why Barrick Gold Corporation [GOLD] is a Good Choice for Investors After New Price Target of $29.38

Barrick Gold Corporation [NYSE: GOLD] loss -0.53% on the last trading session, reaching $20.63 price per share at the time. The company report on July 23, 2021 that Barrick Responds to Potentially Misleading Reuters Report.

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – A Reuters article headlined “Cyber attack disrupts major South African port operations” includes the following statement: “Most of the copper and cobalt mined in the Democratic Republic of Congo and Zambia, where miners such as Glencore and Barrick Gold operate, use Durban to ship cargo out of Africa”.

The ambiguous wording of this sentence could create the erroneous impression that Barrick exports gold or other products through the port of Durban, and the company therefore states emphatically that is not the case.

Barrick Gold Corporation represents 1.78 billion in outstanding shares, while the company has a total market value of $36.89 billion with the latest information. GOLD stock price has been found in the range of $20.43 to $20.78.

If compared to the average trading volume of 15.62M shares, GOLD reached a trading volume of 10299005 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Barrick Gold Corporation [GOLD]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for GOLD shares is $29.38 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on GOLD stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JP Morgan have made an estimate for Barrick Gold Corporation shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on February 10, 2021. The new note on the price target was released on January 11, 2021, representing the official price target for Barrick Gold Corporation stock. Previously, the target price had yet another raise from $27 to $28, while Barclays kept a Overweight rating on GOLD stock.

The Average True Range (ATR) for Barrick Gold Corporation is set at 0.50, with the Price to Sales ratio for GOLD stock in the period of the last 12 months amounting to 2.88. The Price to Book ratio for the last quarter was 1.55, with the Price to Cash per share for the same quarter was set at 3.17. Price to Free Cash Flow for GOLD in the course of the last twelve months was 11.88 with Quick ratio for the last quarter at 3.00.

Trading performance analysis for GOLD stock

Barrick Gold Corporation [GOLD] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.10. With this latest performance, GOLD shares dropped by -1.57% in over the last four-week period, additionally sinking by -11.60% over the last 6 months – not to mention a drop of -25.87% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for GOLD stock in for the last two-week period is set at 40.68, with the RSI for the last a single of trading hit 40.49, and the three-weeks RSI is set at 41.44 for Barrick Gold Corporation [GOLD]. The present Moving Average for the last 50 days of trading for this stock 22.34, while it was recorded at 20.71 for the last single week of trading, and 22.90 for the last 200 days.

Barrick Gold Corporation [GOLD]: A deeper dive into fundamental analysis

Barrick Gold Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.00 and a Current Ratio set at 3.80.

Barrick Gold Corporation [GOLD]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for GOLD. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Barrick Gold Corporation go to -6.10%.

An analysis of insider ownership at Barrick Gold Corporation [GOLD]

There are presently around $20,097 million, or 72.10% of GOLD stock, in the hands of institutional investors. The top three institutional holders of GOLD stocks are: VAN ECK ASSOCIATES CORP with ownership of 88,560,757, which is approximately 5.039% of the company’s market cap and around 0.10% of the total institutional ownership; FLOSSBACH VON STORCH AG, holding 56,602,627 shares of the stock with an approximate value of $1.17 billion in GOLD stocks shares; and FMR LLC, currently with $1.11 billion in GOLD stock with ownership of nearly -21.811% of the company’s market capitalization.

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Positions in Barrick Gold Corporation stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 369 institutional holders increased their position in Barrick Gold Corporation [NYSE:GOLD] by around 76,544,049 shares. Additionally, 297 investors decreased positions by around 112,915,162 shares, while 118 investors held positions by with 784,716,053 shares. The mentioned changes placed institutional holdings at 974,175,264 shares, according to the latest SEC report filing. GOLD stock had 93 new institutional investments in for a total of 6,654,384 shares, while 98 institutional investors sold positions of 22,293,171 shares during the same period.

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