Barrick Gold stock soars to 52-week high of $21.37 amid market rally

In a remarkable display of resilience, Barrick Gold Corp. (NYSE:B) stock has surged to a 52-week high, reaching a price level of $21.37. According to InvestingPro data, the company boasts a robust market capitalization of $36.4 billion and maintains a healthy P/E ratio of 15.7. This peak reflects a significant turnaround for the mining giant, which has seen its stock value climb by an impressive 33.56% over the past year, with an even stronger year-to-date return of 36.5%. Investors have rallied behind Barrick Gold, buoyed by the company’s strong performance amidst fluctuating gold prices and a renewed interest in safe-haven assets. The ascent to this year’s high watermark underscores the market’s confidence in Barrick Gold’s operations and its potential for continued growth in the coming months, supported by an "GREAT" financial health score from InvestingPro and a steady dividend yield of 1.91%. Discover 8 additional exclusive ProTips and comprehensive analysis in the Pro Research Report.

In other recent news, Barrick Mining has decided to remove its Mali gold complex from its 2025 production forecast due to an ongoing dispute with the Malian government over new mining legislation. Operations at the Loulo-Gounkoto gold complex have been halted since January, affecting Barrick’s output and sparking concerns among investors. In another development, Barrick plans to sell its last Canadian mine, a strategic move to capitalize on high gold prices, with the potential sale of its stake in the Donlin Gold Project in Alaska valued at up to $1.1 billion. Additionally, Barrick has announced its intention to rebrand as Barrick Mining Corporation, pending shareholder approval, to reflect its focus on both gold and copper mining. This rebranding aligns with the company’s strategic vision, as outlined by President and CEO Mark Bristow.

Moreover, Citi has increased its price target for Barrick’s stock from $17 to $21, maintaining a Neutral rating, as it anticipates first-quarter 2025 earnings to align with consensus estimates. The company is expected to report an EBITDA of approximately $1.7 billion and earnings per share of $0.29. Barrick’s upcoming annual and special shareholder meeting is scheduled for April 2025, where discussions on the company’s operations and future will take place. These developments indicate a period of strategic realignment for Barrick as it navigates both operational challenges and opportunities in the gold mining sector.

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