Barrick Gold (NYSE:GOLD) Downgraded by CIBC to “Neutral”

CIBC downgraded shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a sector outperform rating to a neutral rating in a research note issued to investors on Monday morning, Marketbeat.com reports.

A number of other equities analysts have also commented on GOLD. UBS Group lowered Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price objective 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 price objective on the stock in a report on Thursday, August 29th. Scotiabank dropped their target price on shares of Barrick Gold from $25.00 to $24.00 and set a “sector outperform” rating for the company in a research note on Friday, November 8th. Royal Bank of Canada upped their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Finally, Jefferies Financial Group boosted their price objective on shares of Barrick Gold from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.70.

Barrick Gold Stock Down 2.9 %

GOLD opened at $17.69 on Monday. Barrick Gold has a 1-year low of $13.76 and a 1-year high of $21.35. The business has a 50 day moving average of $19.42 and a 200-day moving average of $18.53. The stock has a market capitalization of $30.92 billion, a price-to-earnings ratio of 19.02, a P/E/G ratio of 0.43 and a beta of 0.56. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14.

Barrick Gold Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.40 annualized dividend and a dividend yield of 2.26%. Barrick Gold’s dividend payout ratio is currently 43.01%.

Institutional Investors Weigh In On Barrick Gold

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in shares of Barrick Gold by 2.7% during the 3rd 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 buying an additional 1,458,084 shares during the period. EdgePoint Investment Group Inc. boosted its stake in Barrick Gold by 3.7% during the 2nd 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 grew its holdings in 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 valued at $242,491,000 after purchasing an additional 461,406 shares during the period. The Manufacturers Life Insurance Company increased its stake in Barrick Gold by 33.3% in the third quarter. The Manufacturers Life Insurance Company now owns 11,431,497 shares of the gold and copper producer’s stock valued at $227,524,000 after purchasing an additional 2,854,055 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Barrick Gold by 221.1% in 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 purchasing an additional 6,904,934 shares during the period. 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.