Fact Check: What’s wrong with Barrick Gold Corporation (GOLD) today

The biggest losers of the session on the Wall Street include Barrick Gold Corporation (NYSE:GOLD), which fell -0.82 points or -4.58% to trade at $17.09 as last check. The stock closed last session at $17.91 and sets an active trading volume day with a reported 11694091 contracts so far this session. GOLD shares had a relatively better volume day versus average trading capacity of 17.02 million shares, but with a 1.75 billion float and a 3.77% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for GOLD stock indicates that the average analyst price target is $19.27 per share. This means the stock has a potential increase of 12.76% from where the GOLD share price has been trading recently which is between $17.5 and $17.95. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $16.05. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $23.32.

During the recent trading session for Barrick Gold Corporation (NYSE:GOLD), the company witnessed their stock drop by $-0.65 over a week and tumble down $-0.13 from the price 20 days ago. When compared to their established 52-week high of $20.07, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 08/28/19. The recent low of $11.52 stood for a -14.85% since 01/22/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of -0.32 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to. At the moment, the median target price for GOLD is set at $20, a figure which is below the recent 1-year high the stock witnessed.

Looking at the current readings for Barrick Gold Corporation, the two-week RSI stands at 41.45. This figure suggests that GOLD stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current GOLD readings is similarly very revealing as it has a stochastic reading of 34.47% at this stage. This figure means that GOLD share price today is being neutral.

Technical chart claims that Barrick Gold Corporation (GOLD) would settle between $18.07/share to $18.24/share level. However, if the stock price goes below the $17.62 mark, then the market for Barrick Gold Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $17.34 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.05. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Canaccord Genuity raised their recommendation on shares of GOLD from Hold to Buy in their opinion released on October 11. National Bank Financial, analysts launched coverage of Barrick Gold Corporation (NYSE:GOLD) stock with a Outperform recommendation, according to their flash note issued to investors on October 04. Analysts at Macquarie, made their first call for the equity with a Outperform recommendation, according to a research note that dated back to September 13.

GOLD equity has an average rating of 2.84, with the figure leaning towards a bullish end. 19 analysts who tracked the company were contacted by Reuters. Amongst them, 12 rated the stock as a hold while the remaining 7 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 7 analysts rated Barrick Gold Corporation (NYSE:GOLD) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Barrick Gold Corporation (GOLD)’s current-quarter revenues are projected to climb by nearly 46.6% to hit $2.69 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 33.3% from $7.24 billion to a noteworthy $9.66 billion. At the other end of the current quarter income statement, Barrick Gold Corporation is expected to see its adjusted earnings surge by roughly 75% to hit $0.14 per share. For the fiscal year, GOLD’s earnings are projected to climb by roughly 45.7% to hit $0.51 per share.