Barrick Gold (NYSE:GOLD) Cut to Hold at Cibc World Mkts

Cibc World Mkts lowered shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks.com reports.

Several other equities research analysts have also issued reports on the stock. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Thursday, August 29th. Royal Bank of Canada raised their price target on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. CIBC downgraded shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Raymond James cut their price objective on shares of Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Monday. Finally, TD Securities cut their price objective on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating for the company in a report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Barrick Gold currently has an average rating of “Moderate Buy” and an average target price of $24.91.

Barrick Gold Trading Up 0.1 %

NYSE:GOLD opened at $17.58 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65. The firm has a market cap of $30.73 billion, a price-to-earnings ratio of 18.90, a price-to-earnings-growth ratio of 0.42 and a beta of 0.56. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $21.35. The firm has a 50-day moving average price of $19.31 and a two-hundred day moving average price of $18.53.

Barrick Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Friday, November 29th. Barrick Gold’s dividend payout ratio (DPR) is currently 43.01%.

Hedge Funds Weigh In On Barrick Gold

Large investors have recently added to or reduced their stakes in the business. Clean Yield Group purchased a new position in Barrick Gold in the 1st quarter worth $25,000. Exchange Traded Concepts LLC raised its position in Barrick Gold by 198.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,407 shares of the gold and copper producer’s stock worth $28,000 after purchasing an additional 935 shares during the period. Crewe Advisors LLC raised its position in Barrick Gold by 628.8% in the 2nd quarter. Crewe Advisors LLC now owns 1,822 shares of the gold and copper producer’s stock worth $30,000 after purchasing an additional 1,572 shares during the period. Jackson Grant Investment Advisers Inc. purchased a new position in Barrick Gold in the 2nd quarter worth $32,000. Finally, Eastern Bank purchased a new position in Barrick Gold in the 3rd quarter worth $32,000. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Barrick Gold Company Profile

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.