Barrick Gold (NYSE:GOLD) Cut to Neutral at CIBC

Barrick Gold (NYSE:GOLD) (TSE:ABX) was downgraded by equities research analysts at CIBC from a “sector outperform” rating to a “neutral” rating in a research note issued on Monday,Briefing.com Automated Import reports.

Other analysts also recently issued reports about the stock. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. Raymond James cut their price objective on Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. TD Securities decreased 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. Jefferies Financial Group upped their target price on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Finally, Scotiabank dropped their price target on 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. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Barrick Gold currently has an average rating of “Moderate Buy” and an average target price of $23.90.

Barrick Gold Price Performance

NYSE:GOLD opened at $18.22 on Monday. The company has a quick ratio of 2.06, a current ratio of 2.65 and a debt-to-equity ratio of 0.14. The business’s 50-day moving average price is $19.47 and its 200 day moving average price is $18.53. Barrick Gold has a 52-week low of $13.76 and a 52-week high of $21.35. The firm has a market cap of $31.85 billion, a P/E ratio of 19.59, a PEG ratio of 0.43 and a beta of 0.56.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Ritholtz Wealth Management increased its holdings in Barrick Gold by 2.8% in the third quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock worth $361,000 after buying an additional 502 shares during the last quarter. Greenleaf Trust boosted its holdings in Barrick Gold by 2.1% in the third quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock worth $510,000 after purchasing an additional 540 shares in the last quarter. Moors & Cabot Inc. increased 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 worth $1,275,000 after buying an additional 579 shares during the last quarter. Chelsea Counsel Co. raised 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 valued at $855,000 after acquiring an additional 590 shares in the last quarter. Finally, Silverlake Wealth Management LLC grew its holdings in Barrick Gold by 1.3% during the third quarter. Silverlake Wealth Management LLC now owns 49,890 shares of the gold and copper producer’s stock valued at $992,000 after purchasing an additional 628 shares during the last quarter. 62.85% of the stock is owned by institutional investors and hedge funds.

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.