Cibc World Mkts Downgrades Barrick Gold (NYSE:GOLD) to Hold

Cibc World Mkts cut shares of Barrick Gold (NYSE:GOLD) (TSE:ABX) from a strong-buy rating to a hold rating in a report issued on Monday morning,Zacks.com reports.

Other equities analysts have also issued reports about the company. Argus raised Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Thursday, August 29th. Royal Bank of Canada increased their price target on Barrick Gold from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Jefferies Financial Group boosted their price objective on Barrick Gold from $23.00 to $24.00 and gave the company a “buy” rating in a report on Friday, September 13th. Scotiabank decreased their target price on Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a research report on Monday. Finally, CIBC lowered shares of Barrick Gold from a “sector outperform” rating to a “neutral” rating in a report on Monday. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.60.

Barrick Gold Stock Performance

NYSE:GOLD opened at $17.57 on Monday. The stock has a 50-day moving average price of $19.26 and a 200 day moving average price of $18.53. 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 has a 12-month low of $13.76 and a 12-month high of $21.35. The stock has a market capitalization of $30.71 billion, a P/E ratio of 18.89, a P/E/G ratio of 0.42 and a beta of 0.56.

Barrick Gold Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend is Friday, November 29th. Barrick Gold’s payout ratio is 43.01%.

Hedge Funds Weigh In On Barrick Gold

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DCF Advisers LLC boosted its position in shares of Barrick Gold by 48.3% in the 2nd quarter. DCF Advisers LLC now owns 107,500 shares of the gold and copper producer’s stock worth $1,793,000 after purchasing an additional 35,000 shares in the last quarter. Mizuho Markets Americas LLC grew its stake in shares of Barrick Gold by 21.7% during the third quarter. Mizuho Markets Americas LLC now owns 2,317,580 shares of the gold and copper producer’s stock worth $46,097,000 after acquiring an additional 413,012 shares during the last quarter. Entropy Technologies LP acquired a new position in shares of Barrick Gold during the third quarter valued at about $3,711,000. Aigen Investment Management LP raised its position in shares of Barrick Gold by 330.5% in the 3rd quarter. Aigen Investment Management LP now owns 99,240 shares of the gold and copper producer’s stock valued at $1,974,000 after purchasing an additional 76,186 shares during the last quarter. Finally, Evexia Wealth LLC acquired a new stake in shares of Barrick Gold during the third quarter worth $2,382,000. Hedge funds and other 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.