Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) has long been a significant player in the gold and copper production sector, and its recent earnings report indicates that it continues to hold this position. According to Bloomberg.com, Barrick Gold shares have received an average rating of “Moderate Buy” from eight brokerages presently covering the stock. This consensus is based on the assessments of six analysts who recommended a buy rating and two who assigned a hold rating to the company.
The strong support for Barrick Gold may be partly attributable to the firm’s recent performance in Q1 2021, which exceeded analysts’ expectations. The company posted earnings per share (EPS) of $0.14, outperforming estimates by $0.03. Furthermore, Barrick Gold achieved revenue of $2.64 billion for the quarter, surpassing market projections of $2.57 billion.
Despite these successes, however, Barrick Gold’s quarterly revenue was down 7.4% compared to Q1 2020 when it earned $0.26 EPS – indicating that some investors may remain cautious about investing heavily in the company.
Nonetheless, the generally positive outlook among analysts highlights the potential of Barrick Gold as a solid investment opportunity for those seeking exposure to commodities such as gold and copper.
Barrick Gold Corporation trades under GOLD on the New York Stock Exchange and ABX on the Toronto Stock Exchange, and it is considered one of the industry’s leading gold and copper producers worldwide.
In January 2019, Barrick merged with Randgold Resources, further consolidating its position within the mining sector globally. Then in July later that year, it put its Nevada-based gold mines together with those owned by Newmont Corporation into a joint venture – Nevada Gold Mines- which is majority-owned and driven by Barrick itself.
Although no investment comes without risks or uncertainties – particularly against a backdrop of heightened volatility and disruption worldwide – potential investors in Barrick Gold will likely continue to view the company as a sound investment choice in the mining sector for the medium-to-long term, given its track record of success and strong industry position.
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Barrick Gold Corporation: Thriving Amidst Market Fluctuations
Barrick Gold Corporation: A Leading Name in the Gold and Copper Production Industry
Barrick Gold Corporation is a well-known name in the gold and copper production industry, with shares trading on both the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX). In recent times, its stocks have witnessed fluctuations — increasing and decreasing from their 12-month low of $13.01 to 12-month high of $20.75, respectively.
Several research analysts have closely monitored Barrick Gold’s progress, providing reports that shed light on its performance and future prospects. Fundamental Research, for instance, gave Barrick a “buy” rating with a price target of $19.02 on March 7th.
On May 4th, Laurentian dropped its price target on Barrick Gold from C$5.00 to C$4.70 but although it may seem like bad news at face value — the dropping of stock prices can invite temptations for other investors to buy in while prices are low.
However, there was good news just a week later when Stifel Nicolaus reported an increase in Barrick Gold’s price target from C$29.00 to C$30.00.
Amidst all these alterations, Barclays reassured investors by marking increases from $26.00 to $28.00 and giving it an “overweight” rating while Goldman Sachs set its target prices at a more modest range between $19 to $22 per share with a neutral recommendation.
Indeed, despite mixed assessments from stock experts, company stocks remained stable throughout much of this flux.
The merger with Randgold Resources in January 2019 marked another milestone that boosted Barrick’s rise around that same time last year when it combined its gold mines in Nevada with those of Newmont Corporation forming Nevada Gold Mines which is still majority-owned today by Barrick itself.
As disclosed July that year by Barrick, the agreement marked Nevada Gold Mines as “the world’s largest gold mining complex” which has helped the company emerge as one of the sector’s leading names.
For investors who are more inclined to dividends, Barrick declared a quarterly dividend on June 15th with stockholders seeing dividends up to $0.074 per share and will be reviewed and assessed year after year whether it can continue in future periods.
Several institutional investors and hedge funds have recently modified their holdings of GOLD. Among them, CoreCap Advisors LLC acquired a new position in the first quarter valued at $25K. But that was soon followed by RFP Financial Group LLC acquiring another position in the same quarter valued at $30K. Venturi Wealth Management LLC also purchased a new position in shares of Barrick Gold during Q1 2021 with a value of $32K while Resurgent Financial Advisors bought its own stake during the fourth quarter worth around $36K – joining approximately 55% who currently owns Barrick Gold Corporation therein.
In summary, despite mixed assessments from different research analysts, Barrick Gold has continued to perform relatively stably with consistently high market capitalizations. With accomplishments like its significant merger with Randgold Resources and associated gains to shareholders, it is clear why this corporation continues to thrive amidst fluctuations in both stock values and analyst ratings over time.
