TD Securities Lowers Barrick Gold (NYSE:GOLD) Price Target to $25.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target cut by equities researchers at TD Securities from $26.00 to $25.00 in a research report issued on Tuesday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the gold and copper producer’s stock. TD Securities’ price objective would suggest a potential upside of 42.21% from the stock’s current price.

Several other analysts have also commented on GOLD. Jefferies Financial Group boosted their price target on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. CIBC lowered Barrick Gold from a “sector outperform” rating to a “neutral” rating in a research note on Monday. Raymond James decreased their price target on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Monday. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Thursday, August 29th. Finally, Scotiabank decreased their price target on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating on the stock in a research note on Monday. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Barrick Gold presently has a consensus rating of “Moderate Buy” and an average target price of $24.91.

Barrick Gold Price Performance

Shares of NYSE:GOLD opened at $17.58 on Tuesday. Barrick Gold has a 1-year low of $13.76 and a 1-year high of $21.35. The firm has a market capitalization of $30.73 billion, a PE ratio of 18.90, a PEG ratio of 0.42 and a beta of 0.56. The business’s 50 day moving average is $19.31 and its 200-day moving average is $18.53. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Hedge Funds Weigh In On Barrick Gold

Several institutional investors have recently bought and sold shares of GOLD. Wellington Management Group LLP raised its position in shares of Barrick Gold by 2.7% during the third quarter. Wellington Management Group LLP now owns 54,712,508 shares of the gold and copper producer’s stock worth $1,088,484,000 after acquiring an additional 1,458,084 shares during the last quarter. EdgePoint Investment Group Inc. raised its position in shares of Barrick Gold by 3.7% during the second quarter. EdgePoint Investment Group Inc. now owns 18,837,028 shares of the gold and copper producer’s stock worth $314,254,000 after acquiring an additional 666,214 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Barrick Gold by 3.3% during the second quarter. CIBC Asset Management Inc now owns 14,546,530 shares of the gold and copper producer’s stock worth $242,491,000 after acquiring an additional 461,406 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Barrick Gold by 33.3% during the third quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock worth $227,524,000 after acquiring an additional 2,854,055 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Barrick Gold by 221.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,027,811 shares of the gold and copper producer’s stock worth $199,427,000 after acquiring an additional 6,904,934 shares during the last quarter. Institutional investors own 62.85% of the company’s stock.

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.