The stock of Barrick Gold Corporation (NYSE:GOLD) is now priced at $29.65 and the shares are 0.45 points up or 1.54% higher compared to its previous closing price of $29.2. The stock had 14.248 million contracts set over the past session. GOLD shares’ daily volume is compared to its average trading volume at 18.444 million shares. However, it has a float of 1750 million and although its performance was 2.35% over the week, it’s one to watch. Analysts have given the GOLD stock a yearly average price target of $32.93 per share. It means the stock’s upside potential is 11.06% with the GOLD share price recently placing at $29.28 to $29.98.
The shorts are running away from the Barrick Gold Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the GOLD shares have declined. Short interest in the stock represents just 0.86% of its float, but the volume has dropped by 0.
Looking at current readings, Barrick Gold Corporation’s two-week RSI is 56.16. This suggests that the stock is neutral at the moment and that GOLD shares’ price movement remains stable. The stochastic readings are equally revealing at 60.82% meaning the GOLD share price is currently in neutral territory.
The technical chart shows that the GOLD stock will likely settle at between $29.99 and $30.34 per share. However, if the stock dips below $29.29, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $28.94.
Currently, the stock is trading in the red of MACD, with a reading of -0.05. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Canaccord Genuity raised their recommendation for GOLD from Hold to Buy in August 12 review. Barclays analysts downgraded their recommendation of the stock from Overweight to Equal Weight in a flash note released to investors on April 16. UBS seeing the improvements upgraded the stock from Neutral to Buy on March 13, placing it at $22.
The average rating for the GOLD equity is 2.1 and is currently gathering a bullish momentum. Of 22 analysts tracking Barrick Gold Corporation polled by Reuters, 6 rated GOLD as a hold. The remaining 16 analysts were split evenly. However, the split wasn’t equal as a majority (16) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the GOLD stock price is 22.97X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 11.8 below the group’s average of 23.9. Barrick Gold Corporation has its P/E ratio at 2.4, which means that the stock is currently trading at a discount relative to the 2.9 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Barrick Gold Corporation (NYSE:GOLD) will decrease by about -14.8%, which will see them reach $3570 million. The company’s full-year revenues are, however, expected to increase by about 23.66%, up from $9720 million to $12000 million. GOLD’s expected adjusted earnings should surge almost 100% to end up at $0.3 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 94.12% to record $0.99/share.