Citigroup Has Lowered Expectations for Barrick Gold (NYSE:GOLD) Stock Price

Barrick Gold (NYSE:GOLD) (TSE:ABX) had its price objective lowered by Citigroup from $23.00 to $17.00 in a report released on Friday morning,BayStreet.CA reports. The brokerage currently has a neutral rating on the gold and copper producer’s stock.

Several other brokerages have also recently issued reports on GOLD. Raymond James decreased their price objective on Barrick Gold from $26.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday, November 25th. Berenberg Bank upped their price target on shares of Barrick Gold from $37.00 to $38.00 in a research note on Tuesday, November 26th. Argus upgraded shares of Barrick Gold from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Thursday, August 29th. UBS Group downgraded shares of Barrick Gold from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $23.00 to $22.00 in a report on Wednesday, October 30th. Finally, Scotiabank lowered their price target on shares of Barrick Gold from $24.00 to $23.00 and set a “sector outperform” rating for the company in a report on Monday, November 25th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Barrick Gold currently has an average rating of “Moderate Buy” and a consensus price target of $24.82.

Barrick Gold Trading Up 1.5 %

Shares of GOLD stock opened at $15.46 on Friday. The company has a current ratio of 2.65, a quick ratio of 2.06 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $26.92 billion, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 0.47 and a beta of 0.53. Barrick Gold has a 12-month low of $13.76 and a 12-month high of $21.35. The stock’s 50-day moving average price is $18.17 and its 200-day moving average price is $18.48.

Barrick Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Friday, November 29th. Barrick Gold’s payout ratio is currently 43.01%.

Institutional Trading of Barrick Gold

A number of hedge funds and other institutional investors have recently bought and sold shares of GOLD. Liontrust Investment Partners LLP grew its stake in Barrick Gold by 83.5% in the 2nd quarter. Liontrust Investment Partners LLP now owns 6,146 shares of the gold and copper producer’s stock worth $102,000 after acquiring an additional 2,796 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Barrick Gold by 1.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 836,059 shares of the gold and copper producer’s stock worth $13,945,000 after purchasing an additional 9,980 shares in the last quarter. Solstein Capital LLC purchased a new position in Barrick Gold during the 2nd quarter worth $101,000. Skylands Capital LLC raised its position in Barrick Gold by 55.3% during the 2nd quarter. Skylands Capital LLC now owns 424,600 shares of the gold and copper producer’s stock valued at $7,082,000 after purchasing an additional 151,200 shares in the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. lifted its holdings in shares of Barrick Gold by 52.0% in the 2nd quarter. Klein Pavlis & Peasley Financial Inc. now owns 56,767 shares of the gold and copper producer’s stock worth $947,000 after buying an additional 19,425 shares during the period. Hedge funds and other 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.