a neutral stance on the stock's performance relative to the market.

Sanford C. Bernstein similarly reduced their target price for Barrick Gold from C$37.00 to C$36.00, further illustrating the mixed sentiments surrounding the stock among analysts.

MarketBeat reports that the overall sentiment towards Barrick Gold remains moderately positive, with three analysts rating the stock as a hold, six endorsing it as a buy, and two giving it a strong buy rating. The consensus rating for the stock stands at "Moderate Buy," with an average target price of C$30.73.

Barrick Gold Stock Performance

As of the latest trading session, Barrick Gold's shares (TSE:ABX) opened at C$26.39. The company has shown resilience with a 50-day moving average price of C$24.13 and a 200-day moving average price hovering around C$25.32. Over the past year, the stock has exhibited volatility, with a low of C$20.65 and a peak of C$29.50.

Financial metrics indicate a strong position for Barrick Gold, with a quick ratio of 2.62 and a current ratio of 2.65. The company's debt-to-equity ratio stands at 19.83, which is quite manageable. Overall, Barrick Gold boasts a market capitalization of C$32.07 billion, a price-to-earnings (PE) ratio of 19.87, a price-to-earnings-growth (PEG) ratio of 2.34, and a beta of 0.48, suggesting lower volatility compared to the market.

Insider Activity

In related news regarding insider transactions, Barrick Gold's Director Dennis Mark Bristow purchased 230,872 shares of the company on February 25th at an average price of C$25.71 per share, totaling approximately C$5.94 million. Conversely, Senior Officer Poupak Bahamin sold 17,633 shares on February 26th at C$25.96 per share, amounting to nearly C$458,000. Insider ownership currently stands at 0.60% of the company's total shares.

Company Overview

Barrick Gold Corporation is recognized as one of the leading gold producers globally, operating several mines across North America, South America, Australia, and Africa. The company has nine significant mines, including Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, North Mara, and Bulyanhulu, with the Carlin mine being its primary revenue generator.

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