Scotiabank Cuts Barrick Gold (NYSE:GOLD) Price Target to $24.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its target price decreased by Scotiabank from $25.00 to $24.00 in a research note published on Friday,Benzinga reports. Scotiabank currently has a sector outperform rating on the gold and copper producer’s stock.

Other research analysts have also recently issued reports about the stock. Jefferies Financial Group raised their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Royal Bank of Canada lifted their target price 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. UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $23.00 to $22.00 in a research note on Wednesday, October 30th. Argus raised shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Thursday, August 29th. Finally, Raymond James lowered their price objective on shares of Barrick Gold from $26.50 to $26.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.90.

Barrick Gold Price Performance

Shares of NYSE:GOLD opened at $17.40 on Friday. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.15. The company has a market cap of $30.42 billion, a P/E ratio of 18.71, a PEG ratio of 0.43 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 company has a 50-day moving average price of $19.95 and a 200 day moving average price of $18.49.

Barrick Gold (NYSE:GOLD) (TSE:ABX) last posted its quarterly earnings results on Monday, August 12th. The gold and copper producer reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Barrick Gold had a net margin of 13.19% and a return on equity of 5.85%. The company had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period last year, the firm earned $0.19 EPS. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. Research analysts predict that Barrick Gold will post 1.29 earnings per share for the current year.

Barrick Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s payout ratio is 43.01%.

Institutional Trading of Barrick Gold

Large investors have recently added to or reduced their stakes in the business. Clean Yield Group purchased a new stake in Barrick Gold in the 1st quarter worth approximately $25,000. Exchange Traded Concepts LLC grew 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 last quarter. Crewe Advisors LLC grew 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 last quarter. Jackson Grant Investment Advisers Inc. acquired a new stake in Barrick Gold in the 2nd quarter worth $32,000. Finally, Eastern Bank acquired a new stake in Barrick Gold in the 3rd quarter worth $32,000. 62.85% of the stock is currently 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.