Barrick Gold (NYSE:GOLD) Lowered to Neutral Rating by CIBC

Barrick Gold (NYSE:GOLD) (TSE:ABX) was downgraded by stock analysts at CIBC from a “sector outperform” rating to a “neutral” rating in a research report issued on Monday, Marketbeat Ratings reports.

A number of other research analysts also recently weighed in on the company. TD Securities lowered their target price on Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Scotiabank dropped their price target on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating on the stock in a research note on Friday, November 8th. Royal Bank of Canada upped their price objective on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Raymond James lowered their target price on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Finally, Argus upgraded Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.91.

Barrick Gold Stock Performance

Shares of GOLD stock opened at $17.56 on Monday. The firm has a market capitalization of $30.70 billion, a PE ratio of 18.88, a P/E/G ratio of 0.43 and a beta of 0.56. The company has a 50 day moving average price of $19.36 and a 200-day moving average price of $18.54. Barrick Gold has a 52 week low of $13.76 and a 52 week high of $21.35. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14.

Hedge Funds Weigh In On Barrick Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ritholtz Wealth Management raised its holdings in shares of Barrick Gold by 2.8% during the 3rd quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock worth $361,000 after acquiring an additional 502 shares in the last quarter. Greenleaf Trust raised its stake in Barrick Gold by 2.1% during the third quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock valued at $510,000 after purchasing an additional 540 shares in the last quarter. Moors & Cabot Inc. lifted its position in Barrick Gold by 0.9% during the third quarter. Moors & Cabot Inc. now owns 64,085 shares of the gold and copper producer’s stock valued at $1,275,000 after purchasing an additional 579 shares during the last quarter. Chelsea Counsel Co. grew its stake in shares of Barrick Gold by 1.4% in the 3rd quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock worth $855,000 after buying an additional 590 shares in the last quarter. Finally, Silverlake Wealth Management LLC grew its stake in shares of Barrick Gold by 1.3% in the 3rd quarter. Silverlake Wealth Management LLC now owns 49,890 shares of the gold and copper producer’s stock worth $992,000 after buying an additional 628 shares in the last quarter. 62.85% of the stock is owned by institutional investors.

About Barrick Gold

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.