Raymond James Lowers Barrick Gold (NYSE:GOLD) Price Target to $25.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price target cut by Raymond James from $26.00 to $25.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the gold and copper producer’s stock. Raymond James’ price objective points to a potential upside of 42.37% from the stock’s current price.

GOLD has been the topic of several other research reports. 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. Royal Bank of Canada upped their target price on shares of Barrick Gold from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Jefferies Financial Group lifted their price target 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. TD Securities cut their price objective on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Finally, UBS Group cut shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $23.00 to $22.00 in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.91.

Barrick Gold Stock Performance

GOLD stock opened at $17.56 on Monday. 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 fifty-two week low of $13.76 and a fifty-two week high of $21.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.65 and a quick ratio of 2.06. The stock has a market capitalization of $30.70 billion, a PE ratio of 18.88, a price-to-earnings-growth ratio of 0.43 and a beta of 0.56.

Hedge Funds Weigh In On Barrick Gold

Several institutional investors have recently modified their holdings of the business. Synovus Financial Corp acquired a new position in shares of Barrick Gold in the third quarter valued at approximately $210,000. Wilmington Savings Fund Society FSB acquired a new position in Barrick Gold in the 3rd quarter worth $517,000. Chelsea Counsel Co. increased its holdings in Barrick Gold by 1.4% during the 3rd quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock worth $855,000 after purchasing an additional 590 shares in the last quarter. Bard Financial Services Inc. raised its stake in shares of Barrick Gold by 3.5% in the 3rd quarter. Bard Financial Services Inc. now owns 55,875 shares of the gold and copper producer’s stock valued at $1,111,000 after purchasing an additional 1,875 shares during the period. Finally, Sunbelt Securities Inc. lifted its holdings in shares of Barrick Gold by 43.9% in the third quarter. Sunbelt Securities Inc. now owns 14,241 shares of the gold and copper producer’s stock valued at $283,000 after purchasing an additional 4,345 shares in 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.