Barrick Gold Receives Upgrade from UBS Group

Barrick Gold (TSE:ABX – Get Free Report) (NYSE:ABX) has recently been upgraded by UBS Group, raising its rating from "hold" to "strong-buy." This upgrade was noted in a research report made available to investors on Wednesday. According to Zacks.com, this change is significant in the context of the recent trend in stock ratings.

Alongside UBS Group’s upgrade, other investment houses have also expressed their views on Barrick Gold's stock. On January 14th, TD Cowen reiterated its "buy" rating and set a target price of C$36.00 for the shares. Stifel Nicolaus, on the other hand, revised its target price down from C$33.50 to C$32.00 in a report dated December 2nd. In contrast, CIBC World Markets downgraded Barrick Gold from a "strong-buy" to a "hold" rating on November 25th.

Further adjustments were observed from National Bankshares, which lowered its target price from C$26.00 to C$24.00 and categorized it under a "sector perform" rating on January 16th. Additionally, Sanford C. Bernstein reduced its target price from C$37.00 to C$36.00 in a report published on November 5th.

As it currently stands, the consensus from market analysts positions Barrick Gold as having three analysts recommending a hold rating, six suggesting a buy rating, and two advocating a strong buy. Data from MarketBeat indicates an average rating of "Moderate Buy" with a target price averaging C$30.73.

Barrick Gold Stock Performance

The shares of TSE:ABX commenced trading at C$26.39 on Wednesday. Over the past 50 days, the company's moving average price stood at C$24.13, while the 200-day moving average was recorded at C$25.32. The stock has hit a twelve-month low of C$20.65 and a high of C$29.50. Examining Barrick Gold’s financial health, the company has a quick ratio of 2.62, a current ratio of 2.65, and a debt-to-equity ratio of 19.83. The market capitalization of the firm is C$32.07 billion, with a price-to-earnings (PE) ratio of 19.87 and a price-to-earnings-growth (PEG) ratio of 2.34. The stock’s beta is noted at 0.48.

Insider Transactions at Barrick Gold

In other news regarding insider activity, Dennis Mark Bristow, a director at Barrick Gold, purchased 230,872 shares of the company on February 25th at an average price of C$25.71 per share, totaling a transaction value of approximately C$5.94 million. Meanwhile, Senior Officer Poupak Bahamin sold 17,633 shares on February 26th at an average price of C$25.96, amounting to a total transaction of around C$457,782. These transactions indicate that insiders hold approximately 0.60% of the company's shares.

About Barrick Gold Corp

Barrick Gold Corp is among the largest gold mining companies in the world, with operations distributed across North America, South America, Australia, and Africa. Its portfolio includes nine key mines such as Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, North Mara, and Bulyanhulu, with the Carlin mine segment being the major revenue driver.

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