Scotiabank Lowers Barrick Gold (NYSE:GOLD) Price Target to $23.00

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective decreased by equities researchers at Scotiabank from $24.00 to $23.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the gold and copper producer’s stock. Scotiabank’s price objective would indicate a potential upside of 30.98% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Raymond James reduced their price objective on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Monday. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their price target for the company from $23.00 to $22.00 in a research report on Wednesday, October 30th. TD Securities lowered their price objective on shares of Barrick Gold from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. CIBC lowered Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Finally, Jefferies Financial Group upped their price objective on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $24.91.

Barrick Gold Stock Down 0.7 %

GOLD opened at $17.56 on Monday. Barrick Gold has a one year low of $13.76 and a one year high of $21.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.06 and a current ratio of 2.65. The stock has a market capitalization of $30.70 billion, a P/E ratio of 18.88, a price-to-earnings-growth ratio of 0.43 and a beta of 0.56. The business’s 50-day simple moving average is $19.36 and its 200-day simple moving average is $18.54.

Hedge Funds Weigh In On Barrick Gold

A number of institutional investors have recently made changes to their positions in the stock. Ritholtz Wealth Management raised its stake in Barrick Gold by 2.8% in the 3rd quarter. Ritholtz Wealth Management now owns 18,163 shares of the gold and copper producer’s stock valued at $361,000 after purchasing an additional 502 shares during the last quarter. Greenleaf Trust raised its position in shares of Barrick Gold by 2.1% in the third quarter. Greenleaf Trust now owns 25,659 shares of the gold and copper producer’s stock valued at $510,000 after buying an additional 540 shares during the last quarter. Moors & Cabot Inc. lifted its stake in shares of 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 valued at $1,275,000 after buying an additional 579 shares during the period. Chelsea Counsel Co. boosted its position in Barrick Gold by 1.4% during the third quarter. Chelsea Counsel Co. now owns 42,973 shares of the gold and copper producer’s stock worth $855,000 after acquiring an additional 590 shares during the last quarter. Finally, Silverlake Wealth Management LLC grew its stake in Barrick Gold by 1.3% in the 3rd quarter. Silverlake Wealth Management LLC now owns 49,890 shares of the gold and copper producer’s stock worth $992,000 after acquiring an additional 628 shares during the period. 62.85% of the stock is owned by institutional investors and hedge funds.

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.